24th February 2023 Trade and Financial Services Round Up

February 24, 2023 - Reading Time: 3 minutes - By Brian Otieno


KRA chief Githii Mburu quits, board names Rispah Simiyu in acting role

The Kenya Revenue Authority (KRA) Commissioner-General, Githii Mburu, has resigned after a three-year and seven month stint at the seat on the 30th floor of Nairobi’s Times Tower.

Recently appointed KRA board chairman Anthony Mwaura made the announcement Thursday, including an executive shakeup.  “The board has today received the resignation letter of the Commissioner-General Githii Mburu who resigned to pursue personal interests,” Mr Mwaura said. 

In his place, the board has named the Commissioner of Domestic Taxes, Rispah Simiyu, to serve in an interim role “until the position is substantively and competitively filled.”

In other executive changes, the board named Pamela Ahago to replace Ms Simiyu at the domestic taxes’ unit in an acting capacity. Other appointments are David Mwangi as the acting Commissioner of Customs and Border Control, David Yego as Commissioner of Intelligence, Strategic Operations, Investigation and Enforcement, and Nancy Ng’etich as acting Commissioner of Corporate Support Services.

Mohamed Omar, Fred Mugambi and Paul Matuku retain their current posts as commissioners for Strategy Innovation and Risk Management, Kenya School of Revenue Administration and Legal Services and Board Coordination, respectively.

(Source: Business Daily)


Vodacom Tanzania welcomes Starlink

Starlink’s services are set to be available in Tanzania during the current first quarter of 2023, with the company’s owner, Mr Elon Musk, saying they are just waiting for the government’s approval.

Operated by SpaceX, the satellite internet constellation has been providing internet connectivity using thousands of satellites in space that communicates with designated ground transceivers. Vodacom’s network director Andrew Lupembe told The Citizen last week: “This is a positive development that sets a stage for partnership.”

“What we mean is that these are different use cases, they will provide broadband internet, while Mobile Network Operators (MNO’s) provide a variety of services from broadband internet, voice, SMS, mobile money and so on.”

Mr Lupembe was reacting to Mr Mike Coudrey, big entrepreneur and investor in the US. In his tweet a few days ago Mr Coudrey said: “the lobbyists and major internet and phone providers are doing all they can to hinder Starlink’s approval in Tanzania because that would mean consumers would switch to the better service.”

(Source: The Citizen)


Kenya to import Uganda’s maize

Nairobi is targeting to import a huge consignment of maize from Uganda to cushion her domestic grain deficit.

The deficit is being attributed to low production in the growing areas of Kitale and Rift Valley regions due to bad weather.

Mr Kingoli Mathenge, the chairman of Kenya cereals cross border trade, last Thursday said: “We intend to import two million tonnes because our harvests in the growing areas were too low to sustain the local market demands.” He said they intended to import huge consignments of maize mainly from Uganda, but should Ugandan supply be insufficient, then they will look elsewhere. 

Last December, Kenya’s Agriculture Cabinet Secretary Mithika Linturi told Parliament that the country would import 900,000 tonnes of duty-free white maize between February and August 2023 amid drought and surging prices of the staple.

He said Kenya imports nearly six million bags of maize every year from mainly Uganda and Tanzania. 

(Source: Monitor)

Rwanda to announce carbon credit offerings in April

Rwanda will announce its offering on the carbon market in April following consultations and studies that are currently under way, Minister of Environment, Jeanne d’Arc Mujawamariya said. The carbon market is a scheme of trading carbon credits that an entity gets by reducing emissions extensively beyond the required levels, and selling them to those unable to meet their reduction requirements. The main goal for the creation of carbon credits is the reduction of emissions of carbon dioxide and other greenhouse gases from industrial activities to reduce the effects of global warming.

The government or any other authorised agency can specify a carbon credit trading scheme as well as issue tradable certificates among entities registered for the scheme. “We are developing Rwanda’s carbon emissions trading and readiness frameworks under article 6 of the Paris Agreement. By April, the results of the consultations will be ready,” Mujawamariya said.

(Source: The New Times)


AfCFTA will fundamentally transform coffee commodity market of Africa: IACO Secretary General

The continental free trade area framework is an opportunity that would fundamentally transform the African coffee commodity market, Inter-African Coffee Organization (IACO) Secretary General Solomon S. Rutega told ENA. According to him, the free trade area will have enormous positive impact on Ethiopia’s coffee price increment as the country is a major producer.

Out of the 50 countries that produce coffee valued over 400 billion US dollar in the global market, half are in Africa. However, Africa’s coffee revenue share is only 10 billion USD.

The secretary general hopes that the decision of leaders of African countries at the recent summit to accelerate the implementation of the African Continental Free Trade Area (AfCFTA), this will promote coffee inter-regional trade within the African countries and beyond.

“The good news is the Africa Continental Free Trade Area framework is going to promote inter-regional trade in other African countries. So, Ethiopia can export its coffee to South Africa or Morocco directly and get more revenue. That also includes the other 30 consuming countries within the region. So it is a good opportunity for us to have the AfCFTA,” he elaborated.

(Source: ENA)


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