Category: East Africa
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UK battles Kenyan authorities over use of ‘Chickengate’ funds
The British government has sharply differed with Kenyan authorities over the planned repatriation and use of money recovered from the so-called Chickengate scandal. UK authorities have rejected assertions that they ‘dictated’ how the £349,057.39 (Sh50.05 million at current exchange rates) would be used, putting Kenya’s Ethics and Anti-Corruption Authority (EACC) chief executive Halakhe Waqo ,…
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Uganda: Cocoa Exports Hit Shs244 Billion – Report
There has been a silent but brawling debate over Uganda’s cocoa export volumes, and the value in particular. Now, a report by Swisscontact, a non-governmental organisation, indicates that the country earns more than was expected. The 2015 annual report, Improving Markets for Honey and Cocoa Value Chains in Uganda, reveals: “Since July 2015, cocoa is…
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Rwanda: Airtel Rwanda to Recognise and Support Change-Makers
Individuals or groups that work to support and improve the lives of disadvantaged communities have got a boost following the launch of a campaign to identify and support them by a local telecom firm. The “Airtel Touching Lives Initiative” seeks to recognise and support individuals or groups that have made significant contribution to their communities…
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Kenyan Cenbank governor says commercial bank lending rates still need to fall
Kenya’s central bank governor said inflation could fall further in coming months and that a proposal by lawmakers to cap commercial lending rates would be “extremely harmful”. Governor Patrick Njoroge told a news conference on Wednesday commercial banks lending rates still needed to come down and that the current account deficit in East Africa’s top…
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Barclays’ shareholders to vote on African sell down
On Tuesday, Barclays, which plans to sell down its 62.3 per cent stake in Barclays Africa issued a circular to this effect. In its circular to shareholders the bank says it is considering both strategic and capital market options for the sell down. The bank said it is seeking shareholder approval for its plans at a general…
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Bear market eats Kenya’s stockbrokers’ 2015 profits
A tough operating environment saddled by high interest rates and a surge in inflation saw 16 out of Kenya’s 21 stockbrokers’ 2015 profits drop, according to financial reports published by close of last week. The industry reported a cumulative net profit decline of 35 per cent to Sh823.5 million from Sh1.26 billion in 2014, as…
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Africa watches as Kenya prepares to test Eurobond waters
Kenya could become the first African country to tap global debt markets this year as it begins a bond roadshow this week, but Eurobond financing is likely to remain out of reach for most of its peers on the continent. Bond sales from sub-Saharan Africa, which had previously been booming, are yet to start in…
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Uganda: Loan Value Under Agricultural Facility Rises, but Fewer Lenders
The value of loans offered under Uganda’s Agricultural Credit Facility (ACF) has risen by nearly Ush150 billion ($44.5 million) in five years, even though the number of active lenders on the scheme’s register has dropped. Data from the Bank of Uganda shows that the value of loans rose to Ush196 billion ($57.6 million) as at…
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Index launched to measure Africa’s regional integration smartly
The African Development Week 2016 on Saturday took a bold step towards data-driven integration by launching the African Regional Integration Index. The initiative is spearheaded by the Economic Commission for Africa and is aimed at ensuring that regional integration policy is targeted and informed by real gaps unique to each region. Deputy Executive Secretary and…
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Tanzania: Gold Firm ‘Guilty’ of Tax Evasion
London-based giant gold mine company, African Barrick Gold Plc (ABG), has been found to have evaded tax for four years consecutively from 2010 and ordered to pay a total withholding tax amounting to 41,250,426 US dollars (about 82bn/-). In a judgment issued last week, the Tax Revenue Appeals Tribunal noted that ABG, currently known as…