Major International Business Headlines Brief::: 01 February 2024

Thu Feb 1 10:48:41 CAT 2024

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Major International Business Headlines Brief:::  01 February 2024 

ü  Nigeria's Inflation Rate to Drop to 23% in 2024, 15.5% in 2025 - IMF

ü  Nigeria: The Bane of Uncontrolled Population

ü  Kenyan, Ethiopian Cut Flowers to Face More Scrutiny in EU

ü  Kenyan, Ethiopian Cut Flowers to Face More Scrutiny in EU

ü  Nigeria: IMF Downgrades Nigeria's Growth, Forecasts 23% Inflation

ü  Kenya: Govt to Begin Crackdown on Unregistered Airbnbs Next Week

ü  Ethiopia: Coal Factory Covering 75% Local Demand to Operate Soon

ü  Nigeria: Senate Panel Summons CBN Governor Over State of Economy

ü  Nigeria's Electricity Customers Rose to 11.7 Million in Q3 2023 - Report

ü  Nigeria: CBN Issues Fresh Requirements to Mitigate Foreign Currency Risks

ü  Nigeria: Sanwo-Olu in China, to Seal Deals On Lagos Rail Services

ü  Kenya: Corporate Sector Lauded for Aiding Growth of Golf Clubs in Kenya

ü  Kenya: Govt Pending Bills Hit Sh145.5 Billion in January

ü  Kenya: KRA in Deal With Accountants to Develop New Taxes

ü  Rwanda: Minerals - Experts, Investors on Rwanda-UK Areas of 'Craze'

ü  Liberia: Bloom Bank Assures Citizens

 <https://www.cloverleaf.co.zw/> Nigeria's Inflation Rate to Drop to 23% in
2024, 15.5% in 2025 - IMF

The International Monetary Fund (IMF) has predicted a decline in Nigeria's
inflation rate to 23 percent in 2024 and 15.5 percent in 2025.

IMF's Division Chief of Research Department, Daniel Leigh, disclosed this at
the Fund's World Economic Outlook (WEO) update press conference on Tuesday.

Nigeria's inflation rate stood at 28.92 percent as of December 2023, and has
been on the rise for 11 consecutive months.

Reacting to the foreign exchange reforms introduced by the Central Bank of
Nigeria (CBN) to curb inflation and the free fall of the naira, Leigh said
the monetary tightening stance of the apex bank would help reduce inflation
rate.

Leigh said one of the drivers of inflation is the weak naira following
reforms by the financial regulator.

He stated: "Now there's also structural factors behind that high inflation,
including, you know, on the fiscal side, financing of the deficit. But this
is clearly creating hardship. The perspective that we have is bringing down
inflation is top priority.

"And the CBN has already raised interest rates significantly over the past
year to 18.8 percent. So that is the monetary tightening that is helping in
our forecast to bring inflation down from 24.6 percent in 2023 percent, to
23 percent this year, and then closer to single digits into 2025 at 15.5
percent."

According to Leigh, while the monetary tightening to conquer inflation is
ongoing, Nigeria should prioritise revenue mobilisation, and widen its tax
base to provide social support.

"On top of conquering inflation through monetary tightening, there's also a
need to provide social support through the budget and creating the space for
that is the challenge.

"Our perspective is that more revenue mobilisation, strengthening revenue
administration, widening the tax base, this is what is going to bring in
space for development spending while safeguarding fiscal sustainability,"
Leigh added.

- Vanguard.

Nigeria: The Bane of Uncontrolled Population

The United Nations, in its new population prediction, stated that by the
year 2050, three of the 10 most populous countries in the world will be in
Africa. Nigeria, currently rated among the fastest growing countries in the
world, is one of them. Ordinarily this should be a plus for us, but it is
not. The prognosis is that there may come a time when it would be difficult
for us to feed and make other necessary provisions for the ever-increasing
number of people.

As the population of the country bulges exponentially, Nigerians continue to
be ranked among the poorest people in the world due to high incidence of
unemployment, predominant production of primary goods over finished
products, aging public infrastructure, and opaque system of governance. The
high rate of out-of-school children and poor output in the education sector
also contribute negatively to deepening this problem as the nation churns
out a crop of uncompetitive youth in a new world driven by technology,
skills and knowledge.

The last census was conducted in 2006 but after spending over N200 billion
the one slated for last year was postponed till this year. As things stand,
there is no indication that it will be conducted. Meanwhile, by most
projections, the population of the country is estimated to hit about 400
million by 2050 meaning that we could almost double the current estimate of
about 226 million. The implication also is that our population would exceed
that of the United States, Pakistan, Indonesia and Brazil--countries that
are far more advanced in development. Against the background that
uncontrolled population growth is already stretching to the limits the few
infrastructure facilities in the country and contributing in large measure
to the poor standards of living, there is indeed an urgent need to address
the dire consequences of the uncontrolled population growth.

