Author: Khusoko

Economic growth in sub-Saharan Africa is slower than expected with the average rate estimated at 2.7 per cent in 2018 up from last year’s 2.3 per cent. This is according to a World Bank findings that the sluggish expansion in the region’s three largest economies, Nigeria, Angola, and South Africa. The report notes that the African region’s recovery from a slowdown in 2015-2016 is in progress but at a slower pace and more investments in non-resource sectors, jobs, efficient firms and workers are needed. “Growth in the region is projected to increase from 2.7 percent in 2018 to 3.3 percent…

Central Bank of Kenya on Wednesday said it had received KCB Groups’ binding offer for the acquisition of assets and liabilities belonging to Imperial Bank Limited (In Receivership) (IBLR). The Central Bank in a statement said this was part of the Expression of Interest (EOI) process that was announced on October 13, 2017. “CBK and KDIC will provide further details to stakeholders as soon as the binding offer has been fully assessed. In particular, a meeting with depositors will be called shortly,” the central bank said in a statement. The CBK further said with a pending case at the High…

Total Kenya has appointed Nigerian Olagoke Aluko as its Managing Director following the resignation of Anne-Solange Renouard. Renouard who effective October 1, 2018, has been at the helm since November 1, 2015, and was previously Managing Director of Total Mauritius from 2012. Aluko who was the General Manager Operations at Total Nigeria Plc took over as Managing Director effective October 1, 2018. Aluko has 17 years of professional experience in the Downstream Oil & Gas sector and joined Total in 2000. He is a graduate from the University of East London and from London School of Economics and Political Science…

Kenya’s private sector activity expanded at a slower pace in September due to cost pressures and uncertainty over new tax measures as per the Markit Stanbic Bank Kenya Purchasing Managers’ Index(PMI). The manufacturing and services fell to 52.7 in September from 54.6 in August. “On the inflation front, higher government taxation and rising fuel bills underpinned the sharpest increase in average cost burdens recorded for seven months during September. The rate of input price inflation was sharp overall,” the survey found. Jibran Qureishi, Regional Economist E.A at Stanbic Bank noted that index averaged 55.6 in the second quarter of 2018…

Former Ethiopian Prime Minister Hailemariam Desalegn has joined the Board of Directors of the Alliance for a Green Revolution in Africa (AGRA). Commenting on his appointment to the AGRA Board, Hailemariam stated, “I am delighted to be joining AGRA, an organization that has a mandate to transform African agriculture by helping African farmers become successful and practice sustainable agriculture. I strongly believe that African countries and partners can accelerate the implementation of the AU Malabo Declaration to ensure that food is available, accessible and affordable.” AGRA is a pan-African institution working with governments, public and private sector stakeholders and other…

MultiChoice has announced the appointment of Nkateko Mabaso as the CEO of M-Net in Sub-Saharan Africa succeeding Yolisa Phahle who has stepped into the role of CEO of General Entertainment for the Video Entertainment segment. Speaking on Mabaso’s appointment, the outgoing CEO said, “Nkateko has been appointed in recognition of his continued commitment and contribution to local programming that audiences love and watch in increasing numbers year on year. “He is passionate about our continent’s film and television industry and I wish him every success.” Over the last seven months in his position as Acting CEO of M-Net, Mr Mabaso…