Kenya  

Regulator Extends Kenya Pipeline IPO as Firm Struggles to Hit Sale Target  

Kenya Pipeline Company’s (KPC) initial offering has been extended by three days as the State-owned firm struggles to meet its KSh106.3 billion sale target. The Capital Markets Authority (CMA) approved extending the offer, initially set to close today, to Tuesday, February 24, 2026, at 5 pm.  

Multiple top stockbrokers and investment banks say they have struggled to sell shares of the State oil pipeline company, especially among high-net-worth investors who have expressed interest but have not made payments.  

(Source: Daily Nation)  

Tanzania  

BoT Nears 20-Tonne Gold Reserve Target 18 Months Early  

The Bank of Tanzania (BoT) is on the verge of reaching its 20-tonne gold reserve target nearly 18 months ahead of schedule, marking a significant milestone in the country’s reserve diversification strategy.  

BoT Governor Emmanuel Tutuba said in a local radio interview that as of February 15, gold holdings had climbed to 19.3 tonnes. The target, originally projected to be achieved within three years, is now expected to be met in just one and a half years.  

(Source: The Citizen)   

Uganda  

Transition to Oil Production Could be Risky, Warns BoU  

The transition to commercial oil production offers major economic promise, but also carries significant risks if poorly managed, Bank of Uganda Deputy Governor Augustus Nuwagaba has warned. 

Uganda confirmed the discovery of crude oil reserves in 2006 in the Lake Albert Basin, and the country’s petroleum resource base has since grown from an estimated 3.5 billion barrels to about 6.58 billion barrels, of which approximately 1.65 billion barrels are recoverable. Gas resources are estimated at 600 billion cubic feet. Commercial oil production is expected to begin in late 2026. At peak production, projected at 230,000 barrels per day, Uganda could earn billions of dollars in export revenues.  

(Source: Monitor)  

Rwanda  

Central Bank Reaffirms Validity of Coins Amid Public Complaints  

The National Bank of Rwanda (BNR) has raised concern over the growing reluctance by some businesses to accept low-denomination coins, reiterating that all coins remain legal tender.  

The issue came to light during the Monetary Policy Committee and Financial Stability Committee press conference held on Thursday, February 19, where a journalist highlighted complaints from citizens who say certain merchants are refusing to accept smaller coins.  

According to the concerns raised, some businesses decline Rwf20 coins when customers pay in cash. For example, when a buyer needs to pay Rwf1,170, merchants reportedly reject the Rwf20 coin and instead request Rwf50. In some cases, even when customers provide Rwf50 instead of Rwf20, sellers fail to return the remaining change, leaving buyers at a loss.  

(Source: The New Times)  

Ethiopia  

UK Trade Envoy Baroness Ramsey Highlights Interest in Ethiopia’s Reform-Driven Economy  

Baroness Jane Ramsey, UK Trade Envoy to the Horn of Africa, held discussions with Semereta Sewasew and senior officials from the Ministry of Finance regarding Ethiopia’s ongoing economic reforms and opportunities for UK investment, according to the Ministry of Finance’s social media post.  

During the discussion, Sewasew highlighted Ethiopia’s progress, including single-digit inflation, robust economic growth, improved tax revenues, higher export earnings, and higher foreign exchange reserves, all achieved through comprehensive fiscal, monetary, and financial sector reforms.  

Baroness Ramsey acknowledged these achievements, noting reforms that facilitated support from the World Bank and agreements with Gridworks to advance green energy transmission, followed by the Tulu Kapi gold mining project.  

(Source: ENA)  

Somalia  

Minister of Ports Commends Cabinet for Ratifying Critical IMO Maritime Safety Conventions  

The Minister of Ports and Marine Transport of the Federal Government of Somalia, H.E. Abdulkadir Mohamed Nur, has formally welcomed the Council of Ministers’ decision to approve a series of vital International Maritime Organisation (IMO) conventions. The Minister described the move as a decisive step toward modernising the nation’s maritime legal framework and integrating Somalia into the global shipping community.  

 In a statement released following the Cabinet meeting, Minister Nur expressed his sincere appreciation to the government for prioritising these agreements. He highlighted that the ratification of the Convention on the International Regulations for Preventing Collisions at Sea (1972), the 1992 International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, and the 1990 International Convention on Oil Pollution Preparedness, Response and Co-operation will fundamentally reshape how Somalia manages its territorial waters.  

(Source: SONNA)