Business and Economy News Highlights | Africa..

  • Legal awards against the State for contract breaches, unlawful dismissals, lawyers’ fees, human rights violations, and other court disputes hit KES 101.2 billion (approx. USD 930 million) by the end of last year, highlighting the heavy price taxpayers have to pay for unlawful decisions by officials.
  • NMB Bank has won the Safest Bank in Tanzania Award for the year 2020. This is due to its concerted efforts at maintaining stability and profitability amid the global COVID -19 pandemic battle.
  • A global audit firm has pledged to complement the country’s development agenda by supporting the growth of local and international business and investments and creating jobs for the local population.
  • Uganda’s central bank has kept the key policy rate unchanged at seven percent, a stance described by analysts as cautious and guarded amid a looming rise in inflation following the easing of lockdown restrictions.
  • Kenya’s economic activity rebounded in the three months to September from a sharp contraction in the second quarter on progressive re-opening of businesses from July, global economists say, projecting a 1.2 percent full-year growth.
  • Ethiopia has registered a 6.1 percent economic growth during the past fiscal year that ended on July 8, 2020, despite the global pressure posed by the COVID-19 pandemic.
  • Insurance firms have reported a sharp rise in policy cancellations and withdrawals by customers squeezed by the economic fallout from COVID-19, raising fears that many insurers could soon face liquidity challenges.
  • Top Kenyan banks have yielded to the COVID-19 pandemic with grim prospects of weaker profitability, slowed loan book growth, and a surge in the volume of bad loans, signaling reduced dividends for shareholders and reduced corporate tax to the government this year.
  • Private sector firms and banks expect inflation to rise slightly above its one-year low by the end of this month, on the back of increased demand as economic activity picks up following the easing of COVID-19 prevention restrictions.