Author: Muthoga Mungania

South Sudan’s President Salva Kiir has fired two of his five vice presidents, spy chief among other senior officials in recent reshuffle of his government. The two vice presidents who have been removed from office are James Wani Igga and Hussein Abdelbagi. Ms Josephine Lagu and Mr Benjamin Bol Mel have taken the places of...

Analysis of the data shows that in the year ended December 2023, Nigeria received $368 million followed by Tanzania scoring $337 million from the United States. Uganda received $295 million while South Africa had $279 million from the United States Agency for International Development (USAID). After taking office in January, U.S. President Donald Trump ordered...

The United Nations (UN) has warned that the conflict in the Democratic Republic of Congo (DRC) is likely to worsen and escalate to other countries in the region. UN human rights chief Volker Türk said on Friday that he was disturbed by the conflict in the eastern DRC and the many reports of sexual abuse...

Uganda’s central bank has held its main lending rate at 9.75 percent on Thursday, citing inflation looked contained despite uncertainties on the global stage. The monetary policy committee met on Thursday and kept the rate at 9.75 percent as it warned it might start tightening policy because of Donald Trump’s protectionist policies and their potential...

The Central Bank of Kenya (CBK) has cut its benchmark lending rate for the fourth monetary policy meeting in a row to 10.75 per cent on Wednesday. The Central Bank Rate (CBR) was lowered by 50 basis points to 10.75 percent, in a bid to promote cheaper loans to support economic growth. “The committee noted...

African Trade and Investment Development Insurance (ATIDI) is eyeing entry into the Northern and Southern African countries led by Egypt, Tunisia and Mauritania as part of its expansion plans. The multilateral development insurer, which has over 24 member countries, including Kenya, Uganda and Tanzania, said it is looking to expand to Egypt first and follow...

The African Development Bank Group (AfDB) is exploring a new currency model that is backed by African minerals to mitigate volatility risks and support the continent’s energy transition goals. In a new paper published by AfDB and KPMG South Africa, resource-rich countries can overcome foreign currency volatility by pooling together their minerals into a non-circulating...

Official data from the Kenya National Bureau of Statistics (KNBS) published on Friday (31.01.25) show inflation rose from three per cent in December last month, attributed to higher costs of food and transport. “The year-on-year headline inflation, as measured by the Consumer Price Index (CPI), stood at 3.3 per cent in January 2025,” KNBS stated...

London-based Actis has sold Java House, East Africa’s coffee chain to two private equity firms, a new notice shows.  According to a notice issued by the regional antitrust authority, the Comesa Competition Commission, Alterra Capital is expected to acquire the majority of the company’s shares while Phatisa would retain controlling rights despite its minority interest....

South Sudan’s central bank has threatened to terminate Stanbic Bank’s licence in a dispute concerning millions of dollars that were transferred to an airline’s account and later reversed. In a letter to Stanbic Bank, the Bank of South Sudan (BoSS) Governor John Ohisa directed the lender’s branch in the country to cooperate with the investigating...

Several passengers are stranded at the Jomo Kenyatta International Airport in Nairobi after airlines suspended flights to Somalia over high taxes. The Somali Airlines Operators Association has said in a statement that it has had disagreements with the Ministry of Transport and the Somali Civil Aviation Authority (SCAA) leading to the grounding of all flights...

First order of business for newly inaugurated United States President Donald Trump has been to enact a 90 day pause of foreign development aid. Mr Trump has said that the nation is pausing foreign assistance as it assesses efficiencies and whether they align with his policies. The move has left millions of dollars in aid...

Curtains close for East Africa’s automotive powerhouse CMC Motors Group after announcing it is closing its operations in Kenya, Uganda and Tanzania. The automotive firm said it has been facing several economic challenges “including economic pressures, currency depreciation, and rising operational costs”. “However, despite restructuring efforts and a transformation programme initiated in 2023, the market...

Kenya-based venture capital firm Purple Elephant has secured $4.5 million in seed capital, making it one of Africa’s biggest rounds of tourism-tech funding. The venture studio designs and builds climate-focused startups to improve sustainable travel and touring in Africa through regenerative tourism.  Regenerative tourism is a type of sustainable travel that aims to improve and...

The World Bank has suspended its funding to Gabon once again due to payment arrears from its earlier loans. Gabon’s Ministry of Public Accounts said in a January 10th statement that the country had accrued debt arrears of $26.7 million (17 billion CFA Francs) . The latest suspension follows that of June on unpaid bills....

