Browsing: East Africa

The Confederation of African Football (CAF) has selected Kenya, Tanzania, and Uganda to host the 2027 Africa Cup of Nations (AFCON) over bids from Morocco, Algeria, Senegal, Botswana, and Egypt. The East Africa joint bid, commonly called the “Pamoja AFCON Bid,” has won the hosting rights for the 2027 AFCON as Morocco takes the rights for the 2025 showpiece.

CAF president Patrice Motsepe announced the news on Wednesday morning, 27 September, shortly after the body held an executive committee meeting in its headquarters in Cairo, Egypt. Recommendations from several nations boosted the East Africa Pamoja AFCON Bid. In a move that will elate East African sports enthusiasts, the CAF Executive Committee chose the Pamoja Afcon Bid.…

International tourist arrivals grew 32 per cent in the half-year to June, closing at 847,810 as Kenya’s tourism sector growth continued post-Covid-19. This was up from 642,861 arrivals recorded in the same period last year, as official data from the Ministry of Tourism indicates.
The performance represents a 92 per cent recovery compared to the same period in 2019. The increased numbers came with higher earnings for the country and the sector.…

• Investment and trade between the two countries was valued at more than $600 million last year.
• Kenya’s exports last year increased to $7.9 million from $6.3 million in 2021, the country’s Economic Survey 2023 indicates.
• Imports from Indonesia were valued at $187.7 million having dropped from $307.5 million the previous year.

Kenya is now keen to increase trade volumes mainly exports to the Asean market, with its renewed ties with Indonesia. President William Ruto said investment scope will also be broadened to bring about a balance of trade that is currently in favour of the Southeast Asian country.

“We will seize our energies and create the necessary environment for increased trade between our countries,” President Ruto said on Monday.

Investment and trade between the two countries was valued at more than $600 million last year. Indonesian economy registered a growth of  5.3 per cent in 2022 compared to of …

• Central Africa’s economic performance was powered by the DRC, which grew at a jaw-dropping 8.5% in 2022.
• Central Africa growth rate was higher than the African average, which is estimated at 3.8% in 2022, down from 4.8% in 2021.
• The region id projected to settle at 4.9% in 2023 and 4.6% in 2024.

Central Africa achieved real GDP growth of 5.0 per cent in 2022 compared with 3.4 per cent in 2021, as the region posted the strongest performance compared to other regions in the continent.

This was in terms of growth, inflation and budget deficit, a new report by the African Development Bank (AfDB) indicates.

Central Africa oil, minerals and commodities’ wealth

The rebound in economic activity was driven by favourable prices for raw materials. Increasingly, Central Africa economies are turning out to be a net exporter of crude oil, minerals and other commodities.

In comparison, the region’s …

• Vantage Capital pumps $25M in Aquasantec International for water, sanitation, and hygiene projects across East Africa.
• Vantage Capital acquired a controlling shareholding in the Group, while also seeing the disposal of shareholdings by the founding Shah family, the Ramco Group, and Terra Mauricia.
• The partnership between Vantage Capital and Aquasantec exemplifies the transformative impact that strategic investments can have in the vital sectors of water, sanitation, and hygiene

Vantage Capital, a renowned mezzanine debt fund manager in Africa, has made a significant investment in Aquasantec International. Aquasantec is a manufacturer and distributor of water tanks, pipes, and related products, dedicated to addressing the critical needs of water, sanitation, and hygiene across Eastern Africa.

This strategic investment, totalling $25 million was executed in June 2023, and it encompassed both mezzanine debt and ordinary equity. It will result in Vantage Capital acquiring a controlling shareholding in the Group as part of a …

• Leaders are meeting in Nairobi for the Eastern Africa ‘Waste is Wealth’ conference.
• The inaugural Waste is Wealth Series is organised by Taka Ni Mali, East African Business Council, and Alliance for Science.
• The three-day conference is themed: Promoting Effective Waste Management Practices for Environmental Conservation and Climate Change Mitigation.

