- Kenya is one of the fastest-growing economies in Africa. However, nearly half of the 50 million residents live below the poverty line. In fact, about two-thirds of Kenyans do not have access to basic financial services such as bank accounts. Agriculture acts as a motive for the economic growth in Kenya. About 75% of Kenyans making their lives by expending time on Agricultural activities.
- Bank of Uganda has set out four strategic parameters on which it seeks to drive Uganda into a cashless economy. The Central Bank had put in place four strategic objectives, among them promoting electronic payments and e-banking as the major drivers for the cashless economy.
- Uganda annual headline inflation in July increased to 7% which is the highest since October 2017 compared to 4.1% in June 2020 despite a drop in prices of food items. As the economy emerges from the near standstill due to coronavirus lockdown, transport fares remain very high. In most cases, transport fares have more than doubled for both short and long-distance travelers.
- The World Bank approved 150 MM USD International Development Association credit to improve tenure security and access to basic services for 7 million residents living in selected Kenya urban informal settlements.
- Rwanda is marking the third African Civil Registration and Vital Statistics (CRVS) Day in Masaka Hospital in Kicukiro district by officially launching the registration of births and deaths in all country hospitals.
- The government released a total of 3 BN ZMW (774.17 MM USD) for debt service in H1-2020. According to the Ministry of Finance, domestic debt service payments totaled 8 BN ZMW (433.1 MM USD), which included 1.9 BN ZMW (102.86 MM USD) principle repayments on government securities.
- About 72% of businesses in Zambia are not able to raise funds for expansion due to the effect of the COVID-19 pandemic. The Small and Medium-sized Enterprises (SMEs) in Zambia critically needs working capital as the last three-quarters they were unable to raise capital.
- Ethiopia generated 4 MM USD during 2019/2020 due to the export of part of its electricity to Sudan and Djibouti. The performance, which represents 16% of the initial annual objectives, was achieved due to the good rainfall recorded over the last period.
- President Uhuru Kenyatta has assured Kenyans that his administration will continue investing in interventions that seek to better the well being of young people. The President stated Kenya youthful population is the nation's greatest resource, with the highest potential to uplift the country's socioeconomic
- Ethiopia government stated that the US and the World Bank attempts to pressure Addis Ababa into signing the deal of the giant hydroelectric dam on the Blue Nile would damage tripartite negotiations with Egypt and Sudan. Egypt, Ethiopia and Sudan had been expected to sign an agreement over the Grand Ethiopian Renaissance Dam (GERD) during talks mediated by the US and the World Bank in February, but Ethiopia skipped the meeting and only Egypt initialed the deal.
- Forex Utilization in Nigeria decreased by 80% in April as the economic shuttered in reaction to the COVID-19 pandemic. According to data from the country’s Central Bank, Nigeria forex utilization decreased to 1 BN USD in April, the month where Lagos State and the Federal Capital Territory, FCT, shut down economic activities and movement.
- In Tanzania, Equity markets performance increased to a turnover of 3 BN TZS (3.13 MM USD) last week after more block trading was experienced at the Dar es Salam Stock Exchange (DSE). During the previous week, the DSE has a turnover of 87.18 MM TZS (37.48 MM USD) which an increase that has been stimulated by pre-arranged transactions.
Note: Weekly values are calculated on Friday of each week.
- One of the three major shareholders of UAC Nigeria Plc (UACN), Blakeney LLP, has substantially reduced its stakes in the conglomerate with the sale of 80 million additional shares. This came a few days after UAC Nigeria Plc announced a deal to divest 51% of its shares in UACN Petroleum Development Company (UPDC) to Custodian Investment Plc.
- Telecoms giant Airtel Africa Plc and Telkom Kenya Ltd have decided to discontinue the completion of their merger plans due to the lengthy process of the transaction which has been on since February 2019. The two telecom firms resolved not to complete the business combination despite their respective efforts to reach a successful closure and having it drag on for a while.
- Nigeria Securities and Exchange Commission (SEC) simply defines credit rating agencies as “institutions which, as a business, professionally evaluate the investment qualities of debt issues”. In Nigeria, there are just about three of them that have been approved by SEC, namely: Agusto & Co Ltd, Datapro Ltd and Global Credit Ratings Co Ltd.
- Africa’s largest telecoms firm, the MTN Group, has announced its plans to exit the Middle East. This is part of the wireless carrier’s strategic plan to shift focus entirely to its home continent, Africa. The mobile operator said that as part of its medium-term strategy, it will be leaving the Middle East, starting with the sales of its 75% stake in MTN Syria. Overly reduced revenue from war-torn Syria and the complex nature of the operating environment in the country are part of the reasons MTN is divesting.
- The Management of the United Bank for Africa (UBA) has described the alleged 41 BN NGN (108.6 MM USD) fraud levied against its Chairman, Mr. Tony Elumelu, as untrue, misleading, malicious, and libelous, and said that it should be disregarded in its entirety.
- With a loan of 7 MM USD, Proparco is supporting Kenya Nut Company, a family business that has diversified and has been active for more than 40 years in the nut sector, macadamia and cashew, in Kenya. The company sources its supplies from more than 30,000 small nut producers. The boom in nut production is generating convincing results for the Kenyan agricultural sector.
- Republic Bank Ghana Limited, a subsidiary of Republic Financial Holdings Limited has advocated for issuance of a Green Bond in Ghana to raise long term financing for Green Building construction by developers and Green Mortgage financing.
- MT5 is one of the most popular trading platforms and CCI believes that it is important to make such technology available. The move was made to help provide the group’s growing client base with a platform that is more flexible, ultra-modern, and innovative.
- The Doha based Qatar Airways has confirmed the resumption of services to Jomo Kenyatta International Airport (NBO) Nairobi, Kenya with 14 weekly flights and to Kigali International Airport (KGL) Kigali, Rwanda with three weekly flights. With the addition of Kigali and Nairobi, the airline now operates 33 weekly flights to eight destinations in Africa including Addis Ababa, Dar es Salaam, Djibouti, Kilimanjaro, Zanzibar and Tunis.