Of course, we are not unmindful of the fact that some people may dismiss the
latest projections as mere Western propaganda aimed at keeping developing
countries from having large populations. They could also point to China and
India as countries with huge populations harvesting their "demographic
dividends". Yet the fact being ignored is that China controls its population
with its one-child per couple policy until recently while the Indian state
encourages some form of family planning. In any case, an idle (and largely
illiterate population) such as we breed in Nigeria today can only be a
disaster waiting to happen.

However, we are not oblivious to religious practices and beliefs that frown
at any talk of over population and therefore regard any suggestion that
hints at birth control as heresy. But it is a simple economic fact that
population growth that is not matched with commensurate socio-economic
development can only breed chaos. On a positive note, however, we also
understand that at a time when the population of many countries in Europe
and Asia is ageing, Nigeria's young population could be a demographic
advantage, but only if policymakers can design appropriate policies that
will improve productive capacities, and put our people to work. To the
extent that there is no such thing, then there is the need to worry. A
sustainable society is the one with a population growth that enables its
members to achieve a high quality of life.

- This Day.

Kenyan, Ethiopian Cut Flowers to Face More Scrutiny in EU

Nairobi — Cut rose flowers from Kenya and Ethiopia face more scrutiny in
order to access the European Union (EU) market.

According to the Fresh Produce Exporters Association of Kenya (FPEAK), local
flowers will undergo an increased check of up to 25 percent in the EU
starting this May.

The new measures follow the review of EU regulatory measures that sought to
take precautionary measures over the False Codling Moth (FCM).

"FPEAK has been advised that the EU Member States representatives, meeting
with the EU Commission in the EU Standing Committee SCOPAFF earlier this
month have formally adopted the anticipated changes to the minimum
percentage of plant health import inspections at EU borders of consignments
of cut roses from Kenya and Ethiopia," said FPEAK in a statement.

The European Food Safety Authority (EFSA) ran a publication in October last
year on the risk posed by imports of rose-cut flowers, where Kenya and
Ethiopia are the biggest exporters.

FPEAK says that the move is part of the annual review process under
Commission Implementing Regulation 2022/2389 that lays out the rules for the
uniform application of frequency rates for plant health checks.

- Capital FM.

Kenyan, Ethiopian Cut Flowers to Face More Scrutiny in EU

Nairobi — Cut rose flowers from Kenya and Ethiopia face more scrutiny in
order to access the European Union (EU) market.

According to the Fresh Produce Exporters Association of Kenya (FPEAK), local
flowers will undergo an increased check of up to 25 percent in the EU
starting this May.

The new measures follow the review of EU regulatory measures that sought to
take precautionary measures over the False Codling Moth (FCM).

"FPEAK has been advised that the EU Member States representatives, meeting
with the EU Commission in the EU Standing Committee SCOPAFF earlier this
month have formally adopted the anticipated changes to the minimum
percentage of plant health import inspections at EU borders of consignments
of cut roses from Kenya and Ethiopia," said FPEAK in a statement.

The European Food Safety Authority (EFSA) ran a publication in October last
year on the risk posed by imports of rose-cut flowers, where Kenya and
Ethiopia are the biggest exporters.

FPEAK says that the move is part of the annual review process under
Commission Implementing Regulation 2022/2389 that lays out the rules for the
uniform application of frequency rates for plant health checks.

- Capital FM.

Nigeria: IMF Downgrades Nigeria's Growth, Forecasts 23% Inflation

The International Monetary Fund (IMF) has revised downwards its growth
projections for Nigeria for 2024 to 3.0 per cent from 3.1 per cent which it
earlier projected even as it projected the country's inflation rate at 23
per cent this year and 15.5 per cent by next year.

Responding to LEADERSHIP at the World Economic Outlook launch press
conference yesterday, IMFs division chief, Research Department, Daniel
Leigh, noted that addressing inflation is critical for Nigeria, saying the
"perspective we have is that bringing down inflation is top priority and the
Central Bank of Nigeria has already raised interest rates significantly over
the past year to 18.8 per cent.

"There were reforms and the currency depreciated. And some of this weakness
in the naira has contributed to the increase in inflation. Now, there's also
structural factors behind that high inflation, including the fiscal side
financing of the deficit. This is clearly creating hardship.

"The monetary tightening is helping in our forecast to bring inflation down
from 24.6 per cent in 2023 to 23 per cent this year and then closer to
single digits into 2025 at 15.5 per cent. But on top of conquering inflation
to monetary tightening, there is also a need to provide social support
through the budget, and creating the space for that is the challenge."

