KCB Group’s bid to acquire Kenya’s troubled National Bank has run into strong headwinds following claims that the deal is being done in violation of the rules governing the sale of state-owned companies. Opponents of the sale say that Kenya’s National Treasury, which is handling the transaction, has not complied with the privatisation law, and […]
Category: Economy
Ecobank Group CFO resigns
E cobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced the resignation of its Chief Financial Officer (CFO), Greg Davis. In a statement, it said the CFO was leaving to enable him spend more time with his young family in the United Kingdom. The bank’s directors have accepted Davis’ resignation. They […]
Top economist urges Bank of Ghana to regulate ‘black market’ to ensure exchange rate is sustained
Professor of Economics at the Institute of Statistical Social and Economic Research (ISSER) Professor Peter Quartey is urging the Bank of Ghana (BoG) to regulate the operations of the black market in the country. This according to him will ensure that Ghana’s exchange rate regime is sustainable. He has also proposed a number of measures […]
Uganda: Govt unveils plan to grow economy by commercialising agriculture, cheaper credit, export growth and import substitution
Government has unveiled a plan it says will rapidly grow the economy and create jobs. The 2019/2020 draft Budget Estimates for Financial Year 2019/2020 show that five priority areas have been identified, including lowering the cost of credit, cost of doing business, growing exports and improving import substitution industries. Others are increasing opportunities for youth […]
Ghana Amalgamated Trust vows to maintain local ownership of 5 banks
Eric Nana Otoo, Managing Director of Ghana Amalgamated Trust (GAT) The Ghana Amalgamated Trust (GAT) has vowed to maintain the local ownership of the five indigenous banks to benefit from its intervention. The Agricultural Development Bank (ADB), National Investment Bank (NIB), OmniBank Ghana Limited / Bank Sahel Sahara Ghana (OmniBank / BSIC), Universal Merchant Bank […]
East African regional stock market delayed by dispute with vendor
The East African Community Secretariat has rejected arbitration over non-payment of $778k to the contractor of the regional capital markets infrastructure project that has failed to take off in time, raising its implementation costs by $1.8 million. This means regional investors will have to wait longer to start buying and selling shares of companies located […]
Kenya comes under pressure from IMF to repeal rate cap
Kenyan Treasury secretary Henry Rotich told the Financial Times on Friday that he will review the cap on bank lending rates that has resulted in a massive fall in loans to the private sector. This is part of the contentious reforms demanded by the IMF to extend a frozen Sh153 billion ($1.5bn) emergency standby facility […]
Uganda: URA to Collect $280m From Cargo Clearing Programme
Without breaking a sweat, the customs department at Uganda Revenue Authority (URA) is guaranteed of slightly more than a trillion shillings ($280m) in revenue from companies it has enrolled in the Authorised Economic Operator (AEO) programme. The AEO is generally a trade facilitation initiative which the tax body uses to ease trade by simplifying and […]
Bank of Tanzania looking to increase depositors protection from $660
THE Bank of Tanzania (BoT) is considering to review deposit payoffs after when a bank collapses to ensure depositors get more from their deposits. The central bank, through Deposit Insurance Board (DIB), currently pays a maximum amount of 1.5m/- per depositor if a bank goes under. The amount was last reviewed eight years ago. The […]
Uber launches a new lower-priced service called Chap Chap in Nairobi
Uber has launched a new, lower-cost service in Nairobi called Uber Chap Chap . Made possible by using a fleet of fuel-efficient budget sedans, Uber Chap Chap (Swahili slang for “hurry, hurry”) is currently available in several areas of the Kenyan capital, including its central business district. Uber, which began testing the service at the […]
