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East Africa

Uganda: Where Is Uganda’s Oil Money?

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The Uganda government is yet to start oil production, but it is already earning money that can be termed as oil related revenue. Over the last two weeks, the discussion in the country has been concentrated around the Shs6b that was paid to 45 public officials for ensuring that Uganda ripped benefits from two transactions. The money was paid from ...

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Tanzania: Marching Orders for Meat Factory, Mining Investors

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President John Magufuli has directed responsible authorities to revoke licences issued to investors for a meat factory and mining in Shinyanga Region. He also revealed his government’s intention to modify the Tanzania Social Action Fund (TASAF) system of issuing money to poor families following the discovery of 55,000 ghost households that were receiving cash transfers meant to support poor families. ...

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Tanzania: JPM Hits At Food Shortage Cheats

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President John Magufuli has come out strongly in condemnation of unscrupulous businessmen, politicians and the media for creating artificial food shortage. He has also ordered immediate review of the costs estimated for the construction of Simiyu Regional Hospital down from the whopping 46bn/- to around 10bn/-. Addressing a public rally in Simiyu yesterday where he is on a two-day tour ...

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Uganda’s Debt Accumulation Makes It Vulnerable to Defaulting, Says IMF

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Uganda’s expenditure on infrastructure projects using debt has not yet reached levels where the country is at risk of defaulting. In its seventh review of the Ugandan economy under the Policy Support Instrument (PSI) released on Wednesday, the International Monetary Fund (IMF) reveals that much as Uganda is not at risk of defaulting, is considered to be vulnerable if the ...

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Kenya to Raise $1.05 Billion Syndicated Loans to Fund Budget

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Kenya is raising at least $1.05 billion through syndicated loans, including $250 million already secured from lenders led by PTA Bank, as East Africa’s biggest economy seeks to plug a widening budget deficit. PTA, an East African trade-finance bank based in Burundi, has already disbursed $100 million, while a further $150 million will be received “shortly,” Treasury Principal Secretary Kamau ...

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Tanzania: We Have Enough Food – Ministry

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Despite food shortage reports in some parts of the country, preliminary food production forecast for 2015/2016 indicates that the country has a surplus of more than 3 million metric tonnes. However, officials of the Ministry of Agriculture, Livestock and Fisheries have linked the current situation with the alarming weather condition that has got farmers worried and bracing poor harvests next ...

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East Africa: Uganda, Tanzania to Hire Adviser On Oil Pipeline Financing

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Uganda, Tanzania and French oil company Total E&P, the lead joint venture partner on the proposed crude oil export pipeline are considering getting on board a transactionary adviser to advise them on getting a lead investor and the $3.55b (Shs12.6 trillion) required for financing the project. A concept brief for the project issued by the ministry of Energy yesterday indicated ...

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Ethiopia: Chefs in Demand, Food Biz Booms

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Tirsit Mezemer, the executive chef at Kaleb Hotel, and her associates are running here and there in the spacious kitchen of the four star hotel. “If you have the passion, being a chef is a great profession,” she proudly states. “The executive chef is not only a chief who commands his or her subordinates sitting at the top,” she told ...

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Tanzania: JPM’s Policies May Hurt Economy – IMF

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The International Monetary Fund (IMF) says some government policies and the uncertainty of its actions could dent Tanzania’s record of a stable economic growth achieved in recent years. According to the IMF, President John Magufuli’s approach to the management of the economy faces four key challenges with a risk of undermining the country’s macroeconomic stability. It listed them as a ...

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Kenya Power says technical fault causes blackout

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Kenya Power said on Monday a technical fault at one of its substations in the north of the capital has caused an electricity outage that was affecting Nairobi, Mount Kenya and Coast regions. Kenya Power said its technicians were working to restore the supply as soon as possible. “A technical fault occurred at a Kenya Power substation in Ndenderu (Nairobi ...

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