Commenting on Nigeria's growth rate, chief economist and director, Research
Department, IMF, Pierre-Olivier Gourinchas said: "On Nigeria's growth rate,
we have a slight downward revision for 2024, at 3 per cent which is a -0.1
per cent.

"Next year is unchanged at 3.1 percent and the impact of Mali, Niger and
Burkina Faso leaving ECOWAS is something that we are monitoring and we are
taking note. It's a bit early to assess what the impact is going to be but,
of course, we assess that in general. Having an integrated economic area is
something that is going to be favourable and conducive to trade and
conducive to higher growth, and sort of moving away from this is going to
have the opposite effect."

Also speaking on the downgrade, Leigh said: "We also do have a forecast for
Nigeria that we downgraded slightly, and that mainly reflects a lower than
expected outcome in 2023. In the context of the monetary tightening to
reduce inflation and mainly the external shocks, in terms of high borrowing
costs, and that constrains domestic investment and spending."

The IMF, in its World Economic Outlook launched yesterday, said it reviewed
upwards Sub-Sahara Africa projections from 3.3 per cent in 2023 to 3.8 per
cent in 2024 and 4.1 per cent in 2025 as it envisages a soft landing for the
global economy.

- Leadership.

Kenya: Govt to Begin Crackdown on Unregistered Airbnbs Next Week

Nairobi — The government has announced plans for a crackdown on unregistered
short-term accommodation facilities, including Airbnbs, in response to the
surge in femicide across the country.

In a joint statement from the Ministry of Interior's Principal Secretary
(PS) Raymond Omollo, along with Anne Wang'ombe (Gender), Beatrice Inyangala
(Higher Education), and John Ololtuaa (Tourism), inspections on
non-compliant properties will commence on February 5.

On Wednesday, the government directed all operators of Airbnbs to register
with the Tourism Regulatory Authority (TRA) with immediate effect.

The four ministries said that the registration process is designed to ensure
that all accommodations meet the highest standards of safety and security
for guests.

"We will subsequently coordinate with booking platforms to restrict
unregistered rentals and further institute severe penalties, including fines
and revocation in cases of non- compliance," read a joint statement in part.

The announcement comes amid growing calls for more stringent regulations
governing Airbnb operations, particularly in light of recent cases of
femicide associated with rented properties.

Notable incidents, such as the tragic killing of socialite Starlet Wahu in
South B and the murder of 20-year-old university student Rita Waeni in a
rented house in Roysambu, have sparked concerns and increased demands for
improved safety measures.

The PSs called on the resident associations to work closely with law
enforcement agencies through information, joint inspections, and conducting
coordinated responses to ensure compliance.

They argued that the initiative underscores government's commitment to
safeguarding the well-being of individuals using these services.

"We urge all stakeholders in the short- term rental sector to adhere to
these regulations, recognizing their legal and moral responsibility in
ensuring a safe environment for all individuals regardless of gender," they
added.

The Ministries further called for increased public awareness and action to
address the global issue of violence against women.

They emphasized the need for stakeholders at all levels, including the
government, community, and international actors, to collaborate to create a
safer environment for women and hold perpetrators accountable.

Earlier, Tourism Cabinet Secretary Alfred Mutua revealed that the government
is actively seeking public input to refine regulations governing short-stay
facilities.

Mutua, addressing attendees at the inaugural Kenya Women in Tourism
Association Conference on Wednesday, emphasized the integral role Airbnbs
play in contributing to the tourism sector.

He encouraged women to consider investing in such facilities as a means of
boosting the country's economy.

"Despite recent challenges, I urged women and youth to consider investing in
these facilities, underscoring the importance of exploring innovative
alternatives to conventional accommodations," he said. - Capital FM.

Ethiopia: Coal Factory Covering 75% Local Demand to Operate Soon

Tarcha — A coal factory in Dawro Zone having a capacity of substituting 75 %
of country's imported coal would get operational soon, Company
Representative disclosed.

The construction of the coal factory that has been undertaken for the past
two years in Dawro Zone's Tarcha Town by ET Mining Development Company at a
cost of five billion Birr has reached final phase, the Company
Representative Wondimu Mitiku said.

He told the Ethiopian Press Agency (EPA) that the construction of the
factory is at its final phase where necessary machines are being installed.

As to him, the company plans to inaugurate the factory in less than two
months after finalizing the installation and test of machines.

"Ethiopia has a coal resource, but it imports processed coal from South
Africa. Ethiopia's cement factories are using imported processed coal and ET
Mining Development aims to substitute over 75 % of imported processed coal,"
Wondimu stated.

