Chinedu Okafor

<ul><li>Africa's largest mosque was inaugurated by President Tebboune on Sunday.</li><li>The Mosque was constructed over 7 years and boasts the world's highest minaret at 869 feet.</li><li>It combines modernist architecture with Arab and North African cultural influences.</li></ul>

The mosque first opened for prayers back in 2020, during the coronavirus pandemic. However, due to the outbreak of COVID-19 and its effects, the president of the country who at the time had fallen ill with the disease, did not attend.

However, after 4 years of delay president Abdelmadjid Tebboune on Sunday, officially inaugurated the mosque, as seen in the Tanzanian news publication, <a href="https://www.thecitizen.co.tz/tanzania/news/africa/algeria-inaugurates-africa-s-largest-mosque-4536596">The Citizen.</a>

The Great Mosque of Algiers, which was constructed in the 2010s by a Chinese construction company, has the highest minaret in the world, standing at 869 feet (265 meters).

It also boasts an area for prayer that can hold 120,000 people. In addition to a helicopter landing pad and a library with the capacity to hold a million books, its modernist architecture honors Algerian heritage and culture with flourishes from the Arab and North African cultures.

<a href="https://africa.businessinsider.com/local/markets/algeria-asks-to-be-listed-among-countries-projected-to-dominate-global-economy-by/8y9746r">Read also: Algeria asks to be listed among countries projected to dominate global economy by 2050</a>

The project was built within the space of 7 years and cost around $800 million, leaving critics to label it a vanity project.

A report by the New York-based news agency, <a href="https://apnews.com/article/algeria-mosque-dd69a238023a3db8f0312ca0e4f5bad5">the Association Press (AP),</a> also showed that years of political upheaval in the regions “transformed the project from a symbol of state-sponsored strength and religiosity to one of delays and cost overruns.”

According to AP, the former President of Algeria, Abdelaziz Bouteflika envisioned the idea of building Africa's largest mosque. He planned to name it the "Abdelaziz Bouteflika Mosque" in his legacy, however, Algeria's 2019 protest which ousted him from office, disrupted this plan, alongside his plan to inaugurate it in 2019.

Algeria just inaugurated the largest mosque in Africa. The president of the country, Abdelmadjid Tebboune oversaw the inauguration of the monument.

See the recently inaugurated Algiers Mosque, Africa’s largest mosque

<ul><li>Business Insider Africa presents the top 10 African countries on the list of fastest-growing economies in 2024.</li><li>This list is courtesy of a report from the African Development Bank .</li><li>The report is titled Macroeconomic Performance and Outlook (MEO).</li></ul>

A new report by the African Development Bank titled<a href="https://www.afdb.org/en/documents/africas-macroeconomic-performance-and-outlook-january-2024"> Macroeconomic Performance and Outlook (MEO), </a>which was released on Friday notes that African countries would dominate the list of fastest-growing economies in the world.

The report notes that over 50% of the top 20 countries on this list would come from Africa. “Africa will account for eleven of the world’s 20 fastest-growing economies in 2024,” the report states.

“Overall, real gross domestic product (GDP) growth for the continent is expected to average 3.8% and 4.2% in 2024 and 2025, respectively. This is higher than projected global averages of 2.9% and 3.2%,” it adds.

In addition to the current African Economic Outlook (AEO), which focuses on important emergent policy problems pertinent to the continent's growth, Africa's Macroeconomic Performance and Outlook is a biennial publication produced in the first and third quarters of each year.

<a href="https://africa.businessinsider.com/local/markets/10-african-countries-dominating-the-list-of-fastest-growing-economies-in-2024/r8jxc33">See also: Top 10 African countries with the highest economic growth forecasts for 2024</a>

“Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,” Dr. Akinwumi Adesina, President of the Bank Group, said, emphasizing the need for expanded financing and various policy interventions to enhance Africa's growth trajectory.

Even though Africa experienced a slow growth rate in 2023, the five regions&nbsp;of the continent's medium-term economic prospects are gradually getting better, according to the report

With that said here are the top 10 African countries on the list of fastest-growing economies in 2024.

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Growth projection 2024</th></tr><tr><td colspan="null" rowspan="null">1.</td><td colspan="null" rowspan="null">Niger</td><td colspan="null" rowspan="null">11.2%</td></tr><tr><td colspan="null" rowspan="null">2.</td><td colspan="null" rowspan="null">Senegal</td><td colspan="null" rowspan="null">8.2%</td></tr><tr><td colspan="null" rowspan="null">3.</td><td colspan="null" rowspan="null">Libya</td><td colspan="null" rowspan="null">7.9%</td></tr><tr><td colspan="null" rowspan="null">4.</td><td colspan="null" rowspan="null">Rwanda</td><td colspan="null" rowspan="null">7.2%</td></tr><tr><td colspan="null" rowspan="null">5.</td><td colspan="null" rowspan="null">Cote d’Ivoire</td><td colspan="null" rowspan="null">6.8%</td></tr><tr><td colspan="null" rowspan="null">6.</td><td colspan="null" rowspan="null">Ethiopia</td><td colspan="null" rowspan="null">6.7%</td></tr><tr><td colspan="null" rowspan="null">7.</td><td colspan="null" rowspan="null">Benin</td><td colspan="null" rowspan="null">6.4%</td></tr><tr><td colspan="null" rowspan="null">8.</td><td colspan="null" rowspan="null">Djibouti</td><td colspan="null" rowspan="null">6.2%</td></tr><tr><td colspan="null" rowspan="null">9.</td><td colspan="null" rowspan="null">Tanzania</td><td colspan="null" rowspan="null">6.1%</td></tr><tr><td colspan="null" rowspan="null">10.</td><td colspan="null" rowspan="null">Togo</td><td colspan="null" rowspan="null">6%</td></tr></table>

