Author: David Indeje

The East African Community Heads of States have agreed to engage with the European Union on the Economic Partnership Agreement “In the next four months”. According to the 20th Ordinary Summit of Heads of State of the East African Community joint communique on Friday, the summit received President Yoweri Museveni, the former chair’s of the EU-EAC progress report on the EPA and decided on the engagement of the matter. “To get more clarification on the pertinent issues of concern. Thereafter, partner states who wish to, may or may not sign the EPA,” read part of the communique. Read: ‘Africa – Europe…

President Paul Kagame of Rwanda on Friday assumed Chairmanship of the East African Community (EAC). This took place during the 20th Ordinary Summit of the East African Community (EAC) Heads of State held in Arusha, Tanzania. He takes over from President Yoweri Kaguta Museveni of Uganda. https://twitter.com/jumuiya/status/1091354976608284677 The summits’ theme was ‘Enhancing Economic, Social and Political Integration of the East African Community’. Kagame said it was a time to  reflect on the “Meaning and value of this Community which is important to all of us.” “It is an opportunity to address whatever challenges exist directly and frankly so that we can move…

Fashion retailer Deacons East Africa Plc shares have been suspended from the Nairobi Securities Exchange until 30 November 2019. “Notice is hereby given on the extension of suspension from trading of Deacons EA Plc shares following a proposal from the joint administrators to appoint an Independent Transaction Adviser, subject to the company trading at a profit by September 30, 2019 and thereafter agreeing on an actionable timetable in the turnaround process,” statement issued by NSE noted. The Capital Markets Authority (CMA) granted the joint administrators request for more time to appoint an Independent Transaction Adviser and ultimately agree on an…

NIC Group and Commercial Bank of Africa (CBA) Board of Directors have agreed to the merger of the two financial institutions to create the third-biggest bank in East Africa. “We have a deal subject to the approval of the shareholders,” said Isaac Awuondo, Group Managing Director CBA. “Our focus is really around our customers. Our expectations focus on customers will drive the future growth of the merged entity,” he added when spoke to investors at a briefing in Nairobi on Thursday. The proposed merger will be executed through a share swap. An exchange share ratio will be based on a…

The Central Bank of Kenya (CBK)  says it will revisit the issue of the interest rate cap, that capped lending rates at 4.0% above the Central Bank Rate (CBR). According to CBK Governor Patrick Njoroge, limited access to credit continues to hinder the growth of the small and medium-sized businesses. Given the underlying risks to the economy and the issues faced by the MSMEs,  the CBK says they cannot expand if the needed finance cannot be accessed by them. Njoroge while speaking to the media on Tuesday following Monday’s Monetary Policy Committee (MPC) meeting, called for a focus on deep…

Small and medium-sized enterprises (SMEs) will be the drivers of Kenya’s growth in 2019, providing access to finance is unlocked, according to the Central Bank of Kenya (CBK). “Micro, Small, and Medium-Scale Enterprises (MSMEs) remained resilient in 2018 and are expected to support growth in 2019, to the extent that their constraints, including access to finance, are alleviated,” said CBK Governor Dr Patrick Njoroge. According to the committee, private sector credit growth is expected to strengthen in 2019 relative to 2018, with the anticipated higher economic activity and easing credit risk. Additionally, the alignment of Government spending to the Big…