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Browsing: COVID-19
The falling price of crude oil spells good favour for importers in Africa. The price of crude has been on a steady drop despite attempts by producers to cut output. As a result, many African countries are taking advantage of the situation and stock piling their reserves.
Take for instance the case of East Africa, crude oil represents more than 20 percent of Tanzania’s annual imports. So a drop in price of crude means the country can afford to buy more and reserve for future use. However no official report has been issued as to the government policy on the matter.
The issue that arises here is the matter of crude versus refined oil. Africa, Tanzania included, imports refined oil which is more costly than crude but with falling prices of crude then follows that even the price of refined oil has taken a dive
As such, the country is …
Countries neighbouring Tanzania including Uganda, Rwanda and Zambia have barred truck drivers from the country to cross their borders. The development comes as cases of the COVID-19 in Tanzania now reach 480 with 196 new cases reported both on the mainland and on the island of Zanzibar.
Of these, 174 are from Tanzania Mainland and the other 22 are from spice isles of Zanzibar. The grim news gets only worse with the announcement of six more deaths bringing the total number of deaths to 16.
Not all is doom and gloom, there are reports of 167 people recovering from the virus and of these, 36 are from Zanzibar and 83 are from the Mainland.
Meanwhile, truck drivers are protesting the strict border measures placed on transit vehicles. For example, at the Mutukula border with Uganda, it is reported that several drivers have tested positive for the coronavirus and been denied …
Rwanda is poised to launch what it refers to as the ‘COVID-19 recovery fund’ that will serve to finance economic recovery efforts post the virus pandemic.
Among the sectors slated to benefit from the recovery fund is the country’s tourism sector. It only makes sense since, the tourism sector is one of the most affected sectors along with the catering and hospitality sectors as well.
In so doing Rwanda, which actually called for an emergency East Africa Community (EAC) Heads of State meeting to deliberate regional response to the coronavirus pandemic, has again set precedent been the first country in the region to set aside recovery funds for the coronavirus aftermath.
The affected businesses across various economic sectors will be afforded access to low interest and even interest free loans. The loans are expected to help the business get back on their feet serving as operating capital.
Of these, it …
Most businesses are looking for digital options to conduct their businesses and banks are no exception. Already the economy was tipping towards digitizing most all its activities but with the onslaught of the coronavirus, digitizing is no longer optional but a must.
Banks are now pushing for 100 percent digital migration of their customers seeking at least 90 percent of their services to be offered remotely. In Tanzania, CRDB Bank has announced that it is aiming to increase online and simbanking to 90 percent by the end of the year.
To achieve this goal, the bank has launched a campaign to mobilize online and mobile phone services for all their customers. The bank is now working to raise public awareness and increase use on online services rather than going with the traditional way of standing in line at the bank.
The press release quotes a high ranking bank official, the …
The second 20 years Treasury Bond that was auctioned last week by the Central Bank of Tanzania has oversubscribed, again.
The Bank of Tanzania (BoT) was forced to close the trading session as the market gabbled up the high interest rate bond.
The bond had an attractive interest rate of 15.85 percent coupon rate was offered in the 20-year instrument held on Wednesday slightly down compared to 16.21 per cent of the session held in February this year.
The auction was meant to serve as a debt instrument that the government targeted to raise only 117bn/-, local media reported mid week. However, interest for the bond was more than anticipated with the government, through the BoT, racking in a whopping 276.86bn/- that is more than double the targeted amount.
As mentioned this is actually the second 20-year Treasury Bond to be auctioned this year and both had good response, both …
For over two months now, companies in Tanzania are holding back contractor payments blaming it on the global coronavirus crisis.
Chinese companies are particularly in the spotlight with contractors complaining of delayed payments for goods delivered and services done. In an exclusive with this paper, an aggregate mine operator (name withheld) said payments due to the company from Chinese companies are still pending two months down the road.
This is the exact scenario that the government tried to evade when it throughout the Central Bank, Bank of Tanzania, it released a stimulus package to cushion the economy to ensure business stay liquid and are able to make all due payments.
It is not far fetched to think companies are taking advantage of the ongoing health crisis not to pay their debts or even government taxes and fees. I mean, non performing loans and tax evasion were profound well before the …
A brief conversation with Duarte Marques da Cruz, Partner at the law firm MC&A Advogados about some of the legal aspects that companies operating in Mozambique should be aware during the COVID-19 crisis.
When restrictions of movements were announced by different countries due to the Coronavirus pandemic, many people with perennial need of non-COVID-19 medication felt disenfranchised. Also, the fear of receiving non-certified medicine and other medical supplies has increased over this period.
In Kenya, the ministry of health has sent a warning to Kenyans to be wary of fake medical materials including recycled masks and non-effective sanitizers which they feel are putting the citizens under great risk. Estimates from World Health Organisation (WHO) show that about 274 deaths occur every day in Africa as a result of fake medication.
To continue offering quality medicine in this period, the only registered e-pharmacy in Kenya, MYDAWA has been aiding in the delivery of quality medicine in times of restricted movement. As the world battles with the Coronavirus (COVID-19) pandemic, one company is applying the use of technology to get essential medication and health supplies …
Due to the COVID-19 pandemic, at least 195 million people around the world will be jobless in the next 90 days (3 months) said a report by the International Labour Organisation (ILO).
International Labour Organisation estimates that almost 38 per cent of the global workforce which represents 1.25 billion workers are employed in sectors such as accommodation, food services, manufacturing and retail trade that are facing a severe decline in output and a high risk of unemployment.
Wholesale and retail segments have the biggest share of workers with 482 million workers who are lowly paid and unprotected while the most affected sector accommodation and food services account for 144 million workers.
According to the ILO report, the food and accommodation sector is suffering from almost full closure in some countries.
The manufacturing sector employs 463 million workers has also been greatly affected by the pandemic with factories closed, workers asked …
Beyond the COVID-19, the food and agriculture landscape in Africa will change because of the pandemic in terms of processing and value addition, agri-food e-commerce among others according to a report by Selina Wamucii
The report titled “Impact of COVID–19 on Africa’s Agriculture: What the Coronavirus (COVID–19) Means for African Family Farmers and Fishermen”, shows how the food and agricultural landscape across Africa will be shaped by new developments in the future.
1. Processing and Value Addition
According to the report, due to the COVID-19 pandemic most countries supply chain got interrupted with boarders closing among others, therefore, to ensure this does not happen again in case of another pandemic, countries will seek to reduce reliance on cross-border imports mostly on food and have control of their food own production.
With the closed borders, African countries that export raw and unprocessed fresh produce to other markets have been affected greatly …