KENYA

Shilling wipes out Sh13bn payout to foreign investors

The sharp depreciation of the Kenyan shilling against the dollar has hit foreign-owned firms and investors with steep exchange losses on expatriated dividends and profits, threatening Kenya’s position as a preferred investment destination.

An analysis of dividend repatriation across 13 listed companies shows that foreign investors have taken a Sh13 billion haircut on currency depreciation alone.

Investors lost the billions as a result of buying the hard currency from the local market to send money abroad, negating most of the year-on-year gains they may have enjoyed in shipping terms.

A challenging economy has also forced some of the larger companies at the Nairobi Securities Exchange (NSE) such as Safaricom and East African Breweries (EABL) to cut the actual dividend payouts this year compared to 2022, further deepening the year-on-year hit on repatriated payouts.

(BusinessDaily)

TANZANIA

Public institutions told to join Government Enterprise Service Bus

The e-Government Authority (e-GA) over the weekend urged public institutions to join the Government Enterprise Service Bus (GovESB) that will enable them to communicate and exchange information digitally.

e-GA corporate communication manager Subira Kaswaga said the benefits of the system include, increasing the institutions’ efficiency, saving operational costs and time.

She said at a press conference in Mbeya over the weekend that the system would also provide a room for institutions to deliver services on time. Ms Kaswaga was speaking at the Farmers Week Exhibition, whose climax is today.

“This system (GovESB) is inclusive and enables public institutions to integrate their Information and Communication Technology (ICT) systems.

(the citizen)

UGANDA

African leaders push for ban on unprocessed coffee exports

Leaders from coffee-producing countries in Africa are formulating strategies to halt the export of raw coffee beans. This initiative is aimed at elevating the income of farmers and curtailing the exploitation perpetuated by Western nations.

The proposal emerged during the second meeting of the G-25 African Coffee Summit, held in Munyonyo on Tuesday. All participants at the summit unanimously emphasized that for Africa to capitalize on the lucrative coffee industry, the continent’s producing nations must assume control and dominance within the market.

While opening the summit, President Yoweri Museveni presented statistics demonstrating that even though Africa contributes a significant portion of coffee to the global market, the producing countries reaped the least benefits from the coffee economy.

(the independent)

ETHIOPIA

Commission signs agreement with China’s CCECC to invest in Jimma Industrial Park

Higher officials from the Commission, Industrial Parks Development Corporation and the Embassy of China visited Jimma Industrial Park on Wednesday.  

Jimma Industrial Park is one of the public-owned industrial parks that is intended to host multi-sector investment projects and is accessible to both domestic and foreign businesses.

During the occasion, the Ethiopian Investment Commission has signed an agreement with China CCECC to invest in the  Park. 

According to the agreement, CCECC will screen and process the raw coffee and export it to international markets. This project aims to catalyze the transformation of the sector and provide decent jobs, the commission indicated.  

(ena.et)