Kenya

Mombasa Port receives its first LNG-powered ship

The Mombasa port recently welcomed its first-ever liquefied natural gas (LNG)-powered tanker, marking a significant step in its commitment to green emissions and aligning with the International Convention for the Prevention of Pollution from Ships (MARPOL). The vessel, MV Arctic Tern, sailing under the Singaporean flag, delivered a consignment of palm oil from Malaysia to Mombasa.

As global emissions standards become increasingly stringent, many ship owners are shifting to alternative fuels, with LNG emerging as a preferred option due to its lower environmental impact. LNG used in maritime shipping is derived from natural gas extracted from both onshore and offshore reserves, offering a cleaner alternative to traditional marine fuels.

The introduction of Mv Arctic Tern to Mombasa Port enhances the port’s green strategy and aligns it with other major seaports worldwide in adhering to MARPOL regulations. This move not only supports the International Maritime Organization’s (IMO) goals of preventing marine pollution from ships but also reinforces Mombasa’s position as a forward-thinking and environmentally responsible port.

Source: Business Daily

Value of coffee sold up on higher volumes, prices

The value of coffee sold at Nairobi’s weekly auction surged by 47.2% to Sh19.08 billion in the first half of the year, driven by increased volumes and higher prices, according to newly released data.

The Kenya National Bureau of Statistics (KNBS) reported that coffee farmers sold 29,312 metric tonnes of beans between January and June, a notable 40.3% increase compared to 20,891.35 metric tonnes during the same period last year.

This growth in coffee deliveries has been fueled in part by a rise in local consumption, as well as Kenya’s reputation for producing coffee that is highly sought after by international roasters and blenders. Global prices serve as a benchmark for setting local prices at the Nairobi Coffee Exchange (NCE), further contributing to the market’s strong performance.

Source: Business Daily

State extends window for raw Macadamia exports

The government has extended the export window for raw macadamia by an additional six months, providing much-needed relief to farmers who were facing a challenging period. This extension follows lobbying efforts led by Senate Agriculture Committee Chairman James Murango, as the initial export period was set to expire on November 2, 2024.

The moratorium on raw or in-shell macadamia exports was initially lifted on November 3, 2023, for one year. During a recent appearance before the committee, Agriculture Cabinet Secretary Andrew Karanja confirmed that the ministry would extend the export period while working toward a long-term solution for the sector.

Source: Business Daily

 

Tanzania

Tanzania leads Africa in the recovery of the tourism sector

Tanzania, Cabo Verde, Morocco, and Kenya have distinguished themselves as the top performers in tourism arrivals, experiencing remarkable growth in the first seven months of 2024, according to data from the United Nations World Tourism Organization (UNWTO).

Overall, Africa recorded a seven per cent increase in tourist arrivals from January to July 2024, compared to the same period in 2019. Tanzania led the continent with a notable forty-nine per cent surge in visitor numbers. This growth signals a full recovery for the tourism sector from the adverse impacts of the global COVID-19 pandemic.

Source: The Citizen

Tanzania investment value increases by 60 per cent to $1.61bn

The value of investment projects in Tanzania has increased by over sixty per cent to $1.61 billion in the quarter ending June 2024, according to the Tanzania Investment Centre (TIC). The latest quarterly report attributes this capital growth to increased investor interest, with 198 new projects registered during the period. In comparison, the same quarter last year saw the registration of 129 projects valued at $1 billion.

The report also highlighted a significant rise in job creation, with 96,278 new employment opportunities generated, up from 14,631 jobs in the same quarter of the previous year.

TIC Executive Director, Mr. Gilead Teri, noted a strong inflow of both domestic and foreign direct investments. The manufacturing sector led the way, attracting $636.84 million, followed by commercial building at $251.71 million, human resources at $112 million, transportation at $91 million, and tourism at $62 million.

Source: The Citizen

Tanzanian regulator to open SMEs’ access to venture capital funding

The Capital Markets and Securities Authority (CMSA) is working on new regulations aimed at improving access to venture capital and private equity funding for small and medium-sized enterprises (SMEs).

According to Charles Shirima, CMSA’s Public Relations and Education Manager, this initiative seeks to create government-backed funding opportunities for SMEs, enabling them to secure the capital needed for growth and development.

In addition to the regulatory framework, CMSA is focused on providing educational resources and capacity-building programs to help entrepreneurs better understand and navigate the capital markets.

Source: The Citizen

 

Uganda

Light at the end of the tunnel: Karuma power plant goes live after 11 years

After 11 years of construction, Uganda’s flagship hydropower project, Karuma, was officially commissioned on Thursday, marking the conclusion of a challenging journey filled with technical issues, disputes between the government and the contractor, and various non-engineering obstacles.