As to the Representative, the company has the capacity to supply 150 ton
refined coal per hour.

Factory's Project Manager Belay Asefa for his part said that Ethiopia's
processed coal demand is high as it demands 400 million USD on average.

However, ET Mining Development's coal factory is on final stage to start
supplying quality processed coal at home, he said, adding that the factory
has the capacity of supplying 3,600 tons of coal product per day.

According to Wondimu, the factory has already began undertaking social
responsibility by supporting community development projects in the
surroundings.

It has built two health centers and now constructing a school that
createdover 300 jobs during the construction period. Moreover, the factory
would create about 400 jobs when it gets operational, Wondimu indicated.

- Ethiopian Herald.

Nigeria: Senate Panel Summons CBN Governor Over State of Economy

The committee asked the CBN Governor to appear before it on Tuesday next
week.

The Senate Committee on Banking, Insurance and other Financial Institutions,
on Wednesday, summoned the Governor of the Central Bank of Nigeria, Yemi
Cardoso, over the state of the nation's economy.

Chairman of the Committee, Adetokunbo Abiru (APC, Lagos East) directed the
CBN governor to appear before the lawmakers on Tuesday next week by 3 p.m.
at the senate complex, Abuja.

Mr Abiru, who announced the resolution of the committee after a closed door
meeting of its members, said the session with Mr Cardoso would be
interactive.

The summon of the CBN governor may not be unconnected to the fall of Naira
against the United States dollar across forex markets.

FMDQ, a financial market infrastructure group warehousing reported that the
Naira closed on Tuesday at N1,482.57 per $1 at the official market.

The rate represents 10 per cent depreciation from N1,348/$1 the domestic
currency traded in the previous session on Monday.

The dollar was exchanged at N1,491.00 per $1 at the black market segment on
Tuesday, a situation that is affecting many private and public enterprises
in the country.

Mr Abiru however said the Senate is concerned about the state of the
economy, especially the inflation index.

"We have held a meeting this afternoon essentially to focus on the direction
of the Nigerian economy.

"We are all living witnesses of what is going on. Underlining the major
issue of the economy is the way the inflation index has been and of course
it is a major concern to us.

"We have deliberated among ourselves. Critical issues were addressed and we
believe that the next line of action is to summon the governor of the
Central Bank on Tuesday at 3 O'clock to brief us properly on the state of
the economy" the committee chairman said.

Mr Abiru however assured that details of the interaction with the CBN
governor and the resolutions at the meeting will be made public.

He said that "we have resolved and will communicate to the Governor of the
Central Bank after which we will have further communication with members of
the press."

Insecurity and the economy of the country are the pressing challenges
confronting Nigerians.

The Senate had on Tuesday summoned the service chiefs to an interactive
session to find a lasting solution to issues of kidnapping, terrorism, armed
robbery, banditry and other criminal activities across the country.

- Premium Times.

Nigeria's Electricity Customers Rose to 11.7 Million in Q3 2023 - Report

"Total customer numbers in Q3 2023 stood at 11.71 million from 11.47 million
in Q2 2023, showing an increase of 2.08 per cent," NBS said.

The total number of electricity customers in Nigeria stood at 11.71 million
in the third quarter of 2023, data from the National Bureau of Statistics
(NBS) has shown.

The bureau revealed this in its Nigeria electricity report detailing energy
billed, revenue generated and customers by DisCos (Q3 2023) published on
Wednesday.

"Total customer numbers in Q3 2023 stood at 11.71 million from 11.47 million
in Q2 2023, showing an increase of 2.08 per cent," NBS said.

On a year-on-year basis, the statistics office said customer numbers in Q3
2023 rose by 7.09 per cent from 10.94 million reported in Q3 2022.

Similarly, it said metered customers stood at 5.68 million in Q3 2023,
indicating a growth of 3.77 per cent from 5.47 million recorded in the
preceding quarter.

"On a year-on-year basis, this grew by 13.07 per cent from the figure
reported in Q3 2022 which was 5.02 million."

In addition, the bureau said estimated customers during the quarter were
6.03 million, higher by 0.53 per cent from 6.00 million in Q2 2023.

On a year-on-year basis, it said estimated customers increased by 2.02 per
cent in Q3 2023 from 5.91 million in Q3 2022.

Revenue

The bureau explained that revenue collected by the distribution companies
(DisCos) during the period was N260.16 billion from N263.08 billion in Q2
2023.

On a year-on-year basis, revenue generated in the reference period rose by
28.40 per cent from N202.62 billion recorded in Q3 2022.

"Electricity supply was 5,731.60 (Gwh) in Q3 2023 from 5,909.83 (Gwh) in the
previous quarter.