Top 10 African countries on the list of fastest-growing economies in 2024

Africa is poised for sustained economic expansion in 2024, building upon the positive momentum witnessed in previous years.

<ul><li>Kenya and Canada are looking to enhance bilateral trade ties.</li><li>Kenya aims to boost exports to Canada,</li><li>They are looking to join efforts to improve business climate and market access.</li></ul>

Trade and Investment Cabinet Secretary Rebecca Miano recently made the intentions of the Kenyan government known as it relates to its economic partnership with Canada, as seen in the Kenyan newspaper, <a href="https://www.the-star.co.ke/business/kenya/2024-02-20-kenya-in-talks-to-increase-exports-to-canada/">The Star.</a>

She mentioned that Kenya is committed to improving the business climate via strong partnerships with the private sector.

<a href="https://africa.businessinsider.com/local/lifestyle/canada-has-warned-its-citizens-against-travelling-to-kenya-heres-why/6vf2lxw">Read also: Canada has warned its citizens against travelling to Kenya, here’s why</a>

Data from the United Nations COMTRADE database on international trade shows that as of 2022, Kenya’s exports to Canada amounted to $18.71 Million (Sh2.7 billion).

However, the last two years have seen a decline in the volume of goods traded between both countries, notably imports from Canada into the East African country, which declined in 2020 and 2021.

The Trade and Investment Cabinet Secretary noted that several negotiations from the ministry are already in play to inflate market access through various bilateral, regional, continental, and multilateral agreements.

Miano stated at the start of the second edition of the Canada-Africa Business Forum that Kenya is the gateway to Africa and that selecting Nairobi as the host for the 2nd Canada-Africa Business Forum was the best plan.

“Kenya is the gateway to Africa and therefore your choice of Nairobi as the venue for this 2nd Canada–Africa Business Forum is no doubt strategic," she said.

Kenya and Canada are currently in the process of bolstering their bilateral trade.

Kenya and Canada set eyes on trade growth amidst decline

<ul><li>Kenya's public debt reaches a historic high of Ksh11.14 trillion ($76.83 billion) by the end of 2023.</li><li>Multilateral loans show a significant increase, while bilateral loans decrease during the same period.</li><li>Currency depreciation played a crucial role in contributing to 73% of the total debt increase in 2023.</li></ul>

According to the estimation by the <a href="https://www.theeastafrican.co.ke/tea/business/kenya-s-public-debt-surges-past-sh11trn-on-weak-shilling-4530882">East African publication,</a> Kenya's debt for 2023 had a daily increase of Ksh5.29 billion ($36.5 million). The year also brought about the depreciation of the nation's currency and the rise in the cost of living.&nbsp;

The falling value of the country's currency, (Kenyan Shilling) added significantly to external public debt throughout the year, making up 73% (or Ksh1.4 trillion) of the total increase.

<a href="https://africa.businessinsider.com/local/markets/tanzania-maintains-its-low-debt-profile-despite-a-debt-increase-of-1709/gzx1rey">See also: Tanzania maintains its low debt profile despite a debt increase of 17.09%</a>

“The gross public debt as of December 31, 2023, increased by Ksh1.93 trillion to Ksh11.1397 trillion compared to Ksh9.2 trillion ($63.45 billion) as at the end of December 2022. The gross public debt comprised 54.7 percent external debt and 45.3 percent domestic debt," Treasury reported in the October-December 2023 quarterly economic and budget review report.

“The increase in the public debt is attributed to external loan disbursements; exchange rate fluctuations; and uptake of domestic debt during the period.”

During the year under review, total external public debt increased by Ksh1.416 trillion, hitting Ksh6 trillion, while the country’s domestic debt increased by Ksh514.48 billion, which totaled Ksh5 trillion.

The most significant increase, $1.62 billion, was seen in multilateral loans, which came from institutions like the World Bank and the International Monetary Fund (IMF). However, in the year ending in December, bilateral loans (from foreign nations) decreased by $692.72 million to $9.089 billion.

