KENYA

Shilling tipped to weaken further on low forex inflows

Lower foreign exchange inflows and higher global interest rates are the key factors that will see the Kenyan shilling continue to lose ground against the US dollar, according to data analytics and intelligence firm Stears. The Kenyan unit was exchanging at Sh147.26 against the greenback on Thursday, according to data from the Central Bank of Kenya (CBK), compared to Sh120.45 during the same period last year marking a depreciation of 22.2 percent. Kenya relies on forex inflows from diaspora remittances, exports, tourism, foreign direct investment and foreign loan disbursements to stabilise the currency.

(Business Daily)

TANZANIA

World Bank bullish on TZ growth prospects

The World Bank is optimistic about the growth prospects of Tanzania’s economy despite worsening global economic conditions. It said in its 19th Tanzania Economic Update launched in Dar es Salaam on Tuesday that the growth rate reached 4.6 per cent in 2022 and is projected to rise to 5.1 per cent this year supported by improving business climate and the implementation of structural reforms. However, Tanzania’s outlook is premised on a favourable global outlook and the government’s timely completion of structural reforms to strengthen the competitiveness of the economy, improve the business and investment environment, and reduce the cost of regulatory compliance.

(The Citizen)

UGANDA

Ugandans transact UgShs520bn on mobile money per day

Bank of Uganda has registered continued growth in the value of mobile transactions hitting UgShs 191 trillion in the 12 months to June which is a 25% increase from Shs 156 trillion in the same period in 2022. The growth in value matches the increase in transaction volumes which during the period grew from 4.76 billion to 5.8 billion or by 22 percent. This, therefore means, that Ugandans on average transacted UgShs 523 billion, which translates to 16 million transactions per day in the 12 months to June. This was, however, a growth from Shs427 billion per day from 13 million transactions in 2022.

(Monitor)

RWANDA

Five major economic highlights in the first six months of 2023

The central bank on September 20 gave insights on how Rwanda’s economy performed in the first six months of 2023, the results of monetary policy decisions taken, and an outlook on performance for the rest of the year. 

• The agriculture sector performed poorly for two consecutive years, owing to bad weather conditions. 
• For the first time, in six years, the insurance sector made an underwriting profit. 
• The central bank took note of commercial banks’ willingness to lend, with new loans approved amounting to Rwf823 billion higher than Rwf586 billion approved during the first half of 2022. 
• In the first six months of 2023, the Rwandan franc depreciated by 8.8 percent against the US dollar due to a mismatch between the supply and demand for dollars to the widening of the trade deficit which was at 23 percent. 
• “Last year, inflation was really challenging, reaching a peak of 21.7 percent in November 2022 and easing from December, as we had projected, we see it going down, though still high, at 12.3 percent in August this year,” said Rwangombwa.

(New Times)

ETHIOPIA

Addis Ababa Chamber of Commerce to host three trade fairs

The Addis Ababa Chamber of Commerce and Sectoral Associations recently announced the schedule for three international trade fairs that will take place in Addis Ababa in the current Ethiopian year. According to Mesenbat Shenkute, the President of the Chamber, the first trade fair, known as the 14th Agriculture and Food Trade Fair, is set to be held from December 7 to 9, 2023. Following that, the second trade fair, the 6th Addis Chamber International Trade Fair, will take place from February 22 to March 7, 2024. Lastly, the 6th Manufacturing and Technology Trade Fair is scheduled for May 23 to 27, 2023. The President emphasised that the Chamber had diligently prepared for these trade fairs, which presented a valuable opportunity to showcase Ethiopia’s business and investment prospects to the global community while fostering business connections.

(2merkato)

SUDAN

Economic analyst: Sudan in ‘depths of economic abyss’

In an interview with Radio Dabanga, economic analyst Kamal Karrar said that the continuation of the war for more than five months caused the country’s overall economic collapse. Civil society activists criticise the acting Ministry of Health’s decision to deal with all pharmaceutical aid coming from abroad. As the exchange rate of the dollar against the pound jumped to more than SDG780 in the parallel market on Monday, while its price in banks reached SDG632, he explained that the war has brought the country to the depths of the economic abyss. On the same day, the Bank of Khartoum announced that free-of-charge money transfers can now be sent from the Kingdom of Saudi Arabia to Sudan using Enjaz Easy. 

(Dabanga)