Home > Insights > Fuel consumption has dropped to its lowest level in 3 years on increased taxes, pointing to slowed activity in the economy and a gloomy earnings outlook for oil marketers.
Tuesday, 30 Apr 2019

Fuel consumption has dropped to its lowest level in 3 years on increased taxes, pointing to slowed activity in the economy and a gloomy earnings outlook for oil marketers.


Insights Africa

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Economic Outlook

Economic Outlook

  • Fuel consumption has dropped to its lowest level in 3 years on increased taxes, pointing to slowed activity in the economy and a gloomy earnings outlook for oil marketers. The treasury will take 57.57 KES out of every 1 liter of super petrol sold in Nairobi started last Saturday, 27th of April.
  • The price of Kenyan coffee rebounded by 18% last week after months of a downward trend as quality offered for sale improved at the auction. Kenya has one of the best coffees in the world.
  • Kenyan banks have been asked to turn sustainable development goals (SDGs) into business opportunities. It is estimated that the SDGs, adopted in late 2015, will cost between 90 TR USD and 120 TR USD by 2030.
  • Uganda scientists have developed a new anti-malaria drug to boost the fight against malaria. The drug comes in granules for oral suspension for children weighing 5 to 19 kilograms and tablets for adults.
  • Uganda is one of five countries that are set to benefit from a 3.49 MM USD grant to scale up climate change projects aimed at promoting conservation farming that has the potential to quadruple output and earnings.
  • In collaboration with Botho Emerging Markets Group, the Sharjah Chamber of Commerce and Industry (SCCI) organized the "Rwanda Investment Showcase" Forum to explore avenues of economic cooperation between the UAE and Rwanda.
  • Bloomberg reported that Zambia credit profile is constrained by its high debt burden which will increase even more. The Zambia debt will exceed 75% of GDP in 2019 compared to 62% in 2017.
  • Consumer confidence in South Africa dipped further in Q1-2019 registering +2 compared to +7 in Q4-2018. Explaining that most consumers are neither optimistic nor pessimistic about the outlook for the country's economy.
Political Events

Political Events

  • The Kenyan parliament has banned French firm IDEMIA Securities Limited, formerly OT Morpho, from doing business in Kenya for at least 10 years, citing a violation of the Companies Act.
  • In Uganda, the Health Minister Dr Jane Ruth Aceng is stuck with 20 offers from companies and individuals competing to secure government clearance to grow and export marijuana for medical purposes.
Stock Market

Stock Market

  • Atlas Development and Support Services limited (NSE:AAI) has been excluded from the NSE after it shut down its business and deregistered in the UK.
  • The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, has said that the Federal Government will work closely with the Nigerian Stock Exchange and key stakeholders in the capital market to create an enabling environment for companies, in a bid to encourage listings.
Companies Transactions

Companies Transactions

  • Kibo Energy has received formal approval from the Tanzania Electric Supply Company (Tanesco) to develop the Mbeya Coal Power Project (MCPP) for the export market. This enables the company to engage with African power pools regarding off-take agreements.
  • Edenville Energy PLC announced that will raise a total of 695,085 USD through two placings, which will go towards working capital and further development of the Rukwa coal project in Tanzania.
  • Uber considers cash payments a safety and regulatory risk that could potentially expose it to losses and reputational damage. Kenya is among the markets in which Uber allows customers to pay the entire fare of rides and cost of meal deliveries via Uber Eats in cash.
  • Kenyan Equity Group's fintech subsidiary, Finserve, has entered a digital payments partnership with a London-based e-commerce platform in a deal that will enable shoppers across Africa to purchase and pay for goods from various merchants.
  • BRAC, the largest microfinance provider in Uganda, is transforming as a Tier 2 Credit Institution (CI) to broaden the range of financial services it provides to Uganda's low-income communities.
  • Copper-gold exploration and development company, Bezant Resources, has signed a memorandum of agreement with KPZ International, granting it a conditional option to acquire a 50% interest in small-scale copper mining licence in Zambia.
  • First Quantum Minerals Ltd., one of the world's top ten copper producers, has initiated a new avenue of openly engaging and sharing information with the general public through various stakeholders on all matters pertaining to its operations in Zambia.
  • The Golden Africa management company is willing to invest in Ethiopia and thus contribute to its economic development. Golden Africa focuses as first investment on producing and trading edible oil.
  • Fastjet PLC, holding company of Tanzania and Zimbabwe airlines, announced that its revenue grew significantly in 2018 reaching 38.3 MM USD compared to 14.4 MM USD in 2017, but its earnings in Q1-2019 were hurt by cyclones and the monetary policy changes in Zimbabwe.

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