“Compared to the same period in FY 2022/23, external public debt stock from multilateral institutions, commercial banks, and from suppliers’ credit recorded an increase of Ksh1.62 trillion, Ksh105.4 billion, and Ksh8.8 billion respectively in the period ending December 2023. Stock from bilateral sources recorded a decrease of Ksh692.7 billion in the period under review,” the Treasury stated.

Kenya had added Ksh1.93 trillion ($13.3 billion) to its overall debt at the end of 2023.

Kenya’s currency pushes public debt to record high of Ksh11.14 trillion

<ul><li>The Kenyan Shilling achieves its highest gain in 12 years against the US Dollar.</li><li>Investor confidence surges following government's $2 billion Eurobond settlement, driving Kenyan Shilling's resurgence.</li><li>Currency's 11-day upward trend sees it trading below Sh153.75, marking its strongest level since November 2023.</li></ul>

A report by the Kenyan business newspaper,<a href="https://www.businessdailyafrica.com/bd/markets/currencies/kenyan-shilling-posts-strongest-single-day-gain-in-12-years--4525626"> BusinessDaily, </a>showed that the Kenyan Shilling experienced a significant resurgence owing to a wave of investor confidence that followed the government's large inflows to settle the $2 billion Eurobond.

The currency which is now trading below Sh153.75 at some commercial banks is the strongest it has been since November 2023, as it has managed to wipe out all the losses incurred this year.

According to the publication, the Kenyan Shilling has been on an upward trend for 11 straight days and counting.

“For instance, Equity Bank quoted the dollar on Wednesday at Sh153.75, while KCB had a quote of Sh157.5, the highest among eight banks,” tracked by the Business Daily.

“For their part, forex bureaus were selling the dollar between Sh152 and Sh157. On Tuesday, the CBK had quoted the local unit at Sh156.7 against the dollar,” BusinessDaily added.

At the start of the month, Kenyan banks had quoted nothing surpassing <a href="https://africa.businessinsider.com/local/markets/kenyan-banks-quote-favorable-rates-as-the-shilling-strengthens-against-the-us-dollar/4phxq50">Sh164.50/$1 dollars</a>. Also, late last month, <a href="https://africa.businessinsider.com/local/markets/economic-outlook-brightens-as-kenyan-shilling-makes-3-year-high-gain/dlpctvj">the Kenyan Shilling experienced a gain of 0.73 percent</a> against the US dollar. The currency had not experienced this sort of gain in over 3 years, as the Shilling went from 161.36 to 160.19.

As expected the currency appreciation spells good news for businesses as import cost is set to reduce in its local currency terms.

On the flip side, the government will reduce the cost of debt service; the Treasury estimates that a unit change in the currency will have an impact on debt service costs of Sh40 billion.

Kenya finally met its commitment last week to buy back some of the Sh313 billion Eurobond notes expiring in June 2024 as part of a liability management operation aimed at reducing the country's initial Eurobond repayment.

Kenyan shillings comes under pressure as importers open shops following end of the festive season

The Kenyan currency continues to thread in a positive direction as it records another gain against the US dollar.

Kenyan shilling surges as it records highest gain in 12 years

<ul><li>CBK projects a record $4.6 billion foreign investment inflow for Kenya.</li><li>Recent international borrowings bolster Kenya's foreign investment prospects.</li><li>Interest rate reductions in developed economies enhance Kenya's appeal to foreign investors.</li></ul>

According to the Kenyan business news publication, <a href="https://www.businessdailyafrica.com/bd/economy/cbk-projects-sh734bn-inflows-this-year-on-foreign-investors--4523030">BusinessDaily,</a> Kenya plans to collect over $4.6 billion in income from foreign investments, the highest amount since 2021.

The CBK noted that in 2023, its financial account closed at Sh558.4 billion ($3.5 billion) comprising Sh72.9 billion ($457 million) in foreign direct investment.

The bank's projection is based on the resumption of foreign investment flows into the economy and increased disbursements from Kenya's multilateral lenders and development partners.

“We expect a total of $3.5 billion in 2023 and $4.6 billion in 2024. This would include portfolio inflows, foreign direct investments as well as disbursements from our development partners, multilateral institutions, and regional partners,” Kamau Thugge, the bank’s governor said.

In the two months of the new year, the East African country has benefited greatly from borrowings from abroad, notably Sh109.6 billion ($684.7 million) from the International Monetary Fund (IMF) in January.

The Trade and Development Bank also authorized a loan of Sh61.6 billion ($385 million) to the Exchequer last month.

Approximately Sh15.1 billion (€88 million) is expected from the African Development Bank and Sh240.2 billion ($1.5 billion) from the World Bank.

Interest rate reductions in developed economies, which are perceived as cushioning new inflows into advanced and frontier economies, are predicted to provide Kenya greater appeal as a location for international investment.

Additionally<a href="https://africa.businessinsider.com/local/markets/kenyan-banks-quote-favorable-rates-as-the-shilling-strengthens-against-the-us-dollar/4phxq50">, Kenya’s new currency gains</a> are another reason why foreign investors could be interested in pouring money into the Kenyan economy.

