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- Kenya, Tanzania braces for torrential floods as Cyclone Hidaya approaches
- EAC monetary affairs committee to discuss single currency progress in Juba talks
- Transport and food prices drive down Kenya’s inflation to 5% in April
- Payment for ransomware attacks increase by 500 per cent in one year
- History beckons as push for Kenya’s President Ruto to address US Congress gathers pace
- IMF’s Sub-Saharan Africa economic forecast shows 1.2 percent GDP growth
- The US Congress proposes extending Agoa to 2041, covering all African countries
- Millions at risk of famine as fuel tax row halts UN aid operations in South Sudan
Industry and Trade
- Kenya’s Inflation drop was influenced by prices of key food commodities.
- KNBS says the food and non-alcoholic beverage index, which represents 32.9 per cent of inflation measurement, dropped by 0.1 per cent within the period.
- KNBS data adds that housing, water, electricity, gas, and other fuels’ index dropped by 1.3 per cent
Kenya’s inflation dropped to a record 24-month low in April to hit five per cent, the latest data from the Kenya National Bureau of Statistics show, as prices of key food commodities continued to fall.
This is the third month in a row that the index has dropped, from 6.9 percent in January to 6.3 per cent in February and 5.7 per cent in March, and now the five per cent last month. The continued drop comes despite some price rises on some indices.
Major contributors to April’s year-on-year price rises included transport, food and non-alcoholic beverages, and …
We all know the emergence of blockchain technology has transformed the landscape of finance offering new opportunities for social and economic empowerment globally. What we fail to realize is that this is especially important in the developing world, where millions are unbanked, unemployed and underserved, yet nothing is being done. In light of this, under the aegis of the Humanity Protocol, a new venture is surfacing that seeks to change this space. Known as the Dream Play, the initiative seeks to provide income opportunities for African and Asian entrepreneurs, setting a new standard for sustainable employment.
A New Horizon for Entrepreneurs
Originally known as the Africa Startup League, the rebranded Dream Play, represents a significant evolution. As a platform for showcasing entrepreneurial skills it has morphed into a comprehensive ecosystem where young innovators will access jobs and create substantial economic impact. This transformation aligns with the broader goals of …
- Africa private capital deals fell to to 450 deals in the past one year.
- The continent’s total private capital deal value stood at $5.9 billion, the fourth largest value on record since 2012.
- Decline in Africa private capital deals marked the continent’s steepest year-over-year decline in volume in 12 years.
Africa recorded a 28 per cent year-over-year (YoY) decline in the total private capital deal volume for the first time since 2016, falling to 450 deals. This downturn is attributed to the global economic turmoil, which led to inflation spikes and the devaluation of continental currencies.
In Kenya and Nigeria for instance, the Shilling and the Naira plunged to historic lows in 2023, while in Egypt, a shortage in foreign currency led to increased controls over its usage in the country.
According to the 2023 African Private Capital Activity Report, the depreciation of local currencies and the depletion of foreign …
- African white diamonds are highly prized for their brilliance and rarity.
- Botswana, South Africa, Angola, and the Democratic Republic of the Congo (DRC) lead in diamond production across Africa.
- The push for ethical diamonds is gaining momentum as watchdogs demand transparency, fair labour practices, and environmental stewardship.
The allure of white diamonds has captivated humanity for centuries, symbolizing luxury, purity, and unparalleled beauty.
Among the world’s most coveted treasures, African diamonds stand out, not only for their exceptional quality but also for the rich, albeit complex, history of their origin.
We set out to explore the facets of white diamonds from Africa, delving into their market cost, sizes, mining practices, ethical considerations, and their role in luxury jewelry and investment portfolios.
Diamond Mining in Africa
Africa’s geological wealth is unparalleled, with countries such as Botswana, South Africa, Angola, and the Democratic Republic of the Congo (DRC) leading in diamond production.…
- The EAC has announced investments in wind and solar energy infrastructure.
