Browsing: Kenya

By Washington Ndegea

In the year of our Lord Two thousand and Eighteen, the Treasury Secretary Henry Rotich strode to parliament carrying the characteristic brief case just in time to read the twenty eighteen-twenty nineteen budget. That was in the month of June.

Expectations were high, that the prices of various basic commodities would reduce, and that we in the insurance industry would get the much needed relief and create an enabling environment to do business.

The issue of the prices of the basic commodities were met, but we in the insurance sector were left reeling by the recommendations that were being proposed in the Insurance Act in form of Insurance (Amendment) Bill 2018, that it would be criminal to handle insurance premiums from then on if the recommendations were to be made law.

We quickly instituted an emergency meeting to look at what could have prompted the Treasury department …

It is estimated that the East African region loses upwards of USD500 million in government tax revenue annually.…

Kenya is in talks with the African Organisation for Standardisation (ARSO) member states to develop a common regulatory framework that will fast track the implementation of the Africa Continental Free Trade Area (AfCFTA) agreement.

AfCFTA deliberations not only bind all ARSO member states to commit to the progressive elimination of tariffs and non-tariff barriers to trade, but are expected to contribute immensely in sustainable development of Africa.

This is through poverty reduction by improved harmonization of standards and conformity assessment,  and coordination of trade policies and instruments across African countries and Regional Economic Communities (RECs).

While addressing delegations from African countries during the official opening ceremony of the 25th ARSO General Assembly and the Africa Day of Standardisation forum, Hon. Peter Munya, MGH, Cabinet Secretary, Ministry of Industry, Trade and Cooperatives reaffirmed the government’s commitment in promoting intra-African trade through elimination of import duties and non-tariff barriers.

“As a signatory …

Africa escaped the global decline in foreign direct investment (FDI) as flows to the continent rose to US$46 billion in 2018, an increase of 11% on the previous year, according to UNCTAD’s World Investment Report 2019.

Growing demand for some commodities and a corresponding rise in their prices as well as the growth in non-resource-seeking investment in a few economies underpinned the rise.

While FDI in some large economies on the continent – such as Nigeria and Egypt – contracted, this was outweighed by a surge in flows to others, most significantly, South Africa.

“The African Continental Free Trade Area (AfCFTA) agreement will bolster regional cooperation. This, along with upbeat growth prospects, augurs well for FDI flows to the continent,” UNCTAD Secretary-General Mukhisa Kituyi said.

FDI flows to Sub-Saharan Africa climbed by 13% to $32 billion, recovering ground after successive contractions in the two prior years. Southern Africa saw …

Artificial intelligence (AI) technologies are forecast to add US$15 trillion to the global economy by 2030. A new report by Canadian International Development Research Center (IDRC) and Oxford Insights has noted that Africa ranks  lowly on the global list countries that have adopted or are ready to adopt technologies related to Artificial Intelligence.

There are no African countries in the top 50 positions, and only 12 African countries in the top 100. The top five placed African governments – Kenya, Tunisia, Mauritius, South Africa, and Ghana – reflects the well-documented developments in the technology sectors of these countries.

Of the bottom ten countries, seven are classified as Least Developed Countries, the Government Artificial Intelligence Readiness Index 2019 reports.

One of the biggest challenges facing the characterization of AI activities and readiness in Africa is a lack of systematic study on the topic. As a result, there is a relative lack …

International cosmetic company, Labo, has launched two of its cosmetic products; Crescina and Fillerina on the Kenyan market through Medipoint Pharmaceuticals.

Fillerina is an anti-skin ageing product that was produced following a study by Labo on skin ageing and skin biological process that saw it being granted 9 specific formulation patents.

In 2012, the product was introduced as a real breakthrough in skin filling technology.

“Fillerina has two major functions; to correct wrinkles; these are expression lines and deep furrows that form on the skin, and to improve the microrelief; these are the aging lines and fine lines; as well as give new volumes to cheekbones, lips etcetera,” Said Mr. Godfrey Wambaa, the Managing Director of Medipoint Pharmaceuticals. As skin ages, the amount of hyaluronic acid gradually declines, causing imperfections such as ageing wrinkles, expression lines and loss of volume; that is, deflation and skin depressions, especially as regards to …

Kenyan listed banks had an improved performance on aggregate in the first quarter of 2019 as they recorded improved profitability in a relatively tough operating environment, a survey by Cytonn Investment has revealed.

During the quarter, return on equity rose to 19.2 per cent from 18.4 per cent in Q1 2018, with equity group having the highest at 22.8 per cent, Cytonn’s Q1’2019 Banking Sector Review indicates.

The report, themed ‘Consolidation and Diversification to drive Growth’, analyzed the Q1’2019 results of the listed banks.

“We note that the increased emphasis on operating efficiency by banks seems to be bearing fruit, with the listed banking sector’s operating efficiency improving year-on-year, which was further supported by a recovery in interest revenue, largely supported by the asset re-allocation to government securities, and increased lending to specific segments”, said Caleb Mugendi, investment Associate at Cytonn Investments.

“The continued focus on alternative banking …

At this year’s UN Commission on the Status of Women in New York, employers were accused of failing to adhere to and practice corporate accountability.…

Africa has had a dark past and specifically the four century long blot of human slavery climaxing in the 17th and 18th century. However, some of the descendants of the slaves have gone on to make great businessmen with great influence in the world.

Ghana has realized the potential such a group of people pose to the African economy and has launched several drives to make the African Diaspora return to the continent and invest in projects of their choice.

The Ghana Diaspora Celebration & Homecoming Summit 2019 (GDHS’19) is a four-day event recognizing and celebrating the immense contributions to nation building by the Ghanaian Diaspora.

The event will not only highlight past contributions but will focus on present contributions as well, whiles furthering the advocacy for political, economic, and all other systems and policies that would facilitate future contributions by the Ghanaian Diaspora.

Ghana’s president Nana Akufo-Addo in October …

Globeleq, a power sector leader in Africa, has reached financial close of the 40 MW (52 MW p) Malindi Solar photovoltaic (PV) project in Malindi, Kenya and is commencing construction of the plant.

The US$69 million project is located in Langobaya, Malindi District, Kilifi County, about 120 kms north-east of Mombasa and is one of the first IPP owned utility scale solar power plants in Kenya to begin construction.  Electricity will be sold through a 20-year agreement with the national distribution company, Kenya Power.

Globeleq has been working with the project originator, Africa Energy Development Corporation (AEDC), who will retain 10% ownership of the project, and its partner, IDEA Power, to bring the project to construction by providing equity, project development and construction management experience.  CDC, the UK’s development finance institution, as the mandated lead arranger, has sourced US$52 million in debt financing including $20 million from DEG, the German …