<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-820x547.jpg" alt="" class="wp-image-416685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-481752462-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A company vehicle sits in a parking lot outside the headquarters of the Nairobi Securities Exchange Ltd. (NSE) in Nairobi, Kenya, on Tuesday, July 21, 2015. Kenya is a major technology hub and a key player in one of the most dynamic economic regions on the continent. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, April 25 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Nairobi Securities Exchange&nbsp;NSE.NR&nbsp;is looking to buy up more stakes in bourses across Africa, its chief executive said on Monday, with a view to eventually becoming a pan-continental exchange.



The bourse, the fifth biggest by market capitalisation in Africa, already owns a 4.9% stake in neighbouring Tanzania&#8217;s Dar es Salaam Stock Exchange&nbsp;DSE.TZ, and is eyeing other bourses in countries like Nigeria and Botswana following their demutualisation, its CEO Geoffrey Odundo said.



&#8220;We can become a pan-African exchange in the long term, so we are looking at how we can use this opportunity,&#8221; he said. The group is keen to see the valuation of Uganda&#8217;s bourse when the shares are offered to investors at a later date, he added.



To fund acquisitions, the NSE has cash reserves of up to 1.5 billion shillings ($12.98 million), Odundo said.



The exchange is also looking at buying stakes in related businesses like technology and depository services, he said. &#8220;Acquisitions are a key focus for us,&#8221; he told Reuters.



<h3 class="wp-block-heading" id="h-read-more-world-bank-approves-750-million-in-budgetary-support-to-kenya">Read more:<a href="https://www.cnbcafrica.com/2022/world-bank-approves-750-million-in-budgetary-support-to-kenya/"> World Bank approves $750 million in budgetary support to Kenya</a></h3>



As part of its strategy to acquire related businesses, the NSE has doubled its stake in Kenya&#8217;s Central Depository and Settlement Corporation, which offers back-office services for share trading, Odundo said.



The exchange, which for 2021 offered investors a 17% dividend yield, is also holding discussions with two Kenyan technology firms to boost its securities trading infrastructure, Odundo said, without giving details.



Africa, made up of 54 nations, has just 29 exchanges, meaning there will be opportunities to offer securities trading technology when the others set up their bourses, the CEO said.



The bourse was in a strong position to fend off competition from a new bond trading exchange being set up in Kenya, he said, since it offers many products, including derivatives.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2U637S&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The NSE is selling its head office in a Nairobi suburb in favour of leasing, Odundo said. &#8220;Property is not a space for us,&#8221; he added.



NSE turnover has been depressed in the past month by heightened geopolitical risk caused by the Ukraine crisis, he said.



Kenya is holding a general election on Aug. 9, which could feed volatility in the market, Odundo said. However, he expressed optimism that the adverse impact will be low.



&#8220;We are cautiously optimistic,&#8221; he said. &#8220;Investors have priced down the political risk.&#8221;



($1 = 115.6000 Kenyan shillings)



(Reporting by Duncan Miriri; Editing by Jan Harvey)

Trading At Nairobi Securities Exchange Ltd.

Nairobi Securities Exchange eyes acquisitions among other African bourses

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="481" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY.jpg" alt="" class="wp-image-416655" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/C6VS24TK4RID7KMFH4R3XKNNKY-136x90.jpg 136w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) peacekeepers patrol areas affected by the recent attacks by M23 rebels fighters near Rangira in North Kivu in the east of the Democratic Republic of Congo, March 29, 2022. REUTERS/Djaffar Sabiti</figcaption></figure>



NAIROBI, April 22 (Reuters)&nbsp;&#8211;&nbsp;The seven countries of the East African Community (EAC) have agreed to set up a regional military force to try to end decades of bloodshed caused by militant activity in eastern Democratic Republic of Congo, Kenya said.



Despite billions of dollars spent on one of the United Nation&#8217;s largest peacekeeping forces, more than 120 rebel groups continue to operate across large swathes of east Congo almost two decades after the official end of the central African country&#8217;s civil wars.



The EAC, which Congo joined last month, called on local armed groups to join a political process to resolve their grievances or &#8220;be handled militarily&#8221;, the office of Kenya&#8217;s president said in a statement following an EAC meeting in Nairobi on Thursday.