- Member states have launched various initiatives designed to catalyze and grow the use of renewable energies and energy conservation on the other.
- To achieve this ambitious green future, the bloc needs political will, regulation, and the creation of national renewable energy laws.
The East African Community (EAC) partner states are working to enhance energy efficiency in the bloc even as reports show some members are doubling down on projects improving the extraction of fossil fuels.
During the Ministerial Session of the 16th Sectoral Council of Energy held at the EAC Headquarters in Arusha, Tanzania, the six-member bloc announced investments in wind and solar energy infrastructure, driving the region closer to an era of green economy.
Although the investment amount was not specified, the ministers highlighted the goal of utilising wind, solar, and geothermal energy as sustainable sources for …
- AfDB signs a risk facility worth over $150 million to boost financial inclusion.
- Survey shows risk-supported Commercial Banks in Africa can play a key role in poverty eradication.
- Increased access to capital loans will help lower-income families increase their household earnings
To boost intra-Africa trade in line with the aspirations of the African Continental Free Trade Area (AfCFTA), the African Development Bank Group has approved a $150 million risk facility.
The funding will be through the Trade Finance Unfunded Risk Participation Agreement, a deal which has been entered between the African Development Bank (AfDB) and the Trade & Development Bank (TDB).
Under this agreement, “the AfDB will provide guarantee cover of 50 per cent and up to 75 per cent for transactions in low-income countries and transition states on a risk share basis with TDB to a number of qualifying local and regional banks,” the bank states.
In this first …
- Expensive loans remain a significant issue across populations engaged in agriculture in Nigeria, Tanzania and Zambia.
- A report by the Alliance for Green Revolution in Africa (AGRA) says capital injection is a significant strategy agribusinesses use to survive.
- Moreover, agribusinesses face high operational costs from fuel prices and low-profit margins driven by currency devaluations.
The lack of agriculture-friendly financial systems saw agribusinesses turn down expensive loan options in the market, with only 15 per cent taking on commercial capital in 2023 and the rest sourcing capital from friends, family and their business savings.
The incentives by the government channelled towards agriculture failed to adequately cushion Agribusinesses from economic shocks, a new report by Alliance for Green Revolution in Africa (AGRA) has revealed.
The African Agribusiness Outlook survey is conducted annually to gain insights into the sector’s top priorities, how they address challenges, and what SMEs see as opportunities.
A reflection …
- Mastercard and the Uganda Ministry of ICT and National Guidance have signed an MoU that will support digital innovation
- The agreement will accelerate the adoption of digital solutions in the country aimed at enhancing government services.
- The deal is aligned with Uganda’s push for digital Innovation
Mastercard and the Uganda Ministry of ICT and National Guidance have signed a Memorandum of Understanding (MoU) to accelerate digital innovation and transformation across the country.
This collaboration marks a significant milestone in the implementation of the ‘Digital Uganda Vision’, aimed at driving socio-economic development, enhancing services, and driving financial inclusion.
The signing of the MoU was witnessed by Chris Baryomunsi, Minister of ICT and National Guidance in Uganda, and Victor Ndlovu, Director and Business Development Lead for East Africa at Mastercard.
The agreement is aligned with Uganda’s digital transformation goals laid out in their Digital Uganda Vision. This vision will empower …
- Less than half of media industry CEOs are optimistic that 2024 will be a good year
- 12 per cent of the media industry CEOs expressed low confidence
- Slowing in subscription growth – as well as increasing legal and physical harassment also tops media industry CEO’s worries
Less than half of media industry CEOs are optimistic that 2024 will be a good year for the industry reeling from the changing business models.
An estimated 47 per cent of editors, CEOs, and digital executives say they are confident about the prospects for journalism in the year ahead, with around four in ten (41 per cent) uncertain, and 12 per cent expressed low confidence.
The rising costs of running media organisations, declining advertising revenue, and a slowing in subscription growth – as well as increasing legal and physical harassment, are among the top concerns of media executives.
The report titled Journalism, Media, and …
