Kenya

The burden of beauty: Wigs, false beards and eyebrows hit with 5pc tax

Millions of consumers of beauty products such as wigs and false beards and eyebrows in the country could pay more for the items if the proposal to introduce a five percent excise duty on their value is adopted.

The Finance Bill 2023 is also seeking to introduce a tax on human hair, eyelashes, switches and artificial nails in a move that will raise the prices of these beauty products whose usage is on the rise. Proposed new taxes introduced include Sh100,000 per metric tonne of imported fish or 20 percent of the value, whichever is higher.

(Business Daily)

Tanzania

Tanzania’s CRDB Bank gets licence to operate in DR Congo

CRDB Bank Plc said yesterday that it has finally secured a licence to operate in the Democratic Republic of the Congo (DRC), expanding its foothold in the East African Community region. DR Congo is the newest member of the EAC. CRDB already operates in Burundi.

DRC’s central bank, known in French as Banque Centrale du Congo (BCC), granted the licence to CRDB Bank during a special meeting between its management and that of the delegation of CRDB Bank Plc, led by chief finance officer, Mr Fredrick Nshekanabo.

CRDB Bank Plc said in a statement that upon granting the licence, the First Vice Governor of the BCC, Dieudonné Fikiri Alimasi, congratulated the CRDB Bank for the step, saying that it will boost competition in the delivery of financial services in the DRC.

(The Daily News)

Uganda

Uganda to post stronger growth than Kenya, South Sudan, says IMF

Uganda is expected to post stronger growth compared to Kenya, two of East Africa’s largest economies, according to the International Monetary Fund (IMF).

The growth, despite the presence of a number of economic challenges, will be higher than many sub-Saharan African countries, many of which are still struggling with Covid-19-related effects, debt repayment, a slowdown in the global economy and disruption of the global supply chain.

Details released by the IMF indicate that Uganda will grow at 5.7 percent in 2024, which is slightly higher than Kenya’s 5.4 percent and South Sudan’s 4.6 percent.

 (The Daily Monitor)

Rwanda

Access to Finance Rwanda launch report on gendered social norms, financial inclusion

Access to Finance Rwanda (AFR) has launched a report titled “Gendered Social Norms Diagnostic and their Impact on Women’s Financial Inclusion in Rwanda.” The new report aims to show how social norms impact women entrepreneurs’ financial inclusion compared to their male counterparts and suggest ways financial services and delivery channels can be designed to enhance women’s financial inclusion.

It was unveiled at an event held at Marriott Kigali, on May 3, as part of AFR’s LEAD (Learn, Engage, Act, and Develop) series themed: “Breaking Gendered Social Norms Restricting Women’s Financial Inclusion.” The report explored four widely held social norms affecting women entrepreneurs: prioritizing family over the business; relying on family for financial support instead of financial service providers; not having financial privacy from their spouse or male household member; and men as better managers of finances.

The report found that social norms influence market actors’ behaviour, driving women’s financial inclusion or exclusion and that women entrepreneurs’ ability to grow their businesses is constrained by gender norms.

(The New Times)

Ethiopia

Mekelle dry port, terminal resume services

Ethiopian Shipping and Logistics Service Enterprise disclosed that Mekelle dry port and terminal has returned to normal service. The Mekelle dry port and terminal had been out of operation for the last two years due to the conflict in Northern Ethiopia.

It is to be recalled that several economic and social service-providing institutions have been resuming services following the peace agreement signed between the government of Ethiopia and TPLF in Pretoria. Accordingly, Mekelle dry port and terminal has returned to normal service as of today, according to the Ethiopian Shipping and Logistics Services Enterprise.  

(ENA)

Sudan

FEWS NET: Millions of Sudanese face critical shortages of food and water

The fierce fighting between the Sudanese army and the paramilitary Rapid Support Forces (RSF) that erupted in Khartoum and various other places in the country on April 15 has led to a rapid deterioration in food security conditions, the Famine Early Warning Systems Network (FEWS NET) reported on Friday.

The war ongoing conflict that erupted on April 15 following the breakdown of security sector reform negotiations between the Commander-in-Chief of the Sudanese army, Lt Gen Abdelfattah El Burhan and the leader of the paramilitary Rapid Support Forces (RSF), Mohamed ‘Hemedti’ Dagalo has caused a “swift and unanticipated disruption to trade and market functionality, household mobility, humanitarian assistance, and basic service provision,” FEWS NET* states.

(Dabanga Sudan)

Somalia

Somalia and European Union sign new cooperation agreement

The Federal Government of Somalia has signed a new agreement with the European Union aimed at fostering cooperation between the two sides. The agreement was signed during a meeting between Prime Minister Hamse Abdi Barre and EU officials in Mogadishu.

The new agreement highlights the commitment of both the European Union and Somalia to work together towards common goals. It focuses on several areas, including peace and security, governance and human rights, climate change and environmental protection, trade and investment, and migration and mobility.

(Radio Dalsan)