Tanzania to begin construction of $30 billion natural gas project in 2023
| | |

Tanzania to begin construction of $30 billion natural gas project in 2023

Tanzania’s government has laid out plans to kick start the construction of a delayed $30 billion liquefied natural gas project in 2023 as talks with interested companies resume. In an address to lawmakers, Minister of Energy Medard Kalemani said construction is expected to take about five years. Plans for an LNG plant on Tanzania’s southern…

Kenya, Rwanda, Uganda and Tanzania top trade complaints at WTO
| | | |

Kenya, Rwanda, Uganda and Tanzania top trade complaints at WTO

(This is a transcript of the podcast posted on Monday, May 31st 2021. You can listen to the podcast by clicking on this link: https://open.spotify.com/episode/5Fywfw2gGqK3VK72Zu3Jof?si=cF9tgqY0Q5Kh_6964ZoIGA&nd=1) Welcome to The Weekly Beat by Mansa with your hosts, Arnold Segawa, Maggie Mutesi, and Dumi Jere. Giving you all the info on Africa’s big finance and economic stories, The…

Accused of “COVID denials” Tanzania recorded fastest economic growth in Africa in 2020
| | | | |

Accused of “COVID denials” Tanzania recorded fastest economic growth in Africa in 2020

As economies across the continent slipped into recession in 2020, Tanzania reaped from its policy of not imposing COVID-19 related restrictions and nationwide curfews, recording the fastest economic growth in Africa. According to the World Bank, Tanzania’s economy grew by 2% in 2020 and Mara Warwick, World Bank country director for Tanzania, Malawi, Zambia and…

Ethiopia’s PM Abiy won the war in Tigray. Now the economy is bleeding.
| | | |

Ethiopia’s PM Abiy won the war in Tigray. Now the economy is bleeding.

In November, Ethiopia’s Prime Minister Abiy Ahmed – a Nobel Peace Prize winner – shocked the world when he ordered a military invasion in the country’s northern region of Tigray. Abiy justified the decision as “necessary to maintain the authority of the federal government” at a time when the country was plagued by ethnic violence…

Kenya’s manufacturing hub raised hope for the flailing SMEs sector. So why did it fail?
| | | |

Kenya’s manufacturing hub raised hope for the flailing SMEs sector. So why did it fail?

When Joseph Gitile started his soap manufacturing business in 2017; he was exuberant and very optimistic that within a few months he would be Kenya’s next millionaire. In January, reality dawned, and he had to painfully shut down his business after accumulating millions of shillings, not in profits – but debts and unpaid bills. Joseph…

Ethiopia turns to Burundi seeking to expand ties in the region
| | |

Ethiopia turns to Burundi seeking to expand ties in the region

Compounded by crises in the north with the fighting in Tigray and a simmering land dispute with its western neighbor which threatens to spill over into a full blown war, Ethiopia’s president Sahle-Work Zewde took a much-needed break from mitigating multiple conflicts to visit another Eastern African in a bid to improve ties with regional…

Sudan accuses Ethiopian forces of incursion as land dispute threatens to escalate into full blown war
| | |

Sudan accuses Ethiopian forces of incursion as land dispute threatens to escalate into full blown war

Sudan’s government has accused Ethiopian troops of entering its territory, further escalating a dispute over land that straddles their border. In a statement, the Foreign Ministry said, “Sudan strongly condemns the aggression carried out by Ethiopia, in which its forces entered into territories that legally belong to Sudan.” It described the incident as “a direct…

Kenya signals shift back to foreign debt as government eyes $2.27 billion Eurobond
| | | |

Kenya signals shift back to foreign debt as government eyes $2.27 billion Eurobond

Kenya will raise more money from foreign than domestic sources, as it restructures its debt portfolio to take advantage of growing appetite for high-yielding debt. The National Treasury said it is seeking to raise $1.13 billion in sovereign bonds in the next four months and an additional $1.14 billion during the financial year starting July…

Kenya Airways receives $92 million in government funding
| | |

Kenya Airways receives $92 million in government funding

Kenya Airways has received a government bailout worth $92 million, as part of efforts to prop up the national carrier after the COVID-19 pandemic hurt global aviation over the last financial year. The airline, which is majority owned by the government with Air France-KLM holding a small stake, secured $76 million from the National Treasury…

Why Somalia’s election matters now more than ever
| | |

Why Somalia’s election matters now more than ever

There is a common adage that time is a healer, but in Somalia, memories of times gone by evoke painful memories of the good old days in both the elderly that witnessed them and the young who can only fathom such glories. To know how much has changed in this country, picture this. In 1967,…

