Economy and Business News in Africa This Week

  • Workers and businesses can file their returns and pay taxes through their mobile phones after the Kenya Revenue Authority launched an app for accessing its services in the race to ease duty payments and boost collection. https://bit.ly/2ZzSVvO
  • The National Bank of Rwanda has released a half-year Monetary Policy and Financial Stability Statement 2020, which looks promising in the financial sector despite multi-sectoral shocks due to COVID-19. https://bit.ly/3iuToH5
  • Ministry of Supply and Internal Trade announced, Wednesday, the establishment of a commodity exchange management company, which would work to organize the process of trading various food and consumer goods between producers and traders. https://bit.ly/2Fz7etg
  • Africa’s largest retailer Shoprite Holdings said on Tuesday it expected to close or dispose of its remaining two stores in Kenya in the year ahead, leaving the country after opening its first store there more than two years ago. https://bit.ly/3bTKYqf
  • The real estate sector is likely to see an increase in supply heading into 2021 as developers and occupiers look to liquidate their property to raise funds to keep their businesses afloat, potentially depressing selling prices further. https://bit.ly/2RqGCNG
  • Real-time bank transfers of more than KES 1 million (approx. USD  9,227.65) recovered from a 26-month low to touch a new monthly record in July as authorities started easing COVID-19 trade and travel restrictions. https://bit.ly/3bYIbfa
  • Centum Investment Company is selling land and property valued at KES 12 billion (approx. USD 110 million) to reduce its exposure to the real estate market which has risen to represent 65 percent of its total assets in the year ended March. https://bit.ly/2FuXyjV