The Central Bank of Kenya (CBK) anticipates a larger figure from foreign investments than the country has recorded in the past 3 years.

Kenya projects its highest foreign investment income in 3 years

<ul><li>Tanzanian fuel prices decrease by 1.07% following the global energy price drop.</li><li>Energy regulator Ewura mandates adherence to new fuel price guidelines.</li><li>Consumers were urged to seek out the cheapest fuel options.</li></ul>

The Energy and Water Utilities Regulatory Authorities (Ewura) disclosed that Tanzanians are to pay Sh3,051, for a liter of petrol, as opposed to Sh3,084, and a liter of diesel, Sh3,029 instead of Sh3.078, as seen in the Tanzanian news publication <a href="https://www.thecitizen.co.tz/tanzania/news/business/tanzania-fuel-prices-decrease-in-line-with-global-market-trends-4516956">The Citizen.&nbsp;</a>

Dr. James Mwainyekule the director general of Ewura revealed that the drop in fuel prices came as a result of the decline in oil prices (FOB) in the world market, with a weighted average of 10.66% for petrol, 11.20% for diesel, and 5.82% for kerosine.

“This decrease in prices is due to the decrease as a result of the drop in oil import costs at the port of Dar es Salaam by an average of 9.69 percent for diesel and 1.82% for kerosine,” Dr. Mwainyekule stated.

The ports of Tanga and Mtwara were not exempted from these cost declines, resulting in a nationwide decrease in energy costs. A notice has been issued to retailers to adhere to the new price adjustments set by the&nbsp;Energy and Water Utilities Regulatory Authorities.

<a href="https://africa.businessinsider.com/local/markets/tanzania-considers-fuel-import-system-review-amidst-price-fluctuations/c9215el">Read also: Tanzania considers fuel import system review amidst price fluctuations</a>

“Ewura will continue to encourage competition by providing limited price information for fuel products,” the general director said.

He also noted that fuel stations are mandated to display the current prices and commercial incentives offered by the station for all to see.

Dr. Mwainyekule advised Tanzanians to buy petroleum products at retail outlets that offer the cheapest prices, to spur competitive prices amongst dealers. Furthermore, he noted that these retailers are expected to issue sale receipts from the Electronic Fiscal Pump Printers, which can be used as evidence against fuel sellers, selling higher than the newly adjusted prices.

Fuel prices in Tanzania drop as the global energy market catches a break

Tanzania's energy sector gets a reprieve as the price of petroleum products reduces.

<ul><li>Kenyan economy faces higher shipping costs due to Red Sea pirate attacks.</li><li>Shippers reroute vessels around the Cape of Good Hope, causing delays and increased freight rates.</li><li>The industry warns of long-term implications on capacity, container availability, and insurance costs.</li></ul>

Juma Ali Tellah, the KSAA Chief Executive Officer noted that shippers have become very weary of the effect these attacks could have on the East African economy, as seen in <a href="https://www.theeastafrican.co.ke/tea/business/shipping-costs-at-mombasa-port-set-to-rise-4517108">The East African.</a>

“Despite efforts to normalize freight rates following events such as the Covid-19 pandemic and the Russia-Ukraine War, the ongoing attacks by Houthi Rebels present a persistent challenge,” the executive officer said.

"Major shipping lines, including those represented by KSAA, are responding by rerouting vessels around the Cape of Good Hope, a costly alternative that directly impacts the business community and consumers in East Africa.&nbsp;

The rerouting of ships will result in longer shipping distances, causing an upward surge in freight rates and disturbances in the supply chain. Delays in the smooth movement of goods are expected due to extended transit routes” &nbsp;he added.

Furthermore, Mr. Tellah warned that given the delay in empty container reshipment, the assaults will have long-term implications for the freight industry.

“We have experienced a reduction of ships leading to a reduction in ships’ capacity and a reduction in container availability, along with a potential for an increase in insurance costs and liability for ship owners and insurers,” Mr. Tellah stated.

The announcement follows the publication of security guidelines that apply to navigating the Southern Red Sea and Gulf of Aden by industry associations like the International Chamber of Shippers (ICS) and The Baltic and International Maritime Council (BIMCO), one of the biggest international shipping lobbies representing ship-owners.

An <a href="https://africa.businessinsider.com/local/markets/attacks-from-militants-on-the-red-sea-is-taking-its-toll-on-kenyas-finances/clrpv4k">earlier report </a>showed that Kenya has already begun paying higher shipping costs as a result of pirate attacks on its typical route.

Kenyan shippers have been forced to find alternate routes due to attacks which results in delays and increased prices. Transit time also went up significantly. Time for transit went from 12 days to as high as 48 days.

Kenyans to brace for repercussions of militant activities at the Red Sea Source: Shutterstock

The effect of pirate attacks on the Red Sea from Yemen-based militants, Houthi, has found its way into the Kenyan economy.

