By Melline Myendo The Central Bank of Kenya has defended the shilling that has been depreciating against the dollar since last year. The Central Bank says the shilling’s performance against the dollars has also been reflected by other regional currencies, which were, however, comparably more volatile. CBK says the recent performance of the Shilling may...
By Teresa Welsh USNews Over 40 percent of people in Somalia rely on financial remittances to meet their basic daily needs, but recent action from the U.S. and other countries has hampered the flow of money from relatives and friends abroad. And stopping that flow of millions of dollars in financial support, some say, poses...
Ethiopia and Djibouti have agreed to establish a joint committee to enhance the port and customs services in order to speed up transportation of commodities to Ethiopia. The committee will be made up of experts drawn from the revenues and customs, transport, maritime and logistics services of both countries. Ethiopia’s Director of Ethiopia’s Revenues and...
By Mark Anderson in Shimanyiro Dotted along the narrow path that skirts the edge of Beatrice Alvitsa’s house in Shimanyiro, a green Kenyan valley near the border with Uganda, are dozens of millet plants, each protected by a carefully assembled fence made of sticks. “These keep the chickens and other animals out,” she says, bending...
By Drazen Jorgic NAIROBI, (Reuters) – Most of the major contracts signed by Somalia’s government in the past two years were not tendered competitively and should be renegotiated or scrapped, according to a confidential report by a donor-backed committee that reviewed the deals. Somalia has awarded foreign firms management contracts ranging from port and airport...
WorldRemit, a UK-based startup that is going after the Western Unions and MoneyGrams of the world with a commission-beating online and mobile remittance service, has raised another $100 million — funding that it will use to continue building out its service globally, and specifically in the U.S., where it has laid down roots in Denver....
NAIROBI—Regional carriers Daallo Airlines and Jubba Airways profited independently for years in one of the world’s toughest markets, competing on routes to war-torn Somalia that most avoided. Yet as the guns fall silent, the rivals face a new battle that has pushed them to merge: competition from big international carriers such as Turkish Airlines, Ethiopian...
By Gabe Joselow NAIROBI —Power outages are a fact of life across much of Africa, with the near-daily blackouts affecting rich and poor countries alike. A small business in Nairobi that began as a party supply outfit has expanded to serve restaurants and supermarkets – moving more than a ton of ice a day, while...
By Yohannes Anberbir Economic integration is defined by Investopedia – an authoritative financial dictionary – as an economic arrangement between different regions marked by the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies. The aim of economic integration is to reduce costs for both consumers and producers, as well...
Understanding the risks associated with local corruption, and how to comply with anti-bribery laws such as the UK Bribery Act the US Foreign Corrupt Practices Act (“FCPA”), has become a necessary aspect of doing business internationally. As companies look for opportunities to do business in Africa, the fight against corruption will need to be an...