Kenyan Economy Expands at Fastest Pace in Five Years in 2016

Kenyan Economy Expands at Fastest Pace in Five Years in 2016

NAIROBI (Capital Markets in Africa) – Kenya’s economy, East Africa’s largest, expanded at the fastest pace in five years in 2016, boosted by more construction and tourism. Gross domestic product increased 5.8 percent last year, the most since 2011, from a revised 5.7 percent in 2015, Kenya National Bureau of Statistics Director General Zachary Mwangi told reporters Wednesday in Nairobi, the capital. Expansion could have been more robust had it not been for a sluggish…

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World Bank cuts Kenya’s 2017 growth forecast to 5.5 percent

World Bank cuts Kenya’s 2017 growth forecast to 5.5 percent

NAIROBI (Capital Markets in Africa) – The World Bank cut Kenya’s economic growth forecast for this year by half a percentage point on Wednesday to 5.5 percent, citing drought, sluggish private sector credit growth and rising prices of oil. The country is estimated to have expanded by 5.9 percent last year, the highest annual expansion in half a decade. But the outlook has been hit by months of dry weather, that left 2.7 million people in…

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Tanzania’s economic growth slowed by policy uncertainty, credit squeeze

Tanzania’s economic growth slowed by policy uncertainty, credit squeeze

DAR ES SALAAM (Reuters) – Uncertainty over government policies and a slowdown in the private sector cut Tanzania’s gross domestic product growth to an estimated 6.9 percent in 2016 from 7.2 percent the previous year, the World Bank said on Tuesday. Growth is still supported by substantial government investment in infrastructure, including a standard gauge railway, new roads and expanding the ports.  But investors have been unnerved by unpredictable policies from the government of President…

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Kibo Capital invests in I&M Bank Rwanda

Kibo Capital invests in I&M Bank Rwanda

KIGALI (Capital Markets in Africa) – Kibo Capital Partners, a manager of regional private equity funds, today announced an investment by Kibo II in I&M Bank Rwanda, the oldest and one of the most profitable banks in Rwanda.  “Our investment in I&M Rwanda (IMR) builds on a long relationship between Kibo and with I&M Bank. Investing in IMR allows Kibo to support a market leading bank to expand further in one of the Sub-Saharan Africa’s…

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Kenyan Opposition Choice of Odinga May Weaken Presidency Bid

Kenyan Opposition Choice of Odinga May Weaken Presidency Bid

NAIROBI (Capital Markets in Africa) – The emergence of former Kenyan Prime Minister Raila Odinga, who’s lost three presidential votes, as the opposition’s favored candidate may diminish its chances of unseating Uhuru Kenyatta in elections in August. Odinga, 72, is backed by most members of a technical committee appointed by the opposition National Super Alliance to pick a presidential candidate, a spokesman for the party said by mobile-phone text message on Thursday. The Nairobi-based Standard newspaper reported earlier that Odinga’s…

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IMF Sees Ugandan Growth Rebound in 2017-18 on Infrastructure

IMF Sees Ugandan Growth Rebound in 2017-18 on Infrastructure

KAMPALA (Capital Markets in Africa) – Economic growth in Uganda may accelerate in the coming fiscal year, underpinned by government spending on infrastructure and an anticipated recovery in lending to the private sector, according to the International Monetary Fund. The growth rate may increase to 5.5 percent in the 12 months through June 2018, compared with an estimated 4.5 percent this year and 4.8 percent in the prior 12-month period, Clara Mira, IMF’s resident representative…

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Kenyan Inflation Jumps to Five-Year High as Drought Bites

Kenyan Inflation Jumps to Five-Year High as Drought Bites

NAIROBI (Capital  Markets in Africa) -Kenya’s annual inflation rate accelerated to its highest level in almost five years as an ongoing drought compounds price pressures. Consumer prices surged 10.3 percent in March from 9 percent in February, the Kenya National Bureau of Statistics said in a statement emailed from the capital, Nairobi, when they broke through the Central Bank of Kenya’s 7.5 percent ceiling. The rate is the highest since June 2012 when inflation registered at…

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