"However, on a year-on-year basis, electricity supply increased by 14.09 per
cent compared to 5,023.96 (Gwh) reported in Q3 2022," the report said.

- Premium Times.

Nigeria: CBN Issues Fresh Requirements to Mitigate Foreign Currency Risks

Abuja — The Central Bank of Nigeria (CBN) Wednesday expressed concern over
the growth in foreign currency exposures of banks through their Net Open
Position (NOP).

The central bank disclosed this in a circular to all banks dated January 31,
2024 and signed jointly by Director, Trade and Exchange, Dr. Hassan Mahmud
and Mrs. Rita Ijeoma Sike, Director, Banking Supervision.

The bank noted that such

foreign currency positions expose banks to foreign exchange (Fx) and other
risks.

Therefore, to ensure that these risks are well managed and avoid losses that
could pose material systemic challenges, the apex bank has issued new
prudential requirements for banks to comply with.

Going forward, the CBN said the Net Open Position (NOP) limit of the overall
foreign currency assets and liabilities taking into cognizance both those on
and off-balance sheet should not exceed 20 per cent short or 0 per cent long
of shareholders' funds unimpaired by losses using the Gross Aggregate
Method.

Also, banks whose current NOP exceed 20 per cent short and 0 per cent long
of their shareholders' funds unimpaired by losses are required to bring them
to prudential limit by February 1, 2024.

Furthermore, banks are required to compute their daily and monthly NOP and
Foreign currency trading position (FCTP) using approved templates.

The central bank said banks are also required to have adequate stock of
high-quality liquid foreign assets, including cash and government securities
in each significant currency to cover their maturing foreign currency
obligations.

In addition, banks should have in place a foreign exchange contingency
funding arrangement with other financial institutions, the circular noted.

Details later...

- This Day.

Nigeria: Sanwo-Olu in China, to Seal Deals On Lagos Rail Services

Mr Akosile noted that, while on the trip, the governor would also hold
technical discussions on the DMUs for the Red Line and EMUs for the Blue
Line between the Lagos Metropolitan Area Transport Authority (LAMATA), CCECC
and CRRC Dalian.

Lagos State Governor Babajide Sanwo-Olu has departed for Beijing, China, as
part of efforts to fulfil his promise of delivering a multimodal
transportation system for Lagos residents.

He would also attend meetings aimed at strengthening trade and investment
relations between China and Lagos State.

In a statement, the governor's Chief Press Secretary, Gboyega Akosile, said
Mr Sanwo-Olu will also be in talks with the China Civil Engineering
Construction Company (CCECC) regarding the Lagos metro Blue railway line.

The CCECC constructed the first phase of the Lagos Metro Blue railway line,
which spans 13 kilometres from Marina to Mile 2.

Mr Akosile said the governor will also inspect the headquarters of the
Chinese construction giants and some ongoing projects undertaken around
Beijing.

"Governor Sanwo-Olu will depart Beijing for Dalian later in the week for a
visit to the China Railway Rolling Stock Corporation headquarters and CRRC
Lvshun base.

"During his visit, he is scheduled to hold a high-level official meeting
with the Head of China Railway Rolling Stock Corporation, CRRC Dalian," Mr
Akosile said.

He noted that there would also be a technical discussion on the DMUs for the
Red Line and EMUs for the Blue Line between the Lagos Metropolitan Area
Transport Authority (LAMATA), CCECC and CRRC Dalian.

"Governor Sanwo-Olu is accompanied on the trip by the Commissioner for
Transportation, Seun Osiyemi; Chairman, House Committee on Transportation,
Temitope Adewale; Chairman, House Committee on Environment parastatals,
Rasheed Shabi; Managing Director of the Lagos Metropolitan Area Transport
Authority, (LAMATA), Abimbola Akinajo and Director, Rail Transport, Mr.
Olasunkanmi Okusaga, among other officials.

"The Governor and the entourage are billed to return to Lagos next week,"
the statement added.

- Premium Times.

Kenya: Corporate Sector Lauded for Aiding Growth of Golf Clubs in Kenya

Nairobi — The corporate sector in Kenya have been exalted for their
consistent support to golf clubs around the country through regular
tournaments to generate revenue.

Kenya Golf Union (KGU) executive Jonathan Marucha said such tournaments are
an opportunity for golf clubs to make money through entry fees.

"As you know, golf clubs are non-profit entities...we don't make any profits
from our activities so when we get partners it really gives us a big boost
in terms of getting people to come and enjoy the course...and of
course...through whatever entry fees that they pay, we are able to run the
clubs in terms of financial boost," Marucha said.

He further said the variety of golf tournaments provide platforms for
players to grow their talents whereas stirring an interest in others who
would like to pick up the sport.