The concept of a circular economy is fast gaining momentum in East Africa with both the private sector and government’s stuck on the drawing board shaping policies and regulations to help realise the shift.

World business leaders, policy makers, academics and NGOs have argued that a move towards a more circular economy is necessary to help solve global environmental and economic challenges.

Moving towards a more circular economy could increase competitiveness, and stimulate innovation. It will also boost economic growth and create jobs across economies.

Waste is Wealth

It is against this background that leaders are meeting in Nairobi for …

• About 84% of millennials and Gen Zs consume media at home. A  majority (88%) of them use data bundles to access content online.
• About 44 percent spend over four hours a day on social media. This is more than triple the number of millennials and Gen Zs spending over four hours on radio (13%) and TV (12%).
• More than half (55%) are spending 6-9 hours a day online while a further 20 percent spending over 10 hours per day.

A new survey has revealed a number of media usage behavioral traits that brands and companies keen on attracting millenials and Gen Z need to know.  Their by leveraging their media consumption patterns, brands would easily optimise their content to inform positioning their products and win this new market base.

Gen Z, millennials spend 10 hours online

About 8 out of 10 or 84 percent of millennials and Gen Zs usually …

• In the three months to March 2023, Group’s total assets rose by 39.8 percent to close at $11.8 billion buoyed by DRC subsidiary TMB.
• Revenue increased by 26.9 percent to $267.4 million mainly driven by the non-funded income from customer transactions across the Group.
• This is the Group’s newest subsidiary in the Democratic Republic of Congo.
• It demonstrated the range and diversified income streams across the group’s businesses, adequate to cover the elevated operating and funding costs.

Regional lender KCB Group Plc posted $68.8 million in profit after tax for the first quarter 2023, a marginal drop attributable to acquisition and consolidation costs of its newest subsidiary, Trust Merchant Bank (TMB), in the Democratic Republic of Congo.

In the quarter, however, the Group recorded a strong balance sheet growth with total assets hitting $11.8 billion, with TMB contributing 14 percent to the Group’s total assets. The bank said this was …

• Dr Kamau Thugge, who is President Ruto’s advisor on fiscal affairs, is set to take over from Dr Patrick Njoroge.
• Previously, Dr Thugge served as the Permanent Secretary at Kenya’s National Treasury between 2013 and 2019.
• Prior to his nomination as Principal Secretary, he worked as a senior economic adviser in the Ministry of Finance since 2010.

President William Ruto has nominated former IMF economist Dr Kamau Thugge for appointment to head the Central Bank of Kenya. Dr Ruto picked Dr Thugge out of a list of six candidates who were interviewed on May 9th for the job that helps define Kenya’s fiscal policy.

Dr Thugge is not a stranger at Kenya’s financial industry. For close to 10 years, between 2013 and 2019, he served as the Principal Secretary, National Treasury under former President Uhuru Kenyatta. He was, however, hounded out of office over allegations of corruption. The scandal, which …

• Across the East Africa region, Rwanda posted the strongest performance.
• Uganda’s economy grew by 4.4 percent in 2022 compared to a 6.7 percent uptick in 2021.
• Tanzania’s real GDP expanded by 4.5 percent in 2022 compared to 4.9 percent growth in 2021.

Kenya’s economy recorded a slower growth of 4.8 percent last year as agriculture slumped due to severe drought. In 2021, Kenya posted 7.6 percent growth as the country emerged from Covid-19 induced economic fallout.

Latest data from the Kenya National Bureau of Statistics show that East Africa’s economic powerhouse growth outpaced its neighbours. Kenya saw its nominal GDP increase to $98.24 billion, from $87.98 billion in 2021, retaining its pole position over East African peers.

Uganda’s economy grew by 4.4 percent in 2022 compared to a 6.7 percent growth in 2021. The marginal drop was partly on account of recovery in hospitality and other service sectors as schools …