Foreign armed groups, which include an Islamist insurgency with origins in Uganda and ties to Islamic State (IS), &#8220;must disarm and return unconditionally and immediately to their respective countries of origin,&#8221; the president&#8217;s office said, without providing further details about the force.



Tanzania already contributes 835 troops to the U.N.&#8217;s peacekeeping mission, while Kenya contributes 250.



The U.N. has previously accused neighbouring Uganda and Rwanda of backing rebel groups in the mineral-rich region, accusations the two countries firmly deny.



Recent attempts to stop the violence militarily have proven unsuccessful, and in some cases backfired, security analysts and human rights groups say.



<h2 class="wp-block-heading" id="h-read-more-u-s-imposes-sanctions-over-illicit-exports-of-gold-from-congo">Read more: <a href="https://www.cnbcafrica.com/2022/u-s-imposes-sanctions-over-illicit-exports-of-gold-from-congo/">U.S. imposes sanctions over illicit exports of gold from Congo</a></h2>



Congo imposed martial law in its eastern Ituri and North Kivu provinces in May and began joint operations with Uganda&#8217;s army in November against the Islamist group, known as the Allied Democratic Forces (ADF).



The ADF often murders civilians in retaliation for military campaigns against it, human rights groups and security analysts say. It killed more than 1,200 people in 2021, up almost 50% on the previous year, according to the U.N.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL4N2U8494&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Congo&#8217;s President Felix Tshisekedi was meanwhile expected to meet with representatives of another group, the M23, in Nairobi on Friday.



The Congolese army clashed with the M23 in several days of heavy fighting last month, after which the group declared a unilateral ceasefire.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VZ203&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Congolese lawmaker Juvenal Munobo, a member of parliament&#8217;s defence and security commission, expressed reservations about the regional force on Twitter.



&#8220;We know these countries have interests in the Congo. I think the solution is to invest in (Congo&#8217;s army),&#8221; he wrote.



Unrest in Congo has caused one of the world&#8217;s worst and longest-running humanitarian emergencies, with more than 27 million people facing food shortages, and nearly 5.5 million forced to flee their homes, according to the U.N.



(Reporting by Hereward Holland; Editing by Sofia Christensen and Susan Fenton)

Resurgent M23 rebels attack displace hundreds in eastern Congo

East African Community agrees on regional force to try to end Congo unrest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-820x547.jpg" alt="" class="wp-image-416649" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1236313690-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>IMF managing director Kristalina Georgieva speaks during a panel discussion at the COP26 UN Climate Summit in Glasgow on November 3, 2021. (Photo by Daniel LEAL / AFP) (Photo by DANIEL LEAL/AFP via Getty Images)</figcaption></figure>



LONDON, April 21 (Reuters)&nbsp;&#8211;&nbsp;China has committed to joining Zambia&#8217;s creditor committee, International Monetary Fund managing director Kristalina Georgieva said on Thursday, amid complaints from Zambia&#8217;s finance minister about delays to its debt restructuring.



People&#8217;s Bank of China governor Yi Gang said that China intended to co-chair the committee, two sources with knowledge of the International Monetary and Finance Committee meeting told Reuters.



Zambia became the first pandemic-era default in 2020 and is buckling under a debt burden of almost $32 billion, around 120% of GDP.



&#8220;We were very pleased to hear from Governor Yi Gang&#8230; a very specific commitment to join the creditor committee on Zambia and work expeditiously for debt resolution,&#8221; said Georgieva at the International Monetary Fund (IMF) Spring Meetings.



She added that he had also committed to the Common Framework debt restructuring process, launched by the Group of 20 (G20) leading economies in 2020 in response to the coronavirus pandemic.



Zambia&#8217;s finance minister Situmbeko Musokotwane said at public events on Thursday that the debt restructuring process had &#8220;stalled&#8221; and that the Zambian team had &#8220;come here to complain&#8221;.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WJ4XX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



An IMF spokesperson said that they did not have any more details of Yi&#8217;s statement, noting that it was at a closed door meeting.



&#8220;This augurs well, for coordination, in resolving debt for various African countries,&#8221; Zimbabwe&#8217;s finance minister Mthuli Ncube&nbsp;<a href="https://twitter.com/MthuliNcube/status/1517147119244636165" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;of the Chinese position.



Ethiopia and Chad also signed up to the Common Framework more than a year ago and have yet to receive debt relief.



