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Tuesday, 30 Jul 2019

Nairobi residents earning between 30,000 KES (288.43 USD) and 49,000 KES (471.11 USD)

Insights Africa

Economic Outlook

Economic Outlook

  • Nairobi residents earning between 30,000 KES (288.43 USD) and 49,000 KES (471.11 USD) a month spend the highest amount of time on social media in specific on YouTube, Instagram and WhatsApp.
  • Kenya shilling dropped to 104.05 per dollar last Thursday, its the lowest level in almost two years. The decrease is attributed to the uncertainty caused by the announcement that the finance minister would be charged with financial misconduct. The shilling has lost 0.8% since the charges were announced.
  • South Korea has set up its overseas construction promotion arm in Kenya to play a central role in infrastructure deals in Africa. Kenya now becomes the Korean corporation's fourth overseas office after Indonesia, Vietnam and Uzbekistan, signaling the strong attraction to the country for infrastructure deals.
  • The Central Bank of Kenya (CBK) reported that foreign currency deposits remained high but declined slightly to 577.9 BN KES (5.55 BN USD) in May 2019 compared to 578.9 BN KES (5.56 BN USD) in April 2019, which was close to the same level in March.
  • Uganda current account deficit increased to an estimated 315.87 BN KES (3.037 BN USD) in 2018/2019 compared to 127.93 BN KES (1.23 BN USD) in 2017/2018, on account of rising imports and growing pressures on the exchange rate and core inflation. But its impact on import tax revenues appears modest.
  • Namibia will build four plants powered by renewable energy over the next five years amounted to 4.7 BN NAD (329.7 MM USD) as the southern African nation seeks to guarantee local supplies and cut its use of fossil fuels.
  • Tanzania economic growth slowed to 6.6% y-o-y in Q1-2019 compared to 7.5% in Q1-2018. Moreover, the construction sector, the biggest driver of GDP, grew 13.2% in Q1-2019 compared to 15.6% in Q1-2018.
  • In Tanzania, the number of international tourists has increased to 1.5 million by the end of 2018 compared to 1.3 million in 2017. Noting that tourism activities generated 2.4 BN USD in 2018 which is an increase of 7.2% compared to 2.3 BN USD earned in 2017.
  • In Rwanda, the Ministry of Finance and Economic Planning and the government of Sweden have signed an agreement to boost research and use of scientific knowledge in the University of Rwanda by receiving 31.5 BN RWF (34.4 MM USD).
Political Events

Political Events

  • The Tanzanian government is rolling out phase two of the Electronic Tax Stamps (ETS) program as it seeks to boost transparency in the collection of excise duty, Value-Added Tax (VAT) and corporate tax from manufacturers.
  • The Ministry of Foreign Affairs and International Cooperation (MoFAIC) has announced the signing of a mutual entry visa exemption agreement between UAE and Equatorial Guinea, which come into force from its signing on 28th July 2019.
Stock Market

Stock Market

  • Investors and dealing members will begin to pay value-added tax (VAT) for transactions carried out on the Nigerian Stock Exchange (NGSE). This is due to the expiration of the VAT (Exemption of Commissions on Stock Exchange Transactions) order of 2014.
  • The Dar es Salaam Stock Exchange recorded a 32% decreased in liquidity in Q2-2019, compared to Q1-2019 data. The bourse's quarterly note issued this week shows that its equity trading turnover decreased from 37.31 BN TZS (16,188,700 USD) transacted in Q1-2019 to 25.88 BN TZS (11.229 MM USD) traded over Q2-2019.
Companies Transactions

Companies Transactions

  • Toyota Kenya has been sued for offering loans for purchase of cars above the legal cap on commercial lending rates. Consumer Federation of Kenya (Cofek) claims that Tsusho Capital, the in-house financier for Toyota, has failed to drop the lending rates from 22% to 14% in line with the legal limits on lending rates.
  • Qatar Petroleum has acquired a block of Kenya offshore oil and gas exploration fields, adding to a growing list of global corporations seeking to exploit huge fuel deposits believed to be underneath the Indian Ocean.
  • Insurer UAP Holdings took a 2 BN KES (19.22 MM USD) loan from Stanbic Bank which used to redeem its corporate bond. UAP also plans to take another bank loan to settle a 3.1 BN KES (29.8 MM USD) from South Africa-based Nedbank which falls due next year.
  • Credit Bank is set to receive 824 MM KES (7.9 MM USD) loan from the African Development Bank (AfDB) for onward lending to small and medium-sized enterprises (SMEs).
  • Postbank has inked a partnership with Xpress MoneyUAE-backed foreign exchange and cross-border international payment solutions platform, to provide instant global transfers to its physical stores.
  • Uganda Airlines has pushed plans to commence Nairobi flight from July 31 to end of August, after failing to acquire necessary certification on time. An Air Operator Certification (AOC) is the approval certificate granted to an airline to allow it to use planes for commercial purposes.
  • In South Africa, the hotel group Sun International is planning to increase its equity interest in subsidiary Sibaya. In addition, Sun International will acquire Dolcoast's 29.92% stake in Afrisun KZN Manco and 3.73% interest in National Casino Resort Manco.
  • The Zimbabwe Power Company (ZPC) announced that the 1.5 BN USD Hwange Expansion project is going according to schedule and will add 600 MW to the national grid upon completion in 2022.


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