Africa’s Economy Today

  • 530 million Africans could be without power by 2030, the IEA report says. African countries will need to quadruple their rate of investment in their power sectors for the next two decades to bring reliable electricity to all Africans.   
  • Uganda, DRC hold first-ever business forum. The two countries have over the years had a frosty relationship, but ever since Tshisekedi assumed office in January this year, he has been reaching out to his predecessor’s foes, Uganda inclusive and has already visited the country trice. The two countries are expected to discuss ways of increasing the volume of trade between them.
  • Glovo has partnered with South African restaurant chain News Cafe in a move that seeks to expand the restaurant’s market footprint in the country. The partnership with Glovo will enable the food delivery firm to cater to varied clients within Nairobi.
  • President Edgar Lungu said Zambia is committed to ensuring that debt is contained within sustainable levels through continued austerity measures. Zambia, Africa’s No.2 copper producer, is struggling with high debt levels and shrinking foreign currency reserves.
  • Kenya Commercial Bank Group (KCB), has finished acquiring National Bank of Kenya. Mr. Kairu explained that the KCB- National Bank Bank (NBK) acquisition would allow it to expand into the East African market in its bid to have more of the KCB customers have access to its financial services.
  • The government of Sweden along with the Swedish International Development Cooperation Agency (SIDA) has assured that it will promote long-term development solutions to the economic regeneration of Sudan. Economic assets such as tractors, trailers, threshers, wild level disks, engine oil cartons, tractors’ spare parts etc. were handed over by Sweden to the communities through state governments and relevant government institutions in five states.
  • South Sudan has invited investors to show interest in 14 blocks of newly discovered blocks. Petroleum minister Daniel Awow Chuang said Juba hopes to establish a data room for the blocks in two months, before licensing them on a competitive basis from early 2020.
  • Regional low-cost airline, Jambojet, is set to debut the Rwandan market later this month with plans to operate daily flights from Nairobi. The airline has started selling flight tickets to Nairobi from Kigali in anticipation of its maiden flight this November.