Kenya

Kenya’s new food tax risks trade spat with Tanzania

A new food import levy imposed by Kenya’s crops regulator risks triggering a fresh standoff between Kenya and Tanzania amid protests by traders.

The 2% levy on the customs value of cereals and legumes entering Kenya, introduced by the Agriculture and Food Authority (AFA) this week, will see traders pay an extra Ksh20,000 per truckload of maize and Ksh50,000 for rice.

(Source: Business Daily)

Tanzania

Tanzania gets first Shariah-compliant investment scheme

Tanzania’s capital markets welcomed a new addition yesterday with the launch of the Alpha Halal Fund, a Shariah-compliant collective investment scheme introduced by Alpha Capital-Tanzania, a brokerage firm and fund manager.

The fund aims to provide investors with ethical investment opportunities that adhere strictly to Islamic law. Targeting equities, Shariah-compliant listed funds and other permissible investments, Alpha Capital-Tanzania seeks to diversify the investment landscape through this new offering.

(Source: The Citizen)

Uganda

MTN Uganda unveils second phase of MTN Changemakers

This new phase will see an investment of Ksh500 million, dedicated to supporting 25 new projects in 20 districts in various regions, including Kampala, Buganda, Bunyoro, Toro, Ankole, Kigezi, West Nile, Lango, Acholi, Karamoja, Teso, Elgon, North Bukedi, and Busoga, building upon the success of the first phase.

The MTN Changemakers initiative, which began in July last year, embodies MTN Uganda’s deep commitment to uplifting and empowering communities in alignment with its Ambition 2025 Strategy. The initiative aims to identify and support exceptional individuals and groups making significant contributions to their communities, creating a ripple effect of progress and development.

In the first phase, the MTN Foundation invested Ksh500 million, benefiting 25 projects across five regions in Uganda and impacting the lives of 165,000 people. The MTN Foundation’s investment in the second phase will focus on expanding impact in key areas: economic empowerment, education, health, water, and the environment.

This commitment aligns with the United Nations Sustainable Development Goals (SDGs), specifically SDG 3 (Good Health and Well-being), SDG 4 (Quality Education), SDG 6 (Clean Water and Sanitation), SDG 8 (Decent Work and Economic Growth), and SDG 10 (Reduced Inequalities).

(Source: Daily News)

Rwanda

MTN blames half-year earnings loss on zero rating rules

MTN Rwanda Plc’s profit after tax fell by 307.1% in the first half of 2024 to a loss of Rwf10.5 billion, despite posting a 7.5% growth in total subscriber base to 7.5 million in the same period.

Rwanda’s leading telecommunications firm said in its latest financial statement that this was due to increased depreciation and pressures on earnings before interest, taxes, depreciation, and amortisation (EBITDA).

According to the firm, EBITDA, a metric for earnings from core operations, decreased by 29% year-on-year to Rwf39 billion in H1, while EBITDA margin, which reflects profitability from core operations as a percentage of revenue, decreased by 13.8 percentage points to 31.3%.

MTN Rwanda also blamed the dip on the zero-rating of local mobile termination rates (MTR) directive implemented by the Rwanda Utility and Regulatory Authority (RURA) in August 2023.

(Source: The New Times)

Ethiopia

Safaricom Ethiopia appreciates government institutions’ support for achievements

Safaricom Telecommunications Ethiopia CEO Wim Vanhelleputte appreciated government institutions for their support in registering the achievements which would have never been possible without their collaboration.

The CEO told ENA that “the company’s commercial services would have never been possible without the support and collaboration of the government institutions in the country.”

The company has reached almost half of the Ethiopian population with its 4G mobile internet services in about two years after launching commercial operations in October 2022 with about 1,000 telecom towers; it has tripled the number of telecom towers. Vanhelleputte added, “That means we are providing 4G mobile internet data services to almost 50% of the population (of Ethiopia).”

(Source: ENA)

Sudan

Prices soar in Khartoum State amid resurging violence

A resurgence of violence and shelling in Khartoum State, following two months of relative calm, has led to a further rise in the prices of consumer goods, as demand far outstrips logistical supply streams, already erratic since the outbreak of the war.

Callers from Khartoum complained of an unprecedented rise in the prices of consumer goods. “The prices of consumer goods have increased and gone through the roof,” said Aisha El Khair, who lives in the El Salama neighbourhood in southern Khartoum. A sack of sugar sells for SDG180,000 and a sack of flour for SDG70,000. A kilogramme of lamb costs SDG18,000, while veal costs SDG12,000.

Callers from Ombada and Dar Ael Salam neighbourhoods in Omdurman echoed the concerns of their Khartoum neighbours, saying that the increase in prices is a direct result of the battles that took place in El Mohandessin and El Mansoura in the past few days.

(Source: Radio Dabanga)