Kenyans to brace for repercussions of militant activities at the Red Sea

<ul><li>Tanzania government to integrate AI into e-government platforms for efficiency and transparency.</li><li>Minister of State highlights AI's role in curbing corruption and improving service delivery.</li><li>Recent investments in communication infrastructure and digital education signify Tanzania's commitment to tech advancement.</li></ul>

&nbsp;Mr. George Simbachawene, Tanzania’s minister of state in the president’s office, (Public Service Management and Good Governance) noted that the idea of AI integration also applied to the recent launch of Tanzania Enterprise Service Bus (GovESB).

The minister spoke on AI’s use at the 3-day, 4th e-Government Annual General Meeting, held at the Arusha International Conference Center, as seen in the Tanzanian news publication, The Citizen.

“Physical delivery of services in public institutions and government agencies continues to be a challenge due to the prevalent lackadaisical attitude among many workers. This often results in delays and substandard executions of tasks,” the minister stated.

He also disclosed that the adoption of digitization in administrative functions is a surefire way to ensure transparency and fight the corruption and delays in processes plaguing the government.

“We also want to totally eradicate queues and delays as people scramble to be served at public institutions and organizations, something that has been raising many complaints from people across the country,” the minister added.

It was reported last year that Tanzania had spent over Sh400 billion over the previous two years enhancing and strengthening the nation's communication infrastructure. This was done to encourage and motivate technical innovation and creativity for economic growth.

Discover how emerging startups are transforming the digital landscape in Africa, highlighting <a data-link-role-code="open_new_tab" href="https://www.repdex.online/">innovative technology solutions</a> that are paving the way for a brighter economic future.

In October, the country also launched <a href="https://africa.businessinsider.com/local/careers/see-the-dollar100000-state-of-the-art-centre-launched-in-tanzania-to-support-digital/0gs4kg8">a state-of-the-art digital education</a> center on Monday, poised to become a regional hub for digital learning.

“The Centre of Competence in Digital Education (C-CoDE) is hosted by the Nelson Mandela African Institution of Science and Technology (NM-AIST) and was established within the framework of the Excellence in Africa initiative, a collaboration between Mohamed VI Polytechnic University (UM6P) of Morocco and Ecole Polytechnique Fédérale de Lausanne (EPFL) of Switzerland.”

In an effort to bolster Tanzania’s digital data pool and e-related services, the government is looking to integrate artificial intelligence into its e-government platforms.

AI to become an important tool in Tanzania’s government

<ul><li>Kenya-China trade sees rare decline in 2023 amidst high living costs.</li><li>China's exports to Kenya drop by 1.11% compared to 2022 figures.</li><li>Factors include muted demand, rising inflation, and taxing complications.</li></ul>

Data from the General Administration of Customs of the People’s Republic of China (GACC), as seen in the East African news publication, showed that China exports to Kenya in 2023 was worth $7.87 billion (Ksh1.26 trillion at current exchange rates).

This signifies a decline of 1.11% compared to the $7.96 billion (Ksh1.27 trillion) that Asia's largest market says it exported to Kenya in 2022.

This figure also signifies a rarity in both nation’s trade history, seeing as not even the Covid-19 lock down gave rise to this level of decline.

“For instance, despite Kenyan authorities indicating that imports from China declined from Ksh376.72 billion in 2019 to Ksh361.36 billion in 2020 during the Covid-19 pandemic, Chinese data shows the country exported goods worth Ksh576 billion to Kenya in 2020, an increase from Ksh510.1 billion in 2019,” the East African report stated.

The report also notes that the decline in imports from China is a result of muted demands, which was brought about by Kenya’s rising inflation rate.

“Imports declined by 14.9 percent in the 12 months to October 2023 compared to a growth of 14.7 percent in a similar period in 2022, mainly reflecting lower imports across all categories except food,” the Central Bank of Kenya stated.

Simultaneously, the disparity between the value of Chinese commodities indicated by Chinese officials and the value reported by Kenyan authorities is growing.

The difference was Ksh133.38 billion ($833.63 million) in 2019; however, in only three years, it has grown to almost half a billion, reaching Ksh487.24 billion ($3.05 billion) in 2022.

Taxing complications also played a part in the market decline.

“Specific tax measures to be implemented include…to establish a clear framework on the exchange of information (EOI) with other tax jurisdictions for both domestic taxes and customs to ensure the flow of information e.g., valuation of high-risk imports from China and Transfer pricing paused by multinationals,” the National Treasury stated.

Exports from China to Kenya saw a decline in 2023.

China's exports to Kenya fall in 2023, defying historical trends

<ul><li>World Bank's president refutes allegations of cover-up in Kenya's for-profit school case.</li><li>IFC's Board to consider action plan following complaints over $13.5 million investment.</li><li>President Ajay Banga vows to address concerns but denies legal efforts to conceal information.</li></ul>

As seen in a report by the<a href="https://www.theeastafrican.co.ke/tea/business/world-bank-denies-ifc-abuse-cover-up-in-kenya-school-investment-4515816"> East African,</a> the World Bank’s president, Ajay Banga, has refuted allegations that the World Bank's International Finance Corp (IFC) branch attempted to conceal charges of sexual assault at a for-profit school chain in Kenya in which it had an interest from 2013 to 2022.

