- The Central Bank of Kenya (CBK) had a successfully sale of the two re-opened 15-year bonds raising the government medium-term domestic borrowing in Q1-2019/2020 nearly three-times compared to Q1-2018/2019. The CBK has set 12.650% as the yield for investors bidding for the 15-year bond that will mature in over 13.5 years compared to 13.078% when the paper was first issued in May 2018.
- Kenyan farmers are set to export five million kilograms of specialty teas worth 7 BN KES (67.5 MM USD) to China in the next three years under a deal that Kenya is negotiating with buyers from China.
- According to the Kenya National Bureau of Statistics' (KNBS) there are 50,346 metric tons of fruits exported in H1-2019 earned 7.4 BN KES (71.36 MM USD), a 9.19% increase in production compared to H1-2018 exports of 46,109 metric tons valued at 7.3 BN KES (70.4 MM USD).
- Uganda annual inflation has dropped by 0.5% to 2.1% in August 2019 compared to 2.6% in July 2019 attributing this decrease to a fall in core inflation recording 2.7% in August 2019 compared to 3.5% in July 2019.
- In Uganda, economic policy experts advised the government to abandon its policy of providing tax holidays and incentives to investors. Tax incentives cost Ugandan taxpayers around 900 BN KES (8.68 BN USD) to 1.3 TR KES (12.54 BN USD or 1-2% GDP annually.
- Rwanda and World Bank have today signed a 125 MM USD (approximately 112 BN RWF) credit agreement that will cater for the expansion of electricity services in the country.
- Zambia inflation rate surged to the highest level in almost three years registering 9.3% in August 2019 compared to 8.8% in July 2019. Consequently, this rate highly increases Zambia Central Bank chances to continue its tightening policy.
- Zambia has introduced a cap on the price of maize to keep the staple food affordable, sparking protest from commercial farmers who accused the government of bringing back price controls.
- Zimbabwe will introduce a series of key economic interventions to anchor stability of the recently reintroduced Zimbabwean dollar, in order to face its challenges posed by low market confidence and limited foreign currency reserves to support the currency.
- The Ethiopian Ministry of Innovation and Technology announced cooperation with Chinese e-commerce giant Alibaba Group on building its digital economy sector. Ethiopia gives a huge importance and "highest priority" to investments in the digital transformation.
- This week, the revamped Uganda Airlines took to the skies on its first commercial flight since the national airline ended its operations in 2001. This was supposed to be a national milestone and occasion for national celebration. Instead, the resumption of flights by the national carrier revealed the deep political divisions in Uganda.
- A delegation of Rwanda and Ugandan officials and ministers are "working on" a joint meeting to discuss the implementation of an MoU signed in Angola by Rwanda and Uganda leaders to end months of tensions which have gone on for over two years now.
- The National Bank of Kenya (NBK) is set to be delisted from the Nairobi Securities Exchange (NSE) by the end of September as the takeover bid by KCB Group, a financial service holding company. Noting that NBK shares have only 2 days to trade at Nairobi bourse.
- The Dar es Salaam Stock Exchange's (DSE) total market capitalization went up by 2.73% to reach 19.48 TR KES (187 BN USD) compared to 18.96 TR KES (182 BN USD) last month that ended on August 2.
- Barclays Bank of Kenya (BBK) profits have remained flat as it reported 3.88 BN KES (37.4 MM USD) after-tax earnings in H1-2019 compared to 3.76 BN KES (36.2 MM USD) in H1-2018.
- Jubilee Holdings recorded a marginal fall in income in H1-2019 to post a 1.5% decrease in net earnings of 1.83 BN KES (17.6 MM USD). However, the firm recorded an 11% increase in gross written premiums to 20.7 BN KES (199.6 MM USD) compared to H1-2018.
- Australia-based global impact firm Palladium launched a 4.1 BN KES (39.5 MM USD) fund for investment in agribusiness value chains and off-grid clean energy ventures in Kenya.
- Financial services provider Octagon Pension has launched a mobile-based savings plan as it targets one million informal sector workers by August 2020. Noting that the informal sector has an estimated 15 million workers.
- Kenya Power, the electricity distribution monopoly, has signed a deal with four auto dealers to supply a fleet of vehicles at 379 MM KES (3.65 MM USD). In the Kenya Power deal, Toyota Kenya will supply vehicles for 241.54 MM KES (2.32 MM USD) while Simba Corporation has signed for 34.4 MM KES (331,758 USD) worth of cars.
- Investment firm TransCentury has posted 297.6 MM KES (2.8 MM USD) net profit in H1-2019, lifted by a 1.3 BN KES (12.5 MM USD) gain from debt restructuring. The profit was also supported by 11% growth in revenue to 2.53 BN KES (24.39 MM USD).
- Five commercial banks are set to earn an estimated 16 BN KES (154.3 MM USD) interest on a 35 BN KES (337.5 MM USD) loan advanced to the Kenya Pipeline Company (KPC) to build the new Mombasa-Nairobi pipeline.
- The Export-Import Bank of Korea has signed a loan agreement to provide 86 MM USD from the Economic Development Cooperative Fund for Ethiopia project involving a university.