&#8220;China is a very significant lender to many of these low-income countries, and China needs to participate, along with the Paris Club and private creditors,&#8221; U.S. Treasury Secretary Janet Yellen said at a press conference before Georgieva&#8217;s.



&#8220;I&#8217;ve called on China to specifically for example participate right away in a meeting for Zambia, that wishes to undergo debt restructuring. And I am hopeful that China will agree to play a more constructive role.&#8221;



China and Chinese entities held $5.78 billion of Zambia&#8217;s debt at the end of 2021, according to the most recent Zambian government data.



(Reporting by Rachel Savage and Jorgelina do Rosario; Additional reporting by Daniel Burns, David Lawder and Andrea Shalal, Editing by Alexandra Hudson)

BRITAIN-UN-CLIMATE-COP26

China committed to joining Zambia creditor committee -IMF’s Georgieva

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg" alt="" class="wp-image-411734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>UNITED STATES &#8211; APRIL 25: Situmbeko Musokotwane, finance minister of Zambia, left, speaks as Mustafa Mkulo, finance minister of Tanzania, center, and Charles Koffi Diby, finance minister of the Ivory Coast, listen during a press briefing in Washington, D.C., U.S., Saturday, April 25, 2009. The global economic crisis may force as many as 90 million more people into extreme poverty this year and make it harder to meet goals to improve health and education, the World Bank and International Monetary Fund said yesterday. (Photo by Joshua Roberts/Bloomberg via Getty Images)</figcaption></figure>



LONDON, April 21 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s debt restructuring process has &#8220;stalled&#8221; as it awaits the formation of a creditor committee, Finance Minister Situmbeko Musokotwane said on Thursday at the International Monetary Fund (IMF) Spring Meetings.



&#8220;We&#8217;ve been waiting for the committees to sit,&#8221; Musokotwane told IMF African Department director Abebe Selassie in a &#8216;Governor Talk&#8217; interview broadcast by the fund.



&#8220;And while we are here I hope we can get some clarity from you and your colleagues from the World Bank on how we can move forward. Because for now it is stalled,&#8221; he continued.



Zambia was the first country to default in the pandemic era, in November 2020, as it buckled under debt of more than 120% of GDP. The debt hit $31.74 billion at the end of 2021, 17% higher than six months earlier, according to official Zambian data.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VQ55B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Zambia reached a staff level agreement with the IMF on a $1.4 billion, three-year credit facility in December 2021.



Musokotwane, who also described the restructuring as a &#8220;stalemate,&#8221; told parliament on March 25 that the creditor committee would be announced &#8220;within the next few weeks&#8221; and has said he hopes for a formal IMF deal by mid-year. <a href="https://www.reutersconnect.com/all?search=all%3AL5N2VS1ZH&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-british-firm-plans-to-invest-100-million-in-zambia-mine-expansion">Read more: <a href="https://www.cnbcafrica.com/2022/british-firm-plans-to-invest-100-million-in-zambia-mine-expansion/">British firm plans to invest $100 million in Zambia mine expansion</a></h3>



Selassie had asked what the international community could do to address what he described as the &#8220;unresolved&#8230; debt challenge&#8221;.



At a second event on Thursday, Musokotwane criticised the Common Framework debt restructuring process, which was launched by the Group of 20 (G20) leading economies in 2020 in response to the coronavirus pandemic.



&#8220;Unfortunately we are now in the fourth month from the time when we thought we would quickly move to the discussion with creditors. Nothing has happened,&#8221; he told a side event hosted by the Atlantic Council, a think-tank.



&#8220;So we&#8217;ve come here to complain and also discuss with the leaders of the G20, the leaders of the Common Framework.&#8221;



Musokotwane said Zambia had fulfilled its commitments and contrasted the Common Framework process with what he said was the clearer Heavily Indebted Poor Countries (HIPC) debt relief programme first set up by the IMF and World Bank in 1996.



Having signed up for the Common Framework more than a year ago, Ethiopia and Chad have also yet to receive debt relief.



(Reporting by Rachel Savage; Editing by Emma Rumney and Mark Potter)

Situmbeko Musokotwane, finance minister of Zambia, left, spe

Zambia debt restructuring ‘stalled’ – finance minister

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45.jpg" alt="" class="wp-image-416621" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/download-45-768x512.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>FILE PHOTO: A photovoltaic solar panel farm is seen in Porto Feliz, Sao Paulo state, Brazil February 13, 2020. REUTERS/Amanda Perobelli/File Photo</figcaption></figure>



SITOLO, Malawi, April 21 (Reuters)&nbsp;&#8211;&nbsp;A solar mini-grid in rural Malawi is powering maize mills, a sunflower oil facility and will help a welder in a nearby village expand his business, showing that centralised grid systems are not Africa&#8217;s only route towards low-carbon power.