"These tournaments bring people to the realisation they can play a different
sport rather than football or volleyball...all the other sports that are
well known out there. Golf is also a very good sport in terms of calming you
down. It gives you self-discipline and in terms of how to interact with
different people," he said.

He was speaking on Wednesday during the launch of the second edition of the
Kenya Commercial Bank (KCB) East Africa Golf Tour at the Railways Golf Club
in Nairobi.

The 11-month series, featuring 24-leg amateurs, will be played in Kenya,
Uganda, Tanzania, Burundi and Rwanda.

Locally, the tournament will be played in Mombasa, Eldoret, Kakamega,
Nakuru, Limuru, Nyanza, Machakos, Thika, Ruiru Sports Club, Kericho, Nyeri,
Railway, Nandi Bears, Great Rift Valley, Sigona, Kitale, Kisii, Leisure,
Vipingo Ridge and Malindi Golf Club.

Marucha applauded KCB for their support towards the growth of golf in the
region.

"We really appreciate as KGU and the entire golfing fraternity, including
Kenya Ladies Golf Union and Junior Golf Foundation...we really appreciate
the support KCB have given us. This series is going to enable our golfers
enjoy the game and know that they have a strong partner in KCB," Marucha,
also the Railways Golf Club vice-captain, noted.

KCB Group Director Marketing and Communications, Rosalind Gichuru, expressed
hope the Tour will open doors of opportunities for golfers in the region.

"We want to expand the sport and give an opportunity to budding golfers to
grow their skills. This is based on our brand purpose of opening doors of
opportunities to individuals, businesses, and communities to realize their
full potential and actualize their dreams," Gichuru said.

She noted the tournament will not only be about the battle on the greens.

"Over and above the amazing golf courses we will visit, our objective is to
take care of our environment and safeguard it from climate change. we will
maintain the tree planting exercises across the clubs and incorporate the
setup and development of environmentally friendly LPG solutions," she said.

This year's edition feature 3000 golfers, 1000 juniors and 500 ladies
culminating in a grand finale in December during which 168 players will
battle for glory.

The bank has injected a healthy dose of Ksh 65 million into the tour whereas
property firm, Beulah City Ltd, will award an apartment worth Ksh 2.1
million as the hole in one prize for every leg of the series.

- Capital FM.

Kenya: Govt Pending Bills Hit Sh145.5 Billion in January

Nairobi — Unpaid government Pending bills stood at Sh145.5 billion as of
January 30, 2024, amid difficulties by the state to clear arrears owed to
private and government businesses.

The Pending Bills Verification Committee said today that it has received
1,537 claims from 38 Ministries, Departments, and Agencies (MDAs).

Out of the 1,537 claims, 309 are for goods, 995 are for services, 1,197 are
for works, and 2 are employee- or labor-related claims.

"In this respect, once the pending bills are verified and confirmed, the
public shall be informed of the quantum of the eligible pending bills and
the policy recommendations to government in clearing of the bills," the
committee said.

The team added that it will engage the respective accounting officers in the
process of analyzing the submitted pending bills for clarification.

"We give assurance to the public that the committee will be objective, just
and fair in undertaking its mandate and will be guided by the principles of
transparency and accountability," it added.

The pending bills verification committee will give its first interim report
in March 2024 after completing the process of verification.

As of September 30, 2023, government unpaid bills stood at Sh630.6 billion.

The arrears comprised Sh509.4 billion (73.4 percent) and Sh121.2 billion
(26.1 percent) for the state corporations (SCs) and ministries, state
departments, and other government agencies.

State Corporations pending bills included payments to contractors, projects,
suppliers, unremitted statutory and other deductions, pension arrears for
the Local Authorities Pension Trust, and others.

- Capital FM.

Kenya: KRA in Deal With Accountants to Develop New Taxes

Nairobi — The Kenya Revenue Authority (KRA) will work with the Institute of
Certified Public Accountants of Kenya (ICPAK) to promote professionalism in
handling tax matters, streamlining tax processes, and enhancing compliance
efforts.

Speaking during a meeting with the ICPAK council, KRA Commissioner General
Humphrey Wattanga emphasized the significance of the partnership,
highlighting the vital role that ICPAK plays in enabling KRA to fulfill its
mandate of revenue collection and trade facilitation.

"ICPAK is one of KRA's key stakeholders, and we appreciate the partnership
with the institution in various sectors of public and corporate governance,"
Wattanga said.

"ICPAK members, as taxpayers, tax agents, tax advisors, or accountants in
employment, have continued to play a significant role in enhancing tax
compliance and revenue collection in Kenya," he added.

The collaboration between KRA and ICPAK will extend to various areas,
including the development and implementation of tax policies.