Japan grants $4.8 million to Ethiopia for road operations
| | |

Japan grants $4.8 million to Ethiopia for road operations

Ethiopia will receive a $4.8 million grant from Japan, following an agreement signed between both countries aimed at enhancing road operations and maintenance. The pact was signed by Ethiopia’s Minister of Finance Yasmin Wohabrebbi and Japanese Ambassador to Ethiopia Ito Takako. According to Yasmin, due to the rapid urbanization and increase in the number of…

Rwanda’s economy to contract by 0.2% in 2020 – IMF
| | |

Rwanda’s economy to contract by 0.2% in 2020 – IMF

Rwanda’s economy is projected to shrink by 0.2% this year, but will rebound strongly next year to grow by 5.7%, according to the International Monetary Fund (IMF). The IMF said an economic recovery was underway but warned that spending to contain the effects of COVID-19 pandemic would raise public debt. “As a result, fiscal deficit…

Somalia cuts diplomatic ties with Kenya as election protests rake Mogadishu
| | | |

Somalia cuts diplomatic ties with Kenya as election protests rake Mogadishu

Somalia has cut diplomatic relations with neighboring Kenya, accusing the East African nation of meddling in its politics even as protests and gunfire erupted in the capital Mogadishu over delayed elections. The diplomatic dispute may undermine cooperation in the fight against the Islamist group al Shabaab that controls huge swathes of southern and central Somalia….

Kenya’s biggest bank to purchase Rwanda, Tanzania banks
| | |

Kenya’s biggest bank to purchase Rwanda, Tanzania banks

Kenya’s top lender by assets, KCB Group, announced on Thursday it has entered a binding agreement to purchase a controlling stake in Rwanda’s Banque Populaire du Rwanda and take full ownership of ABC Tanzania at a combined value of $40 million. The purchase agreements follow a recent trend of Kenyan commercial banks expanding beyond their…

South Sudan urged to stop charging East Africans visa fees, embrace use of National IDs
| | |

South Sudan urged to stop charging East Africans visa fees, embrace use of National IDs

South Sudan, the newest country in the East African Community (EAC) bloc, has been called upon by the East African Business Council (EABC) to stop charging visa entry fees on any EAC Partner State and embrace the use of National Identity cards as a traveling document across the region. EABC CEO Dr. Peter Mutuku Mathuki…

Sudan’s government cuts petrol and diesel prices
| | | |

Sudan’s government cuts petrol and diesel prices

Sudan’s acting energy and mining minister Khairy Abdel Rahman has announced a cut in pump prices for petrol and diesel for consumers. The transitional government, that came into power after the ouster of long time autocrat former President Omar Bashir in 2019, has been phasing out fuel subsidies to help reduce a gaping budget deficit…

Ugandan police kill 41 people as government deploys military to halt peaceful protests
| | | |

Ugandan police kill 41 people as government deploys military to halt peaceful protests

Ugandan security forces have killed forty one people over two days in operations to quell protests triggered by the controversial arrest of presidential candidate Bobi Wine as the government scuttled to send military troops in armored vehicles to rein in on growing peaceful protests. In a statement, police added that 65 people had been injured…

Kenya to defer $690 million in debt repayments under G20 initiative
| | | |

Kenya to defer $690 million in debt repayments under G20 initiative

Kenya’s government is planning to defer around $690 million in debt payments, a sharp u-turn after it declined to join the G20 coronavirus debt relief initiative earlier this year. In May, the Ministry of Finance said that it would not seek suspension of debt payments under the G20’s Debt Service Suspension Initiative (DSSI`) aimed at…

Kenyan manufacturers develop standards to ease goods clearance at points of entry
| | | |

Kenyan manufacturers develop standards to ease goods clearance at points of entry

Manufacturers in Kenya have launched standards aimed at enhancing efficiency and accountability at the ports and border points in the country. The Standard Operating Procedures (SOPs) developed by Kenya Association of Manufacturers (KAM) seek to ensure better and more efficient entry operations to facilitate trade and enhance the fight against illicit trade. Speaking at the…

Kenya’s tea output up 4% in third quarter
| | | |

Kenya’s tea output up 4% in third quarter

Kenya’s tea output grew by 4% between July and October compared to a similar period last year due to favorable weather in the highlands. Produce of crop climbed to 373.8 million kilograms in the third quarter compared to 359.6 million kilograms in 2019. Kenya Tea Development Agency, the country’s biggest tea producer, said in a…