Development experts say village-level solar power is a more promising way of bringing electricity to Africa&#8217;s remotest areas than conventional grids, which often do not reach them, tend to prioritise more privileged neighbourhoods and are often powered by polluting fossil-fuel generation.



&#8220;I see myself prospering with this electricity project,&#8221; welder Bartholomew Soko told Reuters TV in the village of Ndawambe. He plans to start making door frames, television stands and drying racks for plates, as well as the bicycles he already repairs.



&#8220;If electricity is extended to other rural areas, it would help people with disabilities be self-reliant,&#8221; Soko, who was injured in a car accident and uses a wheelchair, added.



<h3 class="wp-block-heading" id="h-read-more-india-s-coal-imports-are-shifting-thermal-more-than-coking-russell">Read more: <a href="https://www.cnbcafrica.com/2022/indias-coal-imports-are-shifting-thermal-more-than-coking-russell/">India’s coal imports are shifting, thermal more than coking: Russell</a></h3>



In Malawi, more than three quarters of the country&#8217;s roughly 20 million population does not have access to electricity &#8212; a higher proportion than the continental average of roughly half.



The cost of solar power has fallen by more than three quarters globally over the past decade.



The Sitolo project connects more than 700 people across three villages, and local farmers no longer have to trek long distances to get their maize milled or sunflower seeds pressed.



Brenda Limbikani, a sunflower farmer, said local people never used to grow sunflowers. &#8220;But with this oil-pressing machine, more people have planted the crop,&#8221; she said. &#8220;This year the number of farmers growing sunflowers is more than ever.&#8221;



(Reporting by Eldson Chagara; Writing by Frank Phiri and Alexander Winning. Editing by Tim Cocks and Jane Merriman)

download-45

Malawi solar mini-grid shows promise as way of electrifying rural Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="617" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-820x617.jpg" alt="" class="wp-image-416313" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-820x617.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-300x226.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-768x578.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854-1536x1156.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/GettyImages-1074407854.jpg 2000w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Vicky Ford MP raises a point of order saying that she had heard the words &#8220;stupid woman&#8221; being used about her in the chamber, and requesting an apology from Speaker John Bercow, in the House of Commons, London. (Photo by House of Commons/PA Images via Getty Images)</figcaption></figure>



LUSAKA, April 6 (Reuters)&nbsp;&#8211;&nbsp;Britain&#8217;s Moxico Resources&nbsp;IPO-MOXI.L&nbsp;plans to invest $100 million to expand its majority-owned Mimbula copper mine in Zambia, UK Minister for Africa Vicky Ford said on Wednesday.



The investment will create new jobs and increased tax revenues for Zambia&#8217;s government, Ford said in a statement released by the British High Commission in Zambia while she was on a visit to the country.



Ford was visiting Zambia to launch a new investment model, which she said marked a key moment for Britain&#8217;s financing of private sector growth and infrastructure across Africa.



<h3 class="wp-block-heading" id="h-read-more-zambia-expects-full-agreement-with-imf-on-1-4-bln-support-plan-in-mid-2022-finmin">Read more: <a href="https://www.cnbcafrica.com/2022/zambia-expects-full-agreement-with-imf-on-1-4-bln-support-plan-in-mid-2022-finmin/">Zambia expects full agreement with IMF on $1.4 bln support plan in mid-2022 – finmin</a></h3>



&#8220;We are committed to supporting countries grow their own economies, bolster private sector investment and trade, and deliver the returns that will support wider socio-economic development,&#8221; Ford said.



The Mimbula Copper Project is located in Zambia&#8217;s copper belt on the outskirts of Chingola town, more than 400 km north-west of Lusaka.



The copper-rich deposit is located on a large-scale mining licence held by Moxico Resources through its Zambian subsidiary, Mimbula Minerals Ltd.



Moxico holds an 85% ownership in the licence holding company and 15% is held by Moxico&#8217;s Zambian partners. The mining licence was granted in May 2017, with a validity for 25 years.



