East Africa recorded the continent’s best economic performance in 2017, with a GDP growth of 5.9 per cent — above the continental average of 3.6 per cent.
This growth was achieved in a year that saw the region’s economic fortunes dip, as several companies keen to lower costs and post profits turned to staff cuts. Read more. Source | East African
Nairobi will later this month hold a forum on how to accelerate industrialization in East Africa through the academia and private sector partnership. The forum seeks to explore the status and potential in utilizing opportunities brought about by regional integration protocols of the East African Community (EAC).
The Inter-University Council for East Africa (IUCEA), the East African Business Council (EABC), the East African Development Bank (EADB) and the East African Science and Technology Commission (Easteco) will jointly organize the two-day event. Read more. Source | The Citizen
Clearance at Kenya’s borders with its neighbours will be eased with the operationalisation of five modern one-stop border posts. Transport Cabinet Secretary James Macharia said this is in line with the government’s commitment to the improvement of regional transport infrastructure, which remains a key priority to all East Africa Community states.
It will also help deepen policy integration and reduce barriers to trade in the region. Read more. Source | Daily Nation
Coffee prices at the weekly Nairobi auction have risen 75 per cent since the first sale of the year following an increase in high quality beans. The average price of a 50-kilo bag rose to a high of Sh38,784 in Tuesday’s auction from Sh22,119 in the first sale of this year.
The value of the Kenyan coffee has been consistently on the rise since the beginning of the year with Nairobi Coffee Exchange (NCE) saying the series of good prices should continue up to next month. Read more. Source | Daily Nation
The manufacturing pillar must revolve around minimising post-harvest losses and utilising local resources through value addition at county level. Everything has a value if people are willing to find a way to make it useful through value addition.
But although value addition has become a buzzword in this part of the world, few realise that local farmers can play a major role towards the development of the manufacturing industry by simple value addition exercise on the locally available produce and resources around them or further upgrading of their cottage industries. Read more. Source | Business Daily
Kenya will next month waive duty to allow millers to import maize from Uganda and Tanzania. Kenyan traders imported more than 77,500 tonnes of maize worth $31.2 million since January from its neighbours. This is the highest amount of imports in the past five years as drought and the effects of the fall armyworm manifest in the country’s staple.
Outgoing Agriculture Cabinet Secretary Willy Bett said that the government would, through the Foreign Affairs Ministry, formalise importation of maize. Read more. Source | East Africa
The East African Community member states’ appreciation of rail transport has increased, a trend experts think is good for doing business because it reduces on time.This trend, according to the experts, does not only ease doing business in the region but also it is cost effective because of its turnaround.
Latest report from the Kenya Ports Authority (KPA) published this month shows that containers delivered up-country by rail from the Port of Mombasa recorded 671 twenty-foot equivalent unit (TEUs) registering an increase of 233 TEUs compared to the previous week. Read more. Source | Daily Monitor
Kenya is placing a big bet on hermetic storage bags, one of the oldest forms of food preservation in the world, to reduce post-harvest losses which claim up to 30 per cent of annual maize production. Hermetic bags are designed to insulate cereals from heat, air and moisture. The airtight bags deplete oxygen, thereby getting rid of insects without use of pesticides.
Data produced by the United States International Agency (USAID) shows about 1.5 million hermetic bags had been sold in Kenya by end of 2017 following a nationwide campaign by agriculture ministry to popularize the bags among small scale farmers. Read more. Source | Daily Nation
Kenya has been ranked 112 globally on macroeconomic stability, institutional strength, openness and human capital and remains behind 11 other African countries.
Mauritius, Botswana and Rwanda are the top-most in Africa in terms of future growth promise on account of the measured indicators, according to a newly released report by audit and financial advisory firm KPMG titled Growth Promise 2018. Read more. Source | East African
Kenya AGOA stakeholders set target of doubling 2016 value of AGOA exports to the United States by 2025
The United States Agency for International Development (USAID) Hub in east Africa and the Kenyan ministry of industry, trade and cooperatives recently joined Kenya’s private sector to review and validate a new Kenya National African Growth and Opportunity Act (AGOA) strategy that aims to double its 2016 figure of exports to the United States by 2025.
Kenya nearly doubled its exports to the United States under AGOA from $225 million in 2010 to $389 million in 2016. Apparel is mainly exported under AGOA. Read more. Source | Fibre to Fashion