Wattanga expressed KRA's commitment to working closely with ICPAK to ensure
effective tax administration.

ICPAK Council Chairman Philip Kakai said that the Institute has been at the
forefront in proposing policy recommendations on taxation for consideration.

He affirmed ICPAK's readiness to partner with KRA in the finalization of the
development and implementation of proposed policies, contributing to
national economic growth and development.

In addition to policy collaboration, the two institutions have agreed to
work together to address professional malpractices in tax matters and
provide continuous capacity building for KRA staff and tax experts to ensure
efficient tax administration.

Recognizing micro, small, and medium-sized enterprises (MSMEs) as crucial
drivers of economic growth, KRA and ICPAK will collaborate to recruit and
train MSMEs on tax-related matters, aiming to enhance compliance within this
important segment of the economy.

ICPAK will also continue its partnership with the Kenya School of Revenue
Administration (KESRA), actively involving tax practitioners in the design
and development of the tax curriculum at KESRA, among others.

- Capital FM.

Rwanda: Minerals - Experts, Investors on Rwanda-UK Areas of 'Craze'

There is an opportunity to invest in the mining industry but also in the
aspect of midstream processing and have more partnerships between Rwanda and
the United Kingdom, experts have said.

The call was made on Tuesday, January 30 during the official opening of the
first-ever UK-Rwanda business forum, underway in Kigali.

The forum, under the theme Succeeding in Rwanda: Unlocking Growth &
Opportunities, drew nearly 1,000 delegates including 130 investors from the
UK, captains of trade and industry, and government officials, as part of the
efforts to boost trade and investment in both countries.

Speaking at one of the major sessions at the event, Kirsty Benham, the
Founder of the Critical Minerals Association in the UK, stressed the need to
"make sure that mining projects adhere to standards of responsibility,
environmental protection, biodiversity and hence reducing carbon emissions."

"So it's just making sure that when we are digging these commodities out of
the ground, we are not doing it at the expense of local communities who are
supporting and developing these projects," she said.

According to Benham, the UK Critical Minerals Association represents 40
companies in multiple critical supply chains, from mining companies to
processing, recycling, and service providers.

She told The New Times that the majority of the representatives are in
Kigali for the UK-Rwanda business forum, with a keen interest in investing
in "the attractive and business-enabling Rwandan market."

"It is very important to add value to products. It is very important for
Rwanda as well to make sure that you have the investment to be able to
develop those projects. And I think it is just about making sure that we can
develop all the sort of alternative, responsible, critical, and non-supply
chains that the world needs to meet net-zero ambitions."

Reacting to the current global perspective of the mining industry, Benham
said that new players are joining countries like the UK, the US, Australia,
and Canada to recognise that critical supply chains are vulnerable to
disruption.

"They need investment, they need new companies to come on board, and I think
Rwanda like other nations has a lot of resources and a lot of potential."

For instance, she said, we have resources that both the UK and Rwanda have
in huge deposits including tin, tungsten, and lithium.

"If there's, for example, tin smelting in Rwanda, lithium processing
potential in Rwanda, could there be a linkage between Rwanda and UK mining
companies there? Likewise, if there's tin, or tungsten mining exploration
and mine development happening in the UK, could there be a join-up there,
where the midstream of tungsten is developed in the UK, and we work with
Rwanda? So, I think there could be some interesting partnerships because the
midstream is very capital intensive."

Rwanda positioning as an ESG leader

For Trevor Faber, Chief Operating Officer at LuNa Smelter, one of the main
players in the local market, Rwanda needs more firms to invest in "proper
environmental and safety management systems" to, among other things, cut on
the losses made and at the same time, spur the industry.

"Looking to attract a lot of international investors? No international
investor is going to invest in a mining company if you haven't got your ESG
sorted out to international standard. So, we are investing a lot of time in
implementing proper environmental management systems, and safety management
systems to the international standards."

At LuNa Smelter, Fabor said, 80 per cent of the firm's workforce used to be
artisanal miners.

"And we have converted them, we have upskilled them, and they now work for
us as subcontractors. At the end of 2023, our last time injury frequency
rate was 0.5 which is in line with world-class minds anywhere in the world."

"And that just shows you what is possible with the people that we have got
in this country. So never compromise on ESG. That's what we put first. And
when you have a safe working environment the production comes naturally."

"Doors open"

Speaking at the panel, Ivan Twagirishema, the Deputy Chief Operating Officer
at Rwanda Mining Board (RMB), said Rwanda's mining industry continues to
attract key investors, a move that accelerates the development of critical
minerals and positions the country on the global "charts".

"On the full supply chain from mining, trading, value addition, and export
of the finished products, as we saw, I encourage new investors to come into
the mining sector because we are doing exploration. We have basic
information, exploration data, for any company looking to get a concession
to mine."