When asked about the case, during a Center for Global Development public event, he noted that he disagreed with the IFC's portrayal of it as a cover-up.

“Civil society groups have expressed concern that IFC ignored evidence of child sexual abuse at some of Bridge's Kenya schools until the World Bank's Office of Compliance Advisor Ombudsman (Cao) received complaints from parents in 2018 and opened an investigation,” the report by East African, partly reads.

The IFC's Board of Executive Directors will begin to officially consider an action plan this month relating to Cao's findings over the $13.5 million Bridge equity investment, which was sold in March 2022 as part of a plan to exit for-profit education.

<a href="https://africa.businessinsider.com/local/markets/the-world-bank-gives-tanzania-an-ultimatum-on-a-dollar150-million-project/4cyr4te">Read also: The World Bank gives Tanzania an ultimatum on a $150 million project</a>

The divestment took place about a year prior to Banga's appointment as the World Bank's president, but he will have to cope with the fallout as he works to improve the bank's operations.

"I think there's a series of things management could have done better. And that's the discussion we're going to have with the board shortly," the bank’s president said.

"So, I'm not going to pre-empt that. I just disagree that there was a legal effort to cover it up. That, I will not accept as a question," he added.

If a cover-up "is proven to be so, I will take all the action that is necessary, but merely conjecture that is in a public space, I will refuse to sign up. That's who I am, I'm sorry if you don't like it," Banga said.

President William Ruto with Word Bank President Ajaypal Singh Banga on the sidelines of the G20 Compact with Africa Conference on Economic Cooperation, Promotion of Private Investment held in Berlin, Germany.

The World Bank is currently pushing against a legal case brought against it which involves Kenya.

World Bank president denies cover-up allegations in Kenya

<ul><li>Kenyan shilling gains strength, prompting a drop in dollar rates at commercial banks.</li><li>Major banks aligned on a maximum dollar quote of Sh164.50.</li><li>The surge in confidence is attributed to recent hard currency inflows.</li></ul>

A report by the Kenyan news publication, <a href="https://www.businessdailyafrica.com/bd/markets/currencies/bank-dollar-rates-ease-as-shilling-stages-rare-rally--4513930">BusinessDaily,</a> showed the compilation of data from 5 major Kenyan banks on Friday, which revealed that lenders quoted nothing surpassing Sh164.50/$1 dollar to those looking to buy the greenback.

“For example, Stanbic Bank quoted dollars at Sh164.50, the same rate as Cooperative, Diamond Trust, and Equity banks. KCB had a lower quote than its peers and sold dollars at Sh163.25,” the&nbsp;BusinessDaily report states.

Late in January 2024<a href="https://africa.businessinsider.com/local/markets/economic-outlook-brightens-as-kenyan-shilling-makes-3-year-high-gain/dlpctvj">, the Kenyan Shilling experienced a gain of 0.73 percent</a> against the US dollar. The currency had not experienced this sort of gain in over 3 years, as the Shilling went from 161.36 to 160.19.

According to BusinessDaily, several conversations with foreign exchange market participants highlighted that the market has gained confidence from recent hard currency inflows from multilateral lenders and strong foreign investor interest in the newly issued infrastructure bond.

“There have been big-ticket foreign investors coming into our bond markets as the real yields are now positive given the high-interest rates. People are also starting to get the sense that our domestic exchange rate is beginning to turn as we see a lot of cash coming in,” one of the interviewees noted.

Sources also pointed out that the CBK met with bank executives to discuss the issues surrounding the forex market.

The Kenya Bankers Association (KBA), the banking sector's lobby, said nothing about the meeting but attributed the drop in bank dollar rates to the attainment of equilibrium between demand and supply for dollars.

The dollar rate at Kenyan commercial banks fell a little as the Kenyan shilling gained value.

Kenyan banks quote favorable rates as the shilling strengthens against the US dollar

<ul><li>Edward Nzesya disputes Bakari Kisalu's inheritance claim to William Mulwa's estate in a New York court.</li><li>Nzesya challenges Kisalu's succession, seeking control over Mulwa's valuable assets.</li><li>Nzesya faces obstacles in obtaining asset details from PepsiCo and the IRS amid the ongoing legal conflict.</li></ul>

According to a new story seen in the news publication, <a href="https://nation.africa/kenya/news/battle-late-pepsi-executive-william-mulwa-sh500m-estate-begins-4510100">The Nation,</a> the dispute between Kenya’s Edward Nzesya and Tanzania’s Bakari Kisalu is about who should have administrative rights over William Mulwa’s vast real estate.

Bakari Kisalu who claims to be the late William Mulwa’s son, had orchestrated the cremation of his supposed father, after which he immediately moved to acquire William Mulwa’s assets in Kenya and New York.

