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Stock Market / Finance in East Africa

  • Zambian government hailed over move to increase tobacco taxes

    ZAMBIA, 2017/09/05 A consortium of public health and civil society organizations on Thursday hailed the Zambia government's decision to increase tobacco and alcohol taxes to promote healthy lifestyle in the Southern African country. Price increase is the majority effective way to control the consumptions of tobacco and alcohol, particularly part the vulnerable groups such as youth, pregnant women and low-gain smokers and drinkers, said Fastone Goma, chairman of the Zambia Tobacco Control Consortium. The organization is confident that lawmakers will approve the tax measure in the interest of both public health and social stability, he said, urging the lawmakers to resist attempts to frustrate the move.
  • Kenya's overall inflation rate rises by 8 pct in August

    KENYA, 2017/09/05 Kenya's in general inflation rate increased to 8.04 % in August from last month's 7.47 % due to increases in food items, the statistics bureau said on Thursday. Kenya National Bureau of Statistics (KNBS) said that the Consumer Price Index (CPI) computed using the geometric mean approach increased by 0.61 % from 183.60 % in July to 184.72 in August. "Between July and August, Food and Non-Alcoholic drinks index increased by 1.04 % due to notable rise in the cost of some food items," KNBS Director General Zachary Mwangi said in a statement issued in Nairobi.
  • South Sudan: It's Time to Declare Bankruptcy, Bishops Urge Government

    SOUTH SUDAN, 2017/08/07 Bishop Edward Hiiboro Kussala President of Sudan Catholic Bishops Conference(SCBC) has challenged the government to declare itself bankrupt and seek bailout from the international community. This followed the government's failure to raise funds to host Independence Day celebrations, slated for July 9, for a third year running. "At the same time as a country can no longer pay the interest on its deficit or convince anyone to lend it money, it has reached bankruptcy. The majority obvious cause of this spotted national of bankruptcy of our beloved South Sudan includes civil war or financial mismanagement by the government," the bishop said in a statement on July 9 reportedCNS.
  • Envoy cautions Nigerians on currency declaration in Ethiopia

    ETHIOPIA, 2017/07/29 Nigeria’s Ambassador to Ethiopia, Bankole Adeoye, has advised Nigerians travelling to that country to adhere to its currency declaration law in order to avoid sanctions. Adeoye, who is as well Nigeria’s Permanent Representative to the African Union (AU), gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Addis Ababa. “Since my arrival as Nigerian envoy here barely a month ago, the issue of confiscation of valuables, inclunding foreign exchange of Nigerians in transit on Ethiopian Airline, has been of great concern to us.
  • Burundi’s inflation slows to 18.8 pct yr/yr in May

    BURUNDI, 2017/07/19 Burundi's inflation rate slowed to 18.8 % year-on-year in May from 19.4 % in April, thanks to a fall in food price increase on local markets, official data showed on Thursday. Food inflation in the East African national rose to 27.8 % in the year to May, down from 30.2 % in April, the Institute of Economic Studies and Statistics (ISTEEBU) said.
  • World Bank approves $345 million loan for Tanzania port expansion

    TANZANIA, 2017/07/19 The World Bank said on Sunday it had approved a $345 million loan for the expansion of a port in Tanzania's commercial capital Dar es Salaam, which the East African country aims to turn into a regional gateway. Dar es Salaam is vying with the port of Mombasa in Kenya to become the trade hub for landlocked neighbours such as Zambia, Rwanda, Malawi, Burundi, Uganda and the Democratic Republic of the Congo, but both ports are hobbled by congestion and inefficiency.
  • Mozambique: Hidden Debts 'Should Be Declared Unconstitutional'

    MOZAMBIQUE, 2017/07/07 The Budget Monitoring Forum (FMO), a coalition of Mozambican civil society organizations, on Wednesday submitted a request to the Constitutional Council, the highest body in matters of constitutional law, to declare unconstitutional the inclusion of the country's “hidden debts” in the General National Accounts (CGE).
  • Fitch affirms Ethiopia at ‘B’ with Stable Outlook

    ETHIOPIA, 2017/06/15 The rating agency, Fitch has affirmed Ethiopia’s Long-Term Foreign- and Local Currency Issuer Default Ratings (IDRs) at ‘B’ with a Stable Outlook.   Fitch as well announced June 8, 2017 that the issue rating on Ethiopia’s senior unsecured foreign-currency bonds have been affirmed ‘B’, the country ceiling has been affirmed ‘B’ and the Short-Term Foreign- and Local Currency IDRs as well at ‘B’.
  • Tanzanians need to reform taxation and embrace it

    TANZANIA, 2017/05/04 The Tanzanian government has promised to ensure that Dodoma becomes the country's fully-fledged capital by 2020. There is no better time to reform the tax system, says Anaclet Rwegayura. There is a great transaction of coming and going around Tanzania's new capital, Dodoma, as the once sleepy railroad and highway interchange town becomes full of noise and bustle. Civil servants and their families from the former administrative capital, Dar es Salaam, are making haste to settle down in their new surroundings. Following in their wake are enterprising street vendors, probably as well from Dar es Salaam, who compete for space on the thoroughfares to display their consumer merchandise. Their goal must be to catch part of the clientele moving to the new capital.
  • Microinsurance penetration set to increase in Tanzania

    TANZANIA, 2017/04/18 Tanzania’s microinsurers are benefitting from strong increase – often in collaboration with mobile companies – with recent pro-consumer reforms expected to support further take-up and expand insurance penetration. In March Jamii, a local start-up offering micro-health insurance services, announced ambitious plans to expand into East and Central Africa this year. Launched in January 2015, Jamii is a mobile policy-management platform that performs the administrative activities of an insurer, while as well providing access to low-cost insurance policies ordered on mobile phones using “quick codes” (formally known as unstructured supplementary service data, or USSD, codes).