Trade and Financial Service Round-Up: Issue No. 3 of 2025

Kenya
Moody’s upgrades Kenya’s rating outlook to positive
Moody’s Ratings has changed the Government of Kenya’s outlook from negative to positive and affirmed the local and foreign-currency long-term issuer ratings and foreign-currency senior unsecured debt ratings at Caa1.
The change is driven by the increasing likelihood of Kenya’s liquidity risks easing and debt affordability improving over time. The country’s domestic financing costs have started to decline amid monetary easing and will continue if the government sustains its more effective management of social demand and fiscal consolidation.
(Market Forces Africa)
Uganda
Uganda targets Oman’s $38 billion import market at trade expo
Uganda has set eyes on Oman’s USD 38.5 billion annual import market as it prepares to participate in the East Africa Trade and Investment Expo slated for April 16–17, 2025, in Muscat, Oman. The Expo aims to foster strategic partnerships in trade and investment, innovation and knowledge exchange, and build a long-lasting economic relationship among African countries.
Oman imports goods worth an average of USD 38.5 billion annually. Uganda’s current contribution amounts to about USD 8 million, highlighting a vast opportunity for economic collaboration. Uganda is leveraging its robust agricultural sector, which aligns with Oman’s strategic focus on food security.
The Honorary Consul of the Sultanate of Oman to Uganda, Ingah Atamba Kutesa, has called on the Ugandan business community to take part in the expo and grab the opportunities presented by Oman.
(Trade World News)
Tanzania
Tanzania to reap economic gains as Samia hosts energy summit
Tanzania is poised to gain significant economic benefits after President Samia Suluhu Hassan hosted the African Heads of State Summit on Energy in Dar es Salaam this week. Over 25 African Heads of State, along with key stakeholders in the energy industry, attended the two-day summit to discuss strategies for ensuring reliable, affordable and sustainable energy access across the continent.
The primary goal is to expand energy access to 300 million Africans by 2030. Tanzania stands to benefit from potential collaborations and infrastructure investments in the energy sector. Beyond policy discussions, the summit boosted Tanzania’s economy. Local transport service operators, hotel owners, and vendors benefitted from the influx of delegates during their stay.
(The Citizen)
Rwanda
Rwanda’s fintech growth
Despite its turbulent history, Rwanda has made significant strides in financial inclusion, with over three-quarters of the population now formally included in the financial system. Moreover, nearly 60 per cent of adults utilise more than three financial services, demonstrating a robust demand for financial products and services. The country has also embraced digital payments, with one-third of Rwandans making digital transactions annually.
Fintech companies like ADFinance, MobiCash, and Comza Africa are leading the charge in the country’s digital finance revolution, offering innovative solutions to meet the evolving needs of consumers and businesses.
(The Fintech Times)
Ethiopia
Ethiopia making rapid progress in building inclusive digital infrastructure, economy
Through the implementation of the Digital Ethiopia 2025 Strategy, Ethiopia has reached the critical stage of building an inclusive digital economy and improving government services, Deputy Prime Minister Temesgen Tiruneh stated.
Speaking at the official opening of an exhibition and workshop on Ethiopia’s digital transformation journey at the Science Museum, Temesgen highlighted the country’s ongoing efforts in technological advancements.
The deputy prime minister emphasised that the government’s expansion of critical infrastructure is essential to fostering a digital economy that ensures equitable access for all Ethiopians. He also pointed out the implementation of new legal and operational frameworks that have significantly transformed the digitalisation of government services, enabling faster and more efficient services for citizens.
(Ethiopian News Agency)
South Sudan
South Sudan renewable natural resources potential can promote inclusive economic growth
A new South Sudan Natural Resource Review (NRR) report released by the World Bank reveals that South Sudan has abundant natural resources potential that can be sustainably exploited to promote inclusive economic development. The NRR report is the first to jointly assess three key renewable resources sectors in South Sudan- fisheries, forestry, and wildlife since independence in 2011.
The report provides a comprehensive summary of the status, potentials, challenges, and investment needs in each of the sectors. It highlights that South Sudan’s natural habitats are vast, offering its sparse population a wealth of natural resources. But while approximately 75 per cent of South Sudanese already rely directly on local ecosystems for essentials like food, clean water, and energy, these sectors have a far greater potential to contribute towards national development.
(World Bank Group)
Somalia
China’s livestock import ban poses economic challenges for Somalia
China’s recent ban on livestock and animal product imports from Somalia and other countries has raised alarm bells in Mogadishu, where the economy is heavily reliant on livestock exports. The prohibition, aimed at curbing the spread of diseases like foot-and-mouth disease, has far-reaching implications for Somalia’s trade and pastoralist livelihoods.
Somalia’s economy depends heavily on livestock, which accounts for approximately 70% of exports. In 2023, the country generated nearly $1 billion from the export of camels, cattle, goats, and sheep, primarily to Saudi Arabia. The ban could significantly impact pastoralist communities and the broader economy.
(Hiiraan)