The legal document obtained by the Nation shows that the petition was filed on the 29th of January 2024, over an estimated $500,000 assets in the US, although a comprehensive evaluation of William Mulwa’s assets has not been conducted.

“That $500,000 is tentative, a stand-in figure,” Japheth Matemu, Edward Nzesya’s New York-based lawyer said.

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“We will do a proper evaluation later. In fact, we will employ a private investigator to help us recover everything that belongs to William. This is the first step, there is a lot more to be done,” the lawyer added.

Matemu noted that he had reached out to PepsiCo for documents on William Mulwa’s benefits but is yet to get a response. He also disclosed that he has contacted the US’s Internal Revenue Services, for tax documents on William Mulwa’s investments and has also met a dead end.

The properties owned by William Mulwa in the US include; a townhouse in Peekskill Township, a 2017 BMW sports utility vehicle, life insurance, employee death benefits, and several registered patents with PepsiCo in the US.

In Kenya, his assets include; prime real estate in the capital city of Nairobi, alongside assets estimated to be worth Sh500 million.

He was director of research and development at PepsiCo during his run. He spent about 30 years with the company, as a result, his remuneration package according to the salary research firm Glassdoor is between $200,000 to $400,000 every year.

Consent from William Mulwa’s other five siblings, Vincent, Mary, Lilian, Alice, and Judy who are also beneficiaries in Edward Nzesya’s petition, must be given before the New York court can issue a “Letter of Administration.”

The siblings of the late PepsiCo executive insist that William Mulwa was single all his life and none of his partners bore any offspring.

However, Bakari claims that William Mulwa was his father, and willed him his multimillion-Shilling estate to him.

“On October 24, 2023, Mr. Bakari executed a power of attorney, a legal authorization allowing a designated individual to make a decision on behalf of the executor, in favor of New Jersey-based Peter Nderitu Githinji,” the Nations’s report reads.

The fight between Kenyan sibling and Tanzanian son over Late PepsiCo executive's estate

Edward Nzesya, the younger brother of the late PepsiCo executive, William Mulwa Mutilangi, is looking to take legal action against Tanzania’s Bakari Kisalu Malanda who claims to be William Mulwa’s son.

<ul><li>Kenya's purchasing power drops 1.5% in 2023 amid rising commodity prices and stagnant incomes.</li><li>Semi- and unskilled manual workers hit hardest with the greatest fall in spending, according to ICEA report.</li><li>Despite income reductions, consumer spending remains relatively resilient, driven by increased costs of purchased items.</li></ul>

A report by the Consumer Spending Index released on Tuesday, as seen in the Kenyan news publication, <a href="https://www.the-star.co.ke/business/kenya/2024-01-30-tough-times-for-workers-as-incomes-decline/">The Star, </a>states that Kenya’s purchasing power was reduced by 1.5%, while income remained the same or declined from 2022 to 2023. According to the ICEA report, semi- and unskilled manual workers suffered the worst, with the greatest fall in spending.

Although all levels of earners including; executive, skilled, and unskilled workers, had reduced spending in Q3 of 2023, the lower-income consumers had the highest share (9%) of reduced personal consumption expenditure in the period under review.

During the period 37% of Kenyans had maintained the same level of income, 38% saw a decline and 24% had an increase in revenue.

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The ICEA data reveals that the individual expenditure sub-index declined by 3% between July and September 2023, while the retail business sales sub-index remained roughly stable over the same time.

“This resulted in a decline of 1.5 percent in the overall consumer spending index (which is weighted 50 percent by changes in individual spending and 50 percent by changes in retail business sales),” Head of Research at ICEA LION Asset Management Judd Murigi, stated.

She also noted that the relatively resilient level of consumer spending in Q3 of 2023 took into account the fact that disposable incomes had reduced.

"However, we note that many consumers attributed the additional spending to an increase in the cost of items purchased rather than higher income per se," the head of research disclosed.

Nonetheless, expenditure continued despite the continuous slowing of private-sector lending.

In the third quarter, the big company category had the greatest improvement in sales trends (25 percent), followed by the microbusiness segment, which saw a 7 percent increase in sales.

The medium-sized businesses experienced an 18% drop in sales trends over the same time, while the small business segment saw a similar level of sales trends in Q3.

“Our sentiment analysis on individual spending trends indicated that 44 percent of consumers had a positive mindset regarding their spending while 56 percent had a negative mindset regarding their spending trends,” said Murigi.

The purchasing power of Kenyans has seen a significant decline owing to some economic challenges.

Kenyans spend more despite stagnant and declining incomes

<ul><li>Trade Mark Africa grants $2 million to Kenya, Uganda, and Tanzania to boost grain exports.</li><li>The funding is part of a $75 million partnership with the US Agency for International Development.</li><li>East Africa Grain Council collaborates to strengthen grain business hubs, empower SMEs, and address challenges in the grain value chain.</li></ul>

A report by the Kenyan news publication <a href="https://www.the-star.co.ke/business/kenya/2024-01-30-kenya-uganda-and-tanzania-get-grain-exports-deal/">The Star</a> shows that the three-year funding is part of a five-year $75 million (Sh12.1 billion) cooperation between the US Agency for International Development's Economic Recovery and Reform Activity program and TradeMark Africa, which is supported by Feed the Future.

