Category: East Africa

Dodoma — Finance and Planning Minister Philip Mpango tabled in the National Assembly yesterday budget estimates for his ministry, asking the House to approve a total of 8.716 trillion/- for the fiscal year 2016/2017, a large chunk of which will be used to service the national debt. Available data indicate that the national debt, comprising domestic…

The Central Bank of Kenya (CBK) is conducting a study on the impact of its policies and regulations on lending through mobile phones and the Internet. Though accurate data is not available, the number of mobile money lenders has grown significantly in recent years to the extent the CBK is concerned that the space may…

Kenya’s dairy products are being hurt by cheaper milk on sale in the region from South Africa and Europe, denying local processors a lucrative export market. Kenya Dairy Processors Association chairman Nixon Sigey said the high cost of production in Kenya is making the country’s milk uncompetitive in the export market. A recent study by…

French oil firm Total Outre Mer has struck a multi-billion shilling deal to buy Kenya’s largest petroleum importer, Gulf Africa Corporation, marking the exit of Indian tycoon Mukesh Ambani from the local fuel market. Gulf Africa Petroleum Corporation, which trades as Gapco, has operations in Kenya, Uganda and Tanzania and is 76 per cent owned…

French oil giant Total Outre Mer has set a target to conclude the takeover of Kenya’s largest petroleum importer, Gulf Africa Corporation, in the “coming months”. Total Outre Mer, which owns 92.2 per cent of Total Kenya, Tuesday announced that minority shareholders as well as India’s Reliance Industries — which owns 76 per cent of…

Commercial banks have set in motion plans to set up a mobile money transfer platform, taking the battle for the fast-growing transaction revenues to the doorsteps of telecoms operator Safaricom’s M-pesa. The Kenya Bankers Association (KBA) yesterday unveiled Integrated Payments Service Limited (IPSL) — the company that will facilitate direct transfer of money between banks…

Uganda Revenue Authority (URA) has named 47 businesses and their guarantors that have consistently evaded payment of their tax obligations. The tax body has given the listed firms an ultimatum of up to tomorrow (June 2) to clear the tax arrears or the authority commences what it termed as “alternative vigorous enforcement.” “Uganda Revenue Authority…

Poultry farmers have been urged to ensure they give their birds quality feeds and maintain hygiene in the chicken houses to boost production. Dr Christine Kanyandekwe, the head of animal resources department at Rwanda Agriculture Board (RAB) gave the remarks yesterday while opening a three-day workshop on poultry industry in Rwanda. “Statistics show that we…

Within the next two weeks, Treasury secretary Henry Rotich will read this year’s budget speech. A quick read through the 2016/2017 Budget Policy Statement puts budgeted expenditure for the next financial year at Sh2.05 trillion. This represents an eight per cent growth compared to the current financial year. The same budget policy report says that…

The High Court has temporarily stopped receiver managers appointed by the Bank of Africa (BoA), KCB and I&M Bank from interfering with the operations of the collapsed Kundan Singh International—a construction firm that grew and thrived in the Moi era. Justice Charles Kariuki issued the orders following a disputed attempt to withdraw a suit filed…