"So, minerals exist in Rwanda. This is not a story," he added.

The mining industry is among the major contributors to Rwanda's economy.

According to official data, mineral export earnings from January to
September 2023 totalled $851.6 million (approx. Rwf1.6 trillion), up from
$584.8 million (approx. Rwf731.24 billion) in the same period of 2022,
representing a growth of 45.6 per cent.

The government targets $1.5 billion (approx. Rwf1.8 trillion) in annual
mineral export revenues by 2024.

- New Times.

Liberia: Bloom Bank Assures Citizens

The Managing Director of Bloom Bank-Africa formerly known as Global Bank has
assured Liberians of quality banking services as the institution launches
its new brand.

Speaking Tuesday, January 30, 2024, at the official opening of the Bank, ED
Lekan Balogun said his institution is committed to nurturing businesses,
individuals, and institutions in Liberia, providing banking solutions that
cater to their unique needs.

"Bloom symbolizes growth, development, prosperity, and a journey from good,
to better, to best," the ED said.

He indicated that the core of their strategy as a bank is to support
businesses in retail, corporate, and institutional banking and tailor-made
treasury management solutions to empower tomorrow's businesses.

"Our cash management products are designed to facilitate a seamless flow of
finance across all the value chains of the business industry in Liberia,
creating value and convenience for all," he added.

Speaking about new skills, he said like a flourishing flower, the bank is
dedicated to delivering the right blend of capital, technology, and
expertise to power the growth of businesses, support government institutions
and empower the dreams of every Liberian.

He furthered that through the strategic partnerships with regional and
international partners and leveraging the strength of the Oakwood Group,
they will ensure the movement of finance and resources from areas of surplus
to areas of deficit and be the conduit for the transformative growth Liberia
needs and fostering growth where it's most needed.

"As a bank, we are passionate about helping businesses, individuals, and
institutions in Liberia to grow and develop, by providing products that
speak to their inherent needs," he added.

Giving a history, he indicated that their journey as a bank began over a
decade ago, as Global Bank-Liberia Limited. In 2022, the bank underwent some
transformation, to become Bloom Bank Africa (Liberia) Limited, a member of
the esteemed Oakwood Green Africa Group, with the sole aim of delivering
exceptional banking solely focused on creating value for Liberians whom he
described as their cherished stakeholders.

"We endeavor to empower Liberians and Liberian businesses to excel and
achieve more. We are particularly focused on supporting SMEs, the lifeblood
of our nation's economy by providing sound financial advice and robust
support," the ED said.

He said, "We make it happen," epitomizing their dedication to being partner
in growth and fulfilling their costumers life's ambitions.

The official unveiling of the Bank ceremony was graced by an array of
dignitaries of Liberia including lawmakers.

Also speaking, Gabriel Edgal, Chairman of Oakwood Green Africa Limited said,
"As we embrace the transition to Bloom Bank-Africa Liberia Limited, we
recognize a rebirth of values, a renewal of commitment, and a brighter
future ahead for all Liberians."

He said with the launch of Bloom Bank Africa Liberia Limited, they were
officially welcome into the Oakwood Green Africa family, with a promise to
leverage their collective strengths, the dynamism of the business community,
the resolute spirit of the Liberian people and the staff of the bank who
have joined hands to bring to birth this new chapter to deliver exceptional
value for the people of Liberia.

He promised that his institution leverage strong partnerships, Africa
focused organizations.

"We will be a conduit for knowledge that has capacity to transform lives, a
conduit for Capital for development of infrastructure, we will facilitate
intra Africa and international trade and the building of trade enabling
structures, we will leverage technology to solve identified problems in
Liberia and we will enhance the productive capacity of SMEs through our
business acceleration program, Africell.

And finally, we will be the largest distributor of finance to all Liberians
leveraging our digital and agent banking platforms."

He furthered that one of such strong partnership is their collaboration with
the Africa Export Import Bank, Afreximbank. "We act as the last mile
facilitators of most of Afreximbank's offerings, as strategic agents to the
bank. And this is why Bloom Bank Africa Liberia Limited is poised to fund
any project and financing requirements that meet its lending criteria,
regardless of its size, leveraging the almost $40billion balance sheet of
Afreximbank" he told the gathering.

He added, "We have positioned ourselves to move resources from areas of
surplus to areas of deficit across Africa, helping to change the African
narrative and empowering people, businesses and governments across Africa."

At the end of the event, new account forms were presented to the signatories
that graced the launching ceremony.

- New Republic.

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2024

Company

Event

Venue

Date & Time

Companies under Cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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for guideline purposes only and d from third parties.

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