The CEO of Trade Mark Africa, David Beer, noted that one of the primary functions of the grant is to help drive the competitiveness of export-oriented staple food value chains within the regional market.

The sub-continent currently suffers from low grain production which has hampered its potential to become a major player in the global grain supply chain. Other factors such as poor post-harvest management, compliance with international standards, and climate pressures, have affected the market.

These challenges in turn contribute to “the low competitiveness of its staples in regional markets, reduced cross-border trade, production deficits, and post-harvest losses that threaten the region’s food security,” according to The Star’s report.

To this effect, the CEO noted that this facility, in partnership with the East Africa Grain Council (EAGC), will help tackle difficulties, reduce trade barriers, and strengthen grain exporters' capacities in three nations throughout export value chains including maize, beans, millet, sorghum, and rice.

“This includes spearheading innovative strategies such as Grain Business Hubs, or G-Hubs. These are operated by farmers, who will leverage technology to improve grain quality and drive up trade,” said Beer.

EAGC is set to aid over 80 SMEs in successfully complying with Sanitary and Phytosanitary (SPS) requirements, which control the health of animals and plants that are traded.

It will also follow Standards Quality Infrastructure (SQI) guidelines for quality, health and safety systems, and environmental protection. These are essential to their capacity to export, while establishing an information center to aid in shaping national and regional food balance sheets by granting access to real-time data and insights.

"By fortifying grain business hubs and enhancing the capacities of SMEs, we are building a foundation for sustained growth," EAGC executive director Gerald Masila.

East Africa's grain market is set to thrive with new grant

A $2 million (Sh233 million) grant was recently given to Kenya, Uganda, and Tanzania to increase grain export.

<ul><li>Uganda's oil partnership shift costs Kenya over $200 million.</li><li>Tanzania emerges as Uganda's alternative oil import destination.</li><li>Kenya's energy industry faces uncertainty with potential impacts on major investments.</li></ul>

Kenya and Uganda have been at odds with each other since October last year, over the future of their respective energy industries. Uganda said in November that it will begin working with <a href="https://africa.businessinsider.com/local/markets/uganda-replaces-kenya-with-tanzania-for-its-oil-imports/cqvsehm">Tanzania for oil imports rather than Kenya.</a>

This month, Uganda decided that it would officially be switching to Tanzania for oil imports after failing to get its national oil marketer, Uganda National Oil Company (UNOC), licensed in Kenya to ease imports through the Mombasa port, as reported by the<a href="https://www.theeastafrican.co.ke/tea/business/kenya-face-huge-losses-as-kampala-shifts-to-tanzania-port-4505230"> East African.</a>

This dispute originated from Uganda’s displeasure with Kenya over a golf deal the country signed with the United Arab Emirates and Saudi Arabia, which Uganda deemed harmful.

As previously stated, Kenya has already lost over $200 million as a result of these repercussions, and analysts fear that the damage will only increase.

“You can’t sit there and be at the mercy of one person. So far, I have met the President of Tanzania. My president sent me as an envoy and we are in discussions,” Ugandan Energy Minister Ruth Nankabirwa stated.

“So, we know that the alternative route could be expensive because of the logistics that are involved but we also know that there is a possibility of a negotiation with the government of Tanzania, to waive some taxes so that their sister country can be able to do business,” she added.

The energy minister noted that the dispute between both countries on the issue seemed to have been taking a positive turn, especially with the positive response from the president of Kenya, William Ruto, but actions so far have been contrary, including court cases.

“The president sent me to meet President Ruto four times and he was so supportive on all the times then he sent me, my brother Chirchir [Davis], the Minister of Energy, and some [Kenyan] people jumped in court, what do you do if you are sued? You wait for the ruling. So we have been talking and we are continuing to talk but now, we have a time frame because we feel the pump price in Uganda should be lower,” she said.

If the ruling stays, it will jeopardize Kenya's $385 million investment in the Kipevu Oil Terminal 2 (KOT2) in Mombasa, which opened last year, and the $170 million fuel jetty in Kisumu.

Kenya's primary trade destination for imported petroleum products, including super gasoline, diesel, kerosene, and Jet A-1 aviation fuel, is Uganda. Through Kenya, it imports over 900 million liters of petroleum products each month.

Kenya loses $200 million amidst oil dispute with Uganda

Kenya’s oil fallout with Uganda late last year amounted to an estimated $200 million loss.

<ul><li>The Kenyan Shilling experiences a notable gain of 0.73% against the US dollar.</li><li>Central Bank of Kenya's official data reveals that the currency last witnessed comparable gains during the COVID-19 pandemic.</li><li>Market experts interpret the recent strengthening as a positive sign.</li></ul>