Kenya

MPC cuts key rate to 10.75% to spur growth

The Monetary Policy Committee (MPC) of the Central Bank of Kenya (CBK) decided to lower the Central Bank Rate (CBR) by 50 basis points to 10.75 percent from the previous 11.25 percent. This move is aimed at supporting economic activity and maintaining exchange rate stability. Additionally, the MPC reduced the Cash Reserve Ratio (CRR) by 100 basis points to 3.25 percent from 4.25 percent to further complement the reduction of the CBR and aid in the lowering of lending rates.

(Business Daily) 

Uganda

Nine finance officials held over Ugandan Shs 50 billion in BoU digital heist

Nine Ministry of Finance officials, including the Accountant General, Lawrence Semakula, were summoned and detained by the Police Criminal Investigations Directorate in connection to a heist, which saw Ugandan Shs 53 billion wired from the Bank of Uganda. Other arrested officials include Acting Director of Treasury Services and Asset Management  Jenniffer Muhuruzi, Mubarak Nansaba, Commissioner, Treasury Service Department Judith Ashaba and Deborah Dorothy Kusiima, a senior accountant in the Treasury Services.

(Daily Monitor)

Tanzania

Tuma Ventures secures payment system provider licence in Tanzania

Tuma Ventures Limited has secured a licence as a Payments System Provider (PSP) by the Bank of Tanzania. The licence will enable Tuma to offer real-time payment processing for merchants, mobile wallet solutions, and float management for other fintech companies.

(The Citizen)

Rwanda

Gov’t increases spending in revised 2024/25 budget by Rwf126bn

The Rwandan government has proposed to raise the annual national budget from Rwf5,690.1 billion that was approved by Parliament in June 2024 to Rwf5,816.4 billion, an increase of Rwf126.3 billion. Minister of Finance and Economic Planning, Yusuf Murangwa, announced on Wednesday, January 5, during his speech of the revised budget proposal to Parliament.

(The New Times)

Ethiopia

Trade Ministry re-authors directive to end salt market monopoly

Trade officials have issued a directive permitting the operation of salt processing plants outside of the Afar Regional State in a bid to undo the disastrous consequences brought on by another directive from 2023. The directive approved by Kassahun Gofe, Minister of Trade and Regional Integration, replaces one introduced under the administration of his predecessor, Gebremeskel Challa.

Minister Challa’s directive prohibited the operation of salt processing plants outside Afar and obligated processors to treat industrial salt with naphthalene.

(The Reporter)

Sudan 

Sudan approves austerity budget as war drains economy

Sudan’s government  approved a 2025 budget focused on funding the war effort and essential services, as conflict with the Rapid Support Forces (RSF) has ravaged the economy and displaced millions. The budget, passed by a joint meeting of the Sovereign Council and the Council of Ministers, comes as Sudan grapples with the loss of 80% of State revenue and a projected 40% economic contraction due to the ongoing conflict.

(Sudan Tribune)

Somalia

Somalia’s leader meets Tanzanian president

Somalia’s President Hassan Sheikh Mohamud on Thursday met Tanzanian President Samia Suluhu Hassan in Dar es Salam for talks on advancing bilateral relations, his office said. “The two leaders held substantive talks on advancing the Somalia-Tanzania Strategic Alliance, deepening bilateral ties, and fostering people-to-people relations,” Villa Somalia said in a statement.

The two governments signed agreements to bolster cooperation in key sectors, reflecting a shared commitment to mutual growth and regional stability. Somalia values its historic ties with Tanzania and remains committed to strengthening partnerships that drive progress and prosperity.

(Somali Guardian)