Work on the project, which includes a tunnel-design power station, an interconnection station, and high-voltage transmission lines, began in December 2013, with a total investment of $1.688 billion. Of this, $1.435 billion was financed through a loan from the China Exim Bank, while the remainder came from Uganda’s energy fund.

With a peak generation capacity of 600 MW, Karuma boosts Uganda’s total installed capacity to over 2,000 MW—up from just 380 MW in 2005—thanks to a diverse energy

Tourism Industry Recovers: Uganda’s tourism industry is showing signs of recovery after the COVID-19 pandemic. The government has implemented various measures to attract tourists and boost the sector’s contribution to the economy.

 Source: Monitor

Focus on oil and gas development will be a key priority in the 2025/26 Budget

The Ministry of Finance has outlined key budget priorities for the 2025/26 financial year, focusing on agro-industrialization, tourism development, minerals-based industries—particularly oil and gas—and advancements in science, technology, and innovation.

The budget aims to fully monetize Uganda’s economy by promoting commercial agriculture, industrialization, and enhanced market access. It is designed to reinforce the country’s growth drivers, guiding the economy back onto a medium-term growth trajectory and contributing to a tenfold increase in gross domestic product (GDP) from $53 billion to $500 billion by 2040.

To achieve this, the government plans to boost export earnings in the agro-industrial sector to $20 billion by 2040 by improving credit access for small-scale farmers and providing more long-term capital for SMEs. In tourism, efforts will focus on removing barriers to growth, with the goal of expanding the sector to $50 billion.

Finance Minister Matia Kasaija also emphasized the government’s commitment to accelerating investment in oil and gas, particularly through projects such as the East African Crude Oil Pipeline, the Oil Refinery, and the completion of Kabalega International Airport in western Uganda.

Source: Monitor

Rwanda

Rwanda joins regional stock exchanges in data vending as trading income falters

East African stock markets are turning to data vending as a new revenue stream to offset declining trading income caused by weakened equity market performances across the region. The Rwanda Stock Exchange (RSE) is the latest to venture into this business, following the lead of exchanges in Kenya, Uganda, and Tanzania, which have already adopted data vending to boost their earnings and deliver better returns to shareholders amidst dwindling share trading activity and a drop in rights issues and initial public offerings (IPOs).

RSE Chief Executive, Celestin Rwabukumba, noted in an interview that while traditional revenue sources like trading income and listing fees remain important, the exchange has started exploring data vending and other initiatives to diversify its income. He acknowledged that attracting new companies to list has been a challenge, with no new listing proposals in both 2023 and 2024.

Despite these hurdles, RSE reported a 17% increase in active investment accounts, rising from 59,530 in November 2022 to 69,654 by November 2023, according to its latest annual report.

Source: The EastAfrican

AfCFTA: Rwanda dispatches first mixed agric consignment to Ghana

On September 25, Rwanda, in collaboration with its partners, dispatched its first consolidated shipment of agricultural products to Ghana, as part of the country’s efforts to diversify exports under the African Continental Free Trade Area (AfCFTA) agreement. According to industry sources, this marks a significant step in expanding Rwanda’s trade footprint.

Rwanda’s initial agricultural export to Ghana in 2022, from Igire Coffee Limited, consisted solely of coffee and was the first shipment under the AfCFTA agreement. However, this latest consignment includes a wider range of agricultural goods, combining traditional exports such as coffee and tea with emerging high-value products like honey and avocado-based items.

According to Claude Bizimana, CEO of the National Agricultural Export Development Board (NAEB)., the diverse shipment demonstrates Rwanda’s ability to tap into new markets while enhancing competitiveness in high-value sectors.

The initiative was made possible through a collaboration between the Ministry of Trade and Industry, Igire Continental Trading Co. Ltd, and Kungahara Wagura Amasoko, a USAID-funded project aimed at boosting high-value agricultural exports to increase incomes for Rwandan farmers.

Source: The New Times

Capital Market Authority introduces new corporate governance rules, incorporates ESG components

On Wednesday, September 11, the Rwanda Capital Markets Authority (CMA) unveiled a new Corporate Governance Code that integrates environmental, social, and governance (ESG) principles. While still awaiting formal approval, this updated code builds on the foundation of the Capital Market Governance Code introduced in 2012. During the launch event, CMA CEO Thapelo Tsheole emphasized that the new governance framework is key to bolstering investor confidence, as Rwanda’s capital market competes for investment in a landscape where investors have numerous options. The code will be mandatory for all listed companies and issuers.

Under the new guidelines, companies are required to identify environmental and social risks, and implement systems to mitigate and manage these risks, promoting sustainable business practices. CMA will collaborate with institutions like the International Finance Corporation (IFC) to ensure that the code is fully understood, and properly implemented, and that company performance is measured against its requirements.

Source: The New Times