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- Kenya’s economy posts 5.6 per cent GDP growth in 2023
- The Crucial Role of Private Capital Africa’s Economic Development
- Kenya’s Marine Potential: Fostering Sustainable Blue Economy
- American nationals arrested in foiled attempt to overthrow President Tshisekedi
- The role of financial services in achieving financial inclusion in Rwanda and beyond
- AIM Global Foundation wraps up its engaging participation at Russia’s Kazan Forum
- Will Tanzania’s new truck assembly plant revive old coal mines?
- Communications Authority of Kenya needs $820M for digital superhighway goals
Industry and Trade
- 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 …
- 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 …
- Sustainable Trade in Tanzania seeks to integrate the strengths of private sectors and civil society organisations to promote green growth.
- The plan seeks to grow trade practices that are both inclusive and environmentally sustainable.
- The project seeks to improve trade resilience to climate change by advocating for sustainable trade practices.
The Foundation for Civil Society (FCS) and TradeMark Africa have sealed a grant agreement to launch a $ 900,000 Private Sector and CSOs project to drive sustainable Sustainable Trade in Tanzania and inclusive business practices, addressing the significant systemic challenges in Tanzania’s trade sector.
Funded by the Foreign, Commonwealth & Development Office (FCDO), Ireland, and Norway, the TZS2.3 billion ($900,000), the project seeks to integrate the strengths of private sectors and civil society organisations to promote green economic growth.
Many women in Tanzania remain in the informal trading sector, facing barriers such as limited access to finance and inadequate training …
WPP ScanGroup, a marketing and communications company, has reported a loss of 47.1 million shillings (US$393,648.14 ) for the half year that ended in June 2022.
- WPP ScanGroup has reported a loss of 47.1 million shillings (US$393,648.14 ) for the half year that ended in June 2022
- This is a significant drop from the 31.4 million shillings (US$262,432.09) profit that the company reported for the same period in 2021
- The poor performance may be attributed to a drop in net revenues of 6.1 per cent year over year
- The company stated that “the bottom-line was pulled by an 11.0 per cent jump in tax charge to Sh56.7million (US$468,045.75),” which contributed to the negative results
This is a significant drop from the 31.4 million shillings (US$262,432.09) profit that the company reported for the same period in 2021.
The poor performance may be attributed to a drop in net revenues of 6.1 …
In June, Zawya Projects announced that Namibia had received 25 submissions for pilot projects, from which it plans to select no more than five.
The four projects – the Daures, Namport, Cleanergy, and TransNamib projects – have a combined value of over N$890 million (53,39 million euros), and some of the funds will be sourced by the initiators of the projects. The four projects will be located in the Erongo region, which has been marked as ‘valley 1’ of the envisaged national hydrogen ecosystem.…
The cost of sales reached 683.2 million Kenyan Shillings, which is an increase from 520.5 million Kenyan Shillings during the same period in the previous fiscal year.
Because of an increase in the cost of sales caused by a global rise in newsprint prices and a depreciation of the Shilling in comparison to the dollar, the gross profit margin decreased by 4.5 percentage points, falling from 86.0 per cent in the previous year to 81.5 per cent in the current year.
In spite of the difficulties encountered, the group maintained their confidence that they would make progress in the second half of the year.…
According to an article by Maritime Executive published August 17, 2022, since May Senegal and Germany have been working together to fast-track the completion of the BP-led Greater Tortue Ahmeyim (GTA) LNG project. The offshore field straddles the border between Senegal and Mauritania and is set to produce 2.5 million tons of LNG in the first phase. Plans call for output to double to 5 million tons in the second phase.
Earlier, Kosmos Energy, which is developing the GTA field with BP, said phase one is 80 percent complete. Senegal is now reporting that it will be ready to export its first LNG cargo to Europe in 2024 when production at Tortue Gas project is scheduled to start.
“Senegal will be able to sell its quota to Europe, especially Germany already, in the second half of 2024,” Mamadou Fall Kane, deputy permanent secretary of COZ-Petrogas, the government committee that monitors …
The ban on Russian coal imports will further strain coal supplies and force European consumers to look elsewhere at a time when there is already concern about dwindling supplies of Russian gas and a severe energy crunch in the winter.
According to an article by Africa News published May 26, 2022, as Europe takes action to reduce imports of Russian gas, the continent’s leaders have been looking to Africa as an alternative energy supplier. New deals have been signed with Algeria, Angola, Congo, Nigeria, and others are thought to be on the way.
In a related article by AFP dated April 21, 2022, Italy penned a deal with Angola to ramp up gas supplies from the southern African country as it urgently scrambles to break away from Russian gas over the Ukraine war.
“Today we have reached another important agreement with Angola to increase gas supplies,” Foreign Minister Luigi Di …
This decision comes at a time when South Africa is still struggling with catastrophic power outages and is also attempting to transition away from its reliance on fossil fuels. Causing businesses to steer clear of relying on Eskom, the struggling state-owned utility of the country, for their electricity needs.
Eskom blackouts can last up to six hours, which causes production delays and damages sales.
Eskom, the troubled power corporation responsible for providing most of South Africa’s electricity, has had a challenging time keeping the lights on for many years and has been forced to apply load-shedding to prevent the grid from collapsing.…
