Kenya

Kenya Power resumes dividends with Ksh 30B profit

Kenya Power and Lighting Company(KPLC) has resumed paying dividends after a six-year hiatus, following a net profit of Ksh 30.08 billion in the year ended June. The electricity distributor will pay a dividend of Ksh 0.70 per share, amounting to a total of Ksh 1.3 billion, marking a recovery from last year’s net loss of Ksh 31.9 billion. Additionally, the firm has ended a Ksh 25.1 billion repayment moratorium on loans from international development partners provided through the Treasury. The loan will be repaid in quarterly installments of Ksh 3 billion over the year ending June 2025.

(Business Daily ) 

Tanzania

Tanzania urges gold miners to ramp up production amid surging global prices

Tanzania’s government is urging gold producers to boost production levels in response to high global gold prices. Minerals permanent secretary Yahya Samamba urged miners to increase output, aiming to increase the country’s annual gold output from 55 tonnes to at least 70 tonnes. Gold prices have surged over 60%  within the past year, prices reaching $2,750 per ounce. The demand is driven by global economic factors including the US Federal Reserve’s recent interest rate cut, geopolitical tensions in the Middle East, and uncertainty surrounding the US presidential election leading to investor shifts toward gold.

(The Citizen) 

Uganda

EACOP partners seek additional funds as Western banks withhold financing amid climate pressure

Partners in the $5 billion East African Crude Oil Pipeline (EACOP) project are injecting additional funds to keep it moving forward as debt financing remains elusive, according to Uganda’s Energy Minister Ruth Nankabirwa. Recently, Ms Nankabirwa travelled to Beijing to engage potential Chinese funders, following commitments from six Western banks, including BNP Paribas and Barclays, not to finance the project amid climate pressure. EACOP, which links Uganda’s oilfields to Tanzania’s Tanga port, is part of a broader $15 billion energy plan by Total Energies, China’s CNOOC, and other partners to develop the Kingfisher and Tilenga oil fields near Lake Albert.

(The East African)

Ethiopia

IFC to invest Ksh 2.58B in Abyssinia group 

The International Finance Corporation (IFC) plans to invest Ksh 2.58 billion in Abyssinia Group of Industries (AGI) to expand its production capacity in Ethiopia and Kenya and strengthen its working capital. The funding is part of a Ksh 7.74 billion ($60 million) project aimed at reducing carbon emissions and enhancing supply chain control through backward integration. Backward integration involves a company acquiring or merging with another that supplies its products. This carbon reduction initiative will be implemented at AGI’s steel plants in Bishoftu, Ethiopia, and Mariakani, Kenya.

(Business Daily) 

Rwanda

Rwanda launches first agricultural export consignment to Ghana under AfCFTA

On Wednesday, October 29, Rwanda launched its first consignment of agricultural products under the African Continental Free Trade Agreement (AfCFTA) in the Ghanaian market. The shipment, transported by national carrier RwandAir on September 25, included 400 kilos of tea, 400 kilos of coffee, 100 litres of edible avocado oil, and 50 litres of honey. The tea was sourced from Rwanda Mountain Tea and Silverback Tea, with each contributing 200 kilos of premium organic tea. The coffee came from Pedro’s Coffee and Igire Coffee, each supplying 200 kilos of specialty Arabica coffee. Avocare Limited provided avocado oil, while the honey, described as pure natural and wildflower honey, was produced by Boukhi Honey.

(The New Times)

Somalia

Türkiye’s oil and gas exploration in Somalia hailed as ‘game changer’

Somalia’s Energy Minister Alparslan Bayraktar called Türkiye’s onshore and offshore oil and gas exploration in Somalia a “game changer,” noting the potential for future involvement by international companies. Last week, the Turkish research vessel Oruç Reis arrived in Somalia to conduct seismic surveys following an agreement between the Turkish Petroleum Corporation (TPAO) and the Somali Petroleum Authority for onshore exploration. Mr. Bayraktar stated that Türkiye’s seismic studies could benefit American companies with licences in Somalia, emphasising that both Türkiye and Somalia welcome international collaboration in this pioneering initiative.

(Hurriyet Daily News)