Frelimo party’s Daniel Chapo has been sworn in as Mozambique’s fifth president after a disputed election that left several casualties during months-long protests. The President-elect took his oath of office on Wednesday, January 15 in a small inauguration ceremony attended by few of his supporters. The October elections have been decried as rigged by opposition...

East Africa received the most funding from startup investors for the second year in a row, attributed to more investment directed to Kenya, a new report shows. The Big Deal Africa report shows that the Eastern African region received $725 million in 2024, representing an 18 percent drop from the year before. “Kenya alone ($638m)...

Several companies have exited Zambia and Zimbabwe due to currency instability and challenging economic conditions. Among the latest firms to leave in 2025 are regional supermarket chain Choppies and French dairy processor Lactalis International. Choppies recently announced its departure from the Zimbabwean market, citing the hostile economic environment marked by currency instability and the collapse...

Tanzania’s central bank has maintained it benchmark rate at six percent in the latest review, holding it for the third consecutive meeting. The monetary policy committee (MPC) met on January 7th, 2025 and after reviewing the economic and inflationary factors decided not to review the rate in a bid to keep inflation below its target...

Kenya’s economic growth slowed in the third quarter of last year from the same period in 2023, marking the lowest rate since the pandemic in 2020, on the back of the underperformance of most sectors of the economy, the statistics office said on Tuesday. The Kenya National Bureau of Statistics (KNBS) said the decline was...

Kenya Airways share will resume trading after a five year suspension from the Nairobi Securities Exchange, following the overturn of its performance in the last reporting period. In a Monday statement, the NSE said it had lifted the five year suspension and investors could buy and sell the company’s stocks. “The suspension on the trading...

Kenya and Ethiopia are among the most indebted countries in East Africa. Analysis of data from the International Monetary Fund (IMF) shows Kenya ranked second behind Egypt on high debt levels. Several other African countries grappling with mounting debts to the IMF are Ethiopia, Angola, Senegal, Cameroon and South Africa. These debts from the IMF...

The year 2024 was characterized by high interest rates and inflation which saw many companies exit the region with others looking to merge operations or all together pursue buyouts from other firms.This resulted in job losses and protracted battle for control. One of the largest and most recent controversial deal was the sale of 100...

Tanzania’s National Development Corporation (NDC) is inviting bids for the establishment of a soda ash processing plant at Engaruka Basin in Monduli District, Arusha Region. Potential investors are invited to partner with NDC to tap into the mineral’s potential to significantly support Tanzania’s economic development. “The primary objective is to secure a qualified strategic local...

Monday, December 30th, 2024 – Small capitalisation stocks at the Nairobi Securities Exchange (NSE) unexpectedly emerged as the leading gainers this year, driven by speculative trading and a resurgence in profitability in some firms that enhanced their dividend returns. Despite blue chip stocks like Safaricom performing better during the last years’ bear runs, microcap firms...

Access Bank Plc has raised $228 million in a rights issue from 17.8 billion ordinary shares as it embarks on an expansion plan across the continent and new markets. The bank said it had secured regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission for the rights offer, a...

Tanzania’s central bank has scraped card payments fees and warns merchants against adding extra charges on these transactions. The country’s apex bank and regulator said transactions from debit and credit cards at various point of sales (POS) terminals are free of charge. “One of the key measures taken is ensuring that payments made using debit, credit or prepaid cards at merchant Point of Sale (POS) terminals are completely free of charge for consumers,” said Mr Emmanuel Tutuba, the governor of the Bank of Tanzania (BoT) in a statement dated Monday, December 23rd. The governor emphasised the bank’s commitment to promote…

Kenya’s President William Ruto has implemented significant changes in his cabinet, reshuffling key positions and terminating the roles of two ministers. This strategic move has brought in new faces, including some who served under the previous administration of former President Uhuru Kenyatta, signaling a blend of continuity and new direction in governance. Among the notable...

Kenya’s President William Ruto has nominated some of former head of state’s men in his recent cabinet reshuffle. Dr Ruto has nominated Mutahi Kagwe as the new minister for Agriculture, Livestock, and Development, replacing Andrew Karanja, who has been proposed as Kenya’s Ambassador to Brazil. Mr Kagwe served under former president Uhuru Kenyatta and then deputy President William Ruto since 2020 as the cabinet secretary for health until the end of his term. Other nominations include former Nakuru Governor Mr Lee Kinyanjui proposed to lead the Ministry of Trade, while former Kiambu Governor William Kabogo was nominated to head the…

Kenya’s cabinet has approved the extension of the government to government oil deal with Gulf-based companies. In a dispatch on Tuesday, the Cabinet said an oil supply deal with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company would help to ease the pressure on purchasing petroleum from the Gulf region. “The...