Trade and Financial Services Round Up

  • 23 Aug 2024
  • 3 Mins Read
  • 〜 by Anne Ndungu

Kenya

State reduces cut on sugarcane prices amid farmers’ boycott threats

The State has now set the national average price of sugarcane delivered to millers at KSh5,000 per tonne for August, walking back on an earlier chopped rate of KSh4,950 and hoping to tame disquiet among farmers.

However, the new pay rate is still lower than the KSh5,125 that farmers earned for a tonne of sugarcane supplied in June and remains the lowest since the start of the year. In February, a tonne of sugarcane was priced at KSh6,100, which means that the cost of the raw material has fallen by 18.03% over the six months to August.

(Business Daily)

Tanzania 

What Uganda’s oil importation via Dar port means for Tanzania

A decision by Uganda to start importing its oil via the Port of Dar es Salaam is good and one that will significantly boost the profile of Tanzania’s main sea gateway, players in the transport and logistics industry said yesterday. Traditionally, Uganda has been receiving its oil via Kenya’s oil market companies, with Mombasa being the key entry point. But in a move that sought to assure Ugandans of cheaper fuel in the future and quick supply, Uganda last year enacted the Petroleum Supply (Amendment) Act, 2023, empowering Uganda National Oil Company (UNOC) as the sole importer.

(The Citizen)

Uganda

Uganda in negotiations for regional internet satellite

Uganda and other East Africa partner states are currently engaged in negotiations to establish a regional satellite that would offer internet connectivity and data transmission services, particularly in areas where optical fibre networks are scarce or non-existent.

It is intended to complement other sources of internet-optical fibre in areas where private technology firms cannot afford to roll out their infrastructure, such as across water bodies and in hard-to-reach areas with few potential customers. 

(The Monitor)

Rwanda 

Rwanda expresses interest in joining Kenya-EU economic partnership deal

Rwanda has expressed interest in joining Kenya’s Economic Partnership Agreement (EPA) with the European Union (EU), a top official said, becoming the first partner State of the East African Community (EAC) to do so. Ambassador Henriette Geiger, the Head of the EU delegation in Kenya, on Tuesday, said that Rwanda had signalled its intention to join the deal. The EPA, which took effect last month, gives products from Kenya duty-free access to the 27 countries in the EU.

(Business Daily)

South Sudan 

South Sudan says compulsory cargo tagging to stay

South Sudan says exporters of cargo into or out of its territory must tag it with special seals it will provide, overriding a court challenge mounted by traders to oppose the move.

The new directive came five months after Kenyan clearing and forwarding agents moved to court to compel South Sudan authorities to suspend the introduction of a second cargo tracking seal. Now, Juba has directed East African countries to comply with immediate effect.

(The East African)

Ethiopia

Ethiopian Electric Power and Kurmuk Gold Mine sign a 12-year agreement for power supply

Ethiopian Electric Power (EEP) has signed an agreement with Kurmuk Gold Mine Private Limited Company (Kurmuk PLC) to supply electricity for the mining company’s operations. The agreement was formalised in a signing ceremony attended by EEP’s Chief Executive Officer, Engineer Ashebr Balcha, and the General Manager of Kurmuk PLC, Broks Worku.

(2Merkato)

Somalia

Turkey to begin oil exploration in Somalia

Turkey is set to dispatch the research vessel Oruc Reis to explore oil blocks in the Somali Sea next month, according to Bloomberg. This initiative is part of Turkey’s broader strategy to tap into Somalia’s rich energy reserves, a move that could reshape the regional energy landscape. Mohamed Hashi, the director of Somalia’s Ministry of Petroleum, confirmed Turkey’s intentions, emphasising that this exploration is a crucial step in strengthening bilateral ties and enhancing Turkey’s foothold in Africa. The exploration mission aligns with Turkey’s ongoing efforts to secure energy independence and expand its geopolitical influence.

(Radio Dalsan)