Tuesday, May 21

Industry and Trade

Finance Bill 2024 Proposals
  • Finance Bill 2024 Proposals seek to introduce a 25 per cent excise duty on vegetable oils, which KAM says will drive upwards the cost of cooking oil.
  • The proposed finance law aims to expand Kenya’s tax base by bringing more economic activities into the tax net.
  • This, according to KAM, will lower the cost of living for Kenyans and create prosperity for the country.

The Kenya Association of Manufacturers (KAM) has raised concerns over the state’s proposal to increase the Import Declaration Fund (IDF) from 2.5 per cent to 3 per cent.

In a raft of proposals to the government, the manufacturers highlighted some of the expected impacts of the proposed law on Businesses in the East African nation.

KAM argues that the imposition of IDF will significantly elevate the costs of raw materials, thereby stifling the manufacturing sector’s ability to add value.

In a statement on Monday, May 20, …

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Kenya's Marine Potential
  • Kenya is pioneering steps towards integrating the concept of the Blue Economy within its governance structure
  • Blue Economy has the potential to create direct jobs in the shipping and fishing sectors while indirectly creating jobs
  • According to Kenya Maritime Authority (KMA), the industry regulator, Kenya exploits just 8 per cent of the potential of its marine fisheries.

Kenya’s marine potential is vital for social and economic growth and development of the country. Kenya is pioneering steps towards integrating the concept of the Blue Economy within its governance structure have set a precedent for sustainable development in the African continent. With the establishment of the Ministry of Blue Economy, the nation has showcased its commitment to harnessing the vast potential of its marine resources. This move signifies a crucial shift in prioritising the preservation and utilisation of the ocean’s bounty, in line with global sustainability goals.

Kenya has a long coastline

WhatsApp Image 2024 05 15 at 18.44.57
  • The Communications Authority of Kenya has finalised Phase I of the cellular mobile infrastructure project which connected 76 sub-locations.
  • The authority also targets the expansion of the postal services and digitally empowering the youth.
  • The Authority finalised the rollout of Internet connectivity in 886 public secondary schools spread across 47 counties.

The Communications Authority of Kenya will need at least Sh107 billion ($819.9 million) to protect consumers and foster competitive ICT markets in a bid to establish Kenya as a digital superhighway. While unveiling its five-year strategic for 2023-27, CA Director-General David Mugonyi said the authority would prioritise increased broadband penetration, adoption of emerging technologies and improvement of cyber security as a way of powering the government’s Bottom-Up Economic policies.

The authority also targets the expansion of the postal services and digitally empowering the youth, women and people living with disabilities. “The goals are backed by a robust implementation plan …

IMF, International Monetary Fund

The EABC noted that foreign direct investments from the US. to Tanzania stood at US$1.5 billion in 2019, a 5.2 per cent increase from 2018. Tanzania is followed by Kenya – which received US$353 million in the same year – followed by Uganda US$42 million, Rwanda (US$11 million) and Burundi, which managed to attract US$1 million in the same year (2019).

Tanzania has managed to secure the US. as a development partner and as a viable investment in potential sectors such as mining and agriculture. President Samia has worked to give the investment landscape 180 shifts, particularly enhancing the domestic and international confidence in Tanzania’s business climate.

Over the past years, agricultural produce, minerals and textiles have covered most of the goods exported to the US. However, there are other avenues of potential investment in Tanzania, especially in oil and gas, real estate, manufacturing and telecommunications.…

Mobile science laboratory to bring science to life for North-West learners. www.theexchange.africa
  • Recognizing the vital role of education, students and their families across sub-Saharan Africa have started using educational technologies to supplement formal schooling during times of disruption.
  • Mobile laboratories (mobile labs) bring scientific tools and techniques right to the school parking lot, allowing students access to experiences far beyond what many schools can provide.
  • In Chad, a mobile school offers nomad children hope. Chad’s nomads make up almost a tenth of the country’s population and many children in the community hardly get an education.

Countries and organizations are taking perceptible actions for Inclusive Education to succeed internationally as well as in individual African countries. Internationally, countries adopted several treaties in support of Inclusive Education. Inclusion has become a global issue while in different countries we can find many stated intentions and written policies to move towards its achievement.

In Africa, a few examples include South Africa’s Department of Education White Paper …

Hilda Bujiku speaks during the launch of Vodacom 5G technology

Vodacom Tanzania fell Sh103.8 billion short of its second quarter target and the company blames it on what it says is ‘the impact of mobile money transaction levies.’

In its latest annual report, Tanzania’s largest telecom, subscription wise, said compared to the same period last year, its second quarter earnings this year, that Sh956.515 are over one percent lower.

Not only was the income low, but the company had projected much higher earnings this year in excess of Sh1.06 trillion. However, much to the dismay of its investors and stakeholders, the company was almost 10 percent off target in this year’s second quarter earnings.

So what happened, how did the largest telecom company fall so far off its projections? And no in just one area, the company’s annual report concedes that Vodacom suffered drop of revenue in at least four of its top six revenue channels.

Vodacom, the only publicly …

Africa's Hospitality Sector set to Soar – Analysts www.theexchange.africa

While the hospitality sector was one of the most hit during the pandemic, it has also been among the fastest to rebound on the African continent.

According to a recent W Hospitality survey, hotel chains signed 447 transactions in 2021, and the number of rooms (80,291 rooms) added to their development pipeline is nearly the same to 2019

Marriott Hotel & Resorts, Hilton, and Radisson Blu are the most active hotel brands in terms of on-site construction.

According to the report, the on-site construction period is often beneficial to hotel chains and many others involved – a new hotel implies more jobs, tax money for the government, increased economic activity in the value chain, more advertising spending for the location, and so on.…

www.theexchange.africa

For practical reasons, European gas buyers need to find a way to make up for the supplies missing from Russia. And for both policy and practical reasons, Brussels wants to deny Moscow the opportunity to continue using gas supplies as a blunt instrument with which to threaten Europe in the future.

The change isn’t going to be immediate. Reducing Russia’s profile in the EU’s energy mix will take time. But the process of supply reduction is underway, and it has already opened up new opportunities for African gas producers to acquire market share in Europe. I expect those opportunities to last beyond the near term as the EU attempts to establish a new combination of gas suppliers to replace Russia over the next few years. 

I also hope Africa’s emerging gas producers take advantage of new LNG technologies, such as the modular Fast LNG solutions offered by New Fortress Energy …

Jobs in Africa African Continental Free Trade Area. theexchange.africa

The AfCFTA presents a significant opportunity for African countries to bring 30 million people out of extreme poverty and to raise the incomes of 68 million others who live on less than $5.50 per day.  The AfCFTA is the new anchor to pull multinationals to invest in Africa.

This agreement not only brings hope to African governments but also encourages current efforts on the ground, which improve jobs in Africa.  

The World Bank points out that the AfCFTA will create the largest free trade area in the world, measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at $3.4 trillion.   

It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential will depend on putting in place significant policy reforms and trade facilitation measures. …

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