Kenya

Gen Z Protests Hit Businesses in 25 Counties

Business activity and transport in 25 counties were disrupted on Wednesday as protesters took to the streets to mark the first anniversary of the deadly protests against the Finance Bill, 2024. The disruption was most severe in the Nairobi Central Business District (CBD), where businesses remained closed for the entire day, resulting in significant losses. Police fired tear gas and used water cannons to disperse protesters in the capital and blocked traffic heading into the CBD, the epicentre of the demonstrations.

(Business Daily)

Tanzania

Small-Scale Gold Miners Welcome Levy Reduction to Curb Smuggling, Boost Gold Reserve

Small-scale gold miners have expressed relief following the government’s decision to cut the mineral trading levy from 7% to 4% for those selling directly to the Bank of Tanzania (BoT). The move is expected to boost formal trade, increase earnings for artisanal miners, and support the central bank’s gold purchase target of six tonnes annually, introduced in October 2024. The BoT is offering competitive prices and other incentives to encourage both large- and small-scale miners to sell all their gold to the bank.

(The Citizen)

Uganda

Hold or Sell: Umeme’s Interim Dividend Changes the Market

Umeme shareholders are engaged in a transparent battle, and their frustration is now evident on the Uganda Securities Exchange (USE), where investors are attempting to sell but are met with no buyers.

As of June 24, shareholders had placed 719,600 shares on sale at USh 500 each, worth approximately USh 340 million, but no trades were executed, according to Crested Capital.

The only buyer interest came in at a lower price, with bids for just 82,300 shares at USh 415 per share, highlighting a clear gap between what sellers want and what buyers are willing to pay.

(Daily Monitor)

Rwanda

Kigali’s Proposed Cable Car Transport System Gets $500,000 Boost

The African Development Bank (AfDB) announced on Wednesday, June 25, that it had finalised the approval of a $500,000 grant to undertake a feasibility study for the first phase of a proposed cable car transport network in Kigali. The development, if realised, would be the first aerial urban transit system in Sub-Saharan Africa.

Dubbed the Kigali Urban Cable Car Project, the initiative, valued at $100 million, is a 5.5 km network that would, among other things, ease the capital’s traffic congestion, reduce greenhouse gas emissions, and connect underserved communities to jobs and essential services.

(The New Times) 

Ethiopia

Ethiopia Opens Banking Sector to Foreign Investors Under New NBE Directive

The National Bank of Ethiopia (NBE) has issued a new directive allowing foreign banks and investors to enter the country’s banking sector through subsidiaries, branches, or representative offices. Formally titled Directive No. SBB/94/2025: Requirements for Licensing and Renewal of Banking Business and Representative Office Directive, the regulation also shifts the licensing and supervision of Representative Offices to the NBE for the first time. The NBE anticipates that opening the sector to foreign entrants will boost capital inflows, enhance competition, improve service delivery and efficiency, and promote inclusivity, all of which are expected to deepen Ethiopia’s financial sector and support sustained economic growth.

(National Bank of Ethiopia)

Sudan

Sudan’s Annual Inflation Slowed to 143% in May, Data Shows

Sudan’s annual inflation rate eased to 142.82% in May, the Central Bureau of Statistics said on Monday, as a slight slowdown in the national price index was overshadowed by a massive spike in conflict-ridden North Darfur. While the year-on-year figure remains exceptionally high, the statistics office noted that the monthly inflation rate had declined compared to April. Urban inflation decreased slightly to 146.30% from 147.52% the previous month, while rural inflation saw a more substantial decline to 141.84% from 163.73%.

(Sudan Tribune) 

Somalia

Somalia Launches Centennial Vision 2060 for Economic Development and Peace

Somalia’s President Hassan Sheikh Mohamud officially launched the Centennial Vision 2060 on Monday, a long-term national development plan aimed at transforming the country into a peaceful, inclusive, and economically competitive state by 2060. Speaking at the launch event in Mogadishu, President Mohamud emphasised that Somalia intends to compete with its East African neighbours not through military power, but by focusing on economic growth and development.

(Somali Guardian)