KCB Group Plc reported a 22.2% y/y decrease in EPS to KES6.11. The turn in profitability was mainly due to a slight doubling in Loan Loss Provision (LLP) to KES27.5Bn. Net Interest Income (NII) recorded a solid growth of 21.0% y/y to KES67.9Bn. The balance sheet grew 9.9% y/y to KES987.8Bn, propelled by growth in both deposits (driven by precautionary instincts due to COVID-19 shock) and loan book. During the period, the company rallied from KES38.75 at the beginning of the month and closed at KES41.3 accounting for a significant investor participation in the sector. 

Equity Group reported an 11.6% y/y decrease in EPS to KES5.24. The drop in profitability was as a result of a quadrupling in LLP to KES26.6Bn. Its balance sheet grew by half its previous level to KES1,015.1Bn. Equity group benefited from its digital transformation that accounted for 63% of the total transactions being generated outside the branch network. Its 66.5% acquisition of Banque Commerciale Du Congo that widened the bank’s penetration in the regional market increased its customer deposits by 53% to KES740.8Bn, boosting investor confidence in the growth of the bank across the region. 

The number of small-scale miners in mineral-rich Tanzania has more than doubled in a period of less than a year. Mining is the country’s leading revenue earner in terms of foreign export as well as increased government revenue.

The figures were made public by Prime Minister Kassim Majaliwa while addressing parliament. He said in the financial year 2020/2021 4,652 mining exploration licenses were issued to small and medium sized miners.

Notably Tanzania is the only country in the world with deposits of the precious stone tanzanite; Tanzania is also one of Africa’s largest gold producers.

That’s right—it is not on mere goodwill that the magnanimous sums are dished out; it is a two-way street. We give you this amount if you do this for us. This give and take barter in economics is known as conditionality.

To put it in the words of Kjell J. Havenevik, author of ‘The IMF and the World Bank in Africa (Conditionality, Impact and Alternatives), ‘Conditionality is the term given to the conditions relating to macro-policy elements which countries have to meet in order to get access to international loans and/or aid.’

We in the journalism science get information about the big sums ‘handed’ to African countries; what we usually do not get through the all-too-frequent press releases is the conditionality that comes with that money.

Tanzania is yet another country making a series of moves within the realms of the economy. At the moment the sixth President of Tanzania, Samia Suluhu Hassan is laying another foundation on top of the late John Magufuli presidency’s legacy, which was cut short before it took off for a major portion of its second term. 

Earlier in April Tanzania and Uganda managed to strike a victory on the crude oil pipeline project that had stalled. In effect, President Hassan managed to pass another crucial item left by Magufuli’s presidency forward. 

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