Category: Business

A video shared by local media showed lawmakers exclaiming in the dark parliamentary chamber after the power was shut off, eventually joining together in a chant of "dumsor, dumsor" - black-out in the local Twi language.

Latest data from the World Bank shows that some money remittance corridors in the region are among the most expensive in the world, and much higher than the global average, despite efforts to bring down transaction costs to ease trade.

Tanzania last month lowered the excise stamps affixed on excisable goods including beer and spirits, pushing down the cost of producing a tipple.

The Parliamentary Budget Committee, in its Government Budget Implementation Report covering February 2023 to January 2024, said that government debt jumped sharply from Tsh80.33 trillion ($31 billion) in June 2023.

On Friday, the Finance Action Task Force (FATF), the global anti-money laundering watchdog, made a decision to put Kenya on the grey list in a move that is likely to hurt Nairobi’s standing as the financial centre of the region.

The Parliamentary Budget Office (PBO) said the economy is still in danger of a liquidity crisis with its key debt sustainability indicators, including debt service-to-revenue ratio and debt-to-gross domestic product (GDP) ratio headed south.

This year, only 48 percent of financial industry players on the continent expect the sector to be more attractive to international investors, a 12 percent drop from last year’s 60 percent, the African Financial Industry Barometer shows.

In a new report dubbed Destinations of Dutch used textiles produced in collaboration with Circle Economy and the Netherlands Ministry of Infrastructure and Water Management further said the dumping is done through a complex network involving cloth laundering hubs in Poland and Pakistan.

East Africa’s largest and busiest seaport handled about 35.84 million tonnes of goods compared with 33.74 million tonnes the year before, the data collated by the Kenya National Bureau of Statistics shows.

Uganda has been dissatisfied with the longstanding system under which Ugandan fuel companies buy 90 percent of their supplies through affiliated firms in Kenya. President Yoweri Museveni has complained this exposes his country to supply disruptions and high pump prices.