Trade and Financial Services Round-Up

  • 29 May 2023
  • 3 Mins Read
  • 〜 by Kennedy Osore


Economists cut Kenya’s growth outlook

Global economists have marginally downgraded Kenya’s growth outlook for 2023, citing below-average rainfall, and a weakening shilling amid lingering threats of return of anti-government protests. The panellists polled from 14 world-leading banks, consultancies and think tanks projected expansion in economic activities to decelerate for the second year in a row, hurting job opportunities for growing unemployed skilled youth.

They expect the gross domestic product (GDP), a gauge of national economic output, to soften to 4.5 percent, according to their latest consensus growth forecast, slower than 4.7 percent in last month’s outlook report.

(Source: Business Daily)


Dar es Salaam port overtakes Mombasa in new World Bank ranking

Dar es Salaam, Djibouti and Berbera ports have toppled Mombasa in the World Bank’s latest ranking on the most efficient ports, highlighting the competition fears that Kenya has had over Tanzania becoming a preferred route for shippers.

The third edition of the global Container Port Performance Index (CPPI), has ranked the Dar es Salaam port at position 312 in 2022 out of the 348 ports worldwide that were assessed. Mombasa port is positioned at 326, behind the regional peers in eastern Africa.

The ports are ranked based on their efficiency, measured by the elapsed time between when a ship reaches a port to its departure from the berth having completed its cargo exchange.

(Source: The Citizen)


Govt seeks Sh2.2 trillion loan for Greater Kampala roads

The Ugandan government has tabled before Parliament a loan request worth 2.26 trillion Shillings (US Dollars 608.66 million) to upgrade roads in Greater Kampala. Mr. David Bahati, the Minister of State for Trade tabled the loan request during the Wednesday plenary sitting.

The loan is being sought from the World Bank and Agence Francaise de Development (ADB) to finance the Greater Kampala Metropolitan Area Urban Development Programme. Once accessed, the finances will aid the improvement of road infrastructure within Kampala, Wakiso, Mukono and Mpigi, including the municipalities of Entebbe, Kira, Makindye-Ssabagabo, Nansana and Mukono.

(Source: The Independent)


Rwanda and Qatar in bid to build significant capacity to transport people and goods by air

Minister of Finance and Planning Dr. Uzziel Ndagijimana announces that Rwanda and Qatar want to build a significant capacity that will satisfy the African market in the transportation of people and goods by air. Minister Ndagijimana said this on the second day of the Qatar Economic Forum held in Doha, Qatar.

(Source: RBA)


Agricultural products to be recognised as Intellectual Property

A three-year project to develop a legal framework that would protect various agricultural products as intellectual property was launched yesterday. The project is supported by the French Development Agency and will focus on coffee production, which is one of Ethiopia’s main agricultural products.

Tadese Worku, the Chief Executive Officer of Community Knowledge at the Ethiopian Intellectual Property Authority, explained that the project would establish a legal framework which protects the intellectual property rights of crops that bear the name of various Ethiopian localities. This will enable the protection of different products that are mentioned in terms of their quality as intellectual property. The project will also address gaps in the sector, including capacity building and preventing harm caused by counterfeit products.