(Reporting by Chris Mfula; Editing by Mark Potter)

Prime Minister’s Questions

British firm plans to invest $100 million in Zambia mine expansion

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="565" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-820x565.jpg" alt="" class="wp-image-416181" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-820x565.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA-768x529.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/23C7LYIHSFNEJDDSNFWNRAQMDA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Kenya&#8217;s President Uhuru Kenyatta gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union &#8211; African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/Pool/File Photo </figcaption></figure>



NAIROBI, March 31 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Supreme Court is scheduled on Thursday to rule on President Uhuru Kenyatta&#8217;s bid to make sweeping constitutional changes, which critics have seized and turned into a top issue for a presidential election this August.



Last year, the High Court and the Court of Appeal struck down the proposed amendments popularly known as the Building Bridges Initiative (BBI), prompting the government to appeal.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2PN37L&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The Supreme Court, whose ruling is final, will settle seven questions raised by appellants, including whether the president acted illegally by initiating the amendments to the constitution.



If the court clears the changes, the ruling could lead to the creation of 70 new parliamentary constituencies and establish several powerful new posts: a prime minister, two deputies and an official leader of the parliamentary opposition.



The amendments became a lightning rod for politicians jostling ahead of the general election scheduled for August 9. Kenyatta and his deputy president, William Ruto, have publicly clashed over the proposals.



<h3 class="wp-block-heading" id="h-read-more-kenya-lifts-remaining-covid-restrictions">Read more: <a href="https://www.cnbcafrica.com/2022/kenya-lifts-remaining-covid-restrictions%ef%bf%bc/">Kenya lifts remaining COVID restrictions</a></h3>



Ruto is running for the presidency in the August presidential poll; he opposes the changes. But Kenyatta is backing his former foe, veteran opposition leader Raila Odinga, who favours the amendments.



&#8220;They have told us they will bring back the BBI monster because they want to create an imperial presidency,&#8221; Ruto told his party&#8217;s delegates earlier this month.



The constitutional changes will create an all powerful presidency by giving him control of the judiciary through a proposed office of a judicial ombudsman, Ruto said.



It will also put the legislature under the president&#8217;s thumb because he will control the appointment to the new posts to be created, including the prime minister, he said.



Kenyatta argues the constitutional overhaul promotes power sharing among competing ethnic groups, a position vehemently dismissed by Ruto&#8217;s camp.



&#8220;I reject the suggestion that a united country is one that has no political competition or opposition,&#8221; Ruto told his party&#8217;s delegates, adding that a democratically elected government policed by a robust opposition was the answer.



(Reporting by Duncan Miriri)

23C7LYIHSFNEJDDSNFWNRAQMDA

Kenya’s top court to issue final ruling on president’s constitutional changes

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="546" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX.jpg" alt="" class="wp-image-416150" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-300x205.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/2022-03-29T131743Z_1_LYNXNPEI2S0OL_RTROPTP_3_GHANA-TAX-768x524.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption>A customer holds his mobile phone as he prepares to pay for mosquito sprays at Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. REUTERS/Francis Kokoroko</figcaption></figure>



ACCRA, March 29 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s parliament approved a new 1.5% tax on electronic payments, known as the &#8220;e-levy&#8221;, on Tuesday after the opposition walked out in protest.



Finance Minister Ken Ofori-Atta proposed the e-levy in November to widen the tax net, but opposition was so fierce that it caused a brawl in parliament a month later.



Critics believe the e-levy will price lower income people and small business owners out of the digital economy.



Ruling MPs re-introduced the bill as a surprise on Tuesday, when many opposition MPs were not present, a move analysts have previously said would be one of the only ways for the tax to pass. <a href="https://www.reutersconnect.com/all?search=all%3AKCN2LQ0TC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-after-moody-s-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa">Read more: <a href="https://www.cnbcafrica.com/2022/after-moodys-cut-ghana-finance-ministry-says-ratings-agencies-biased-against-africa/">After Moody’s cut, Ghana finance ministry says ratings agencies biased against Africa</a></h3>



It was expected to be re-submitted next week, but parliament speaker Alban Bagbin said it should be treated as urgent business and fast-tracked it.



The move sparked outrage among opposition parties, who refused to take part in the vote.



The tax, which would cover mobile money payments, bank transfers, merchant payments, and inward remittances, could raise up to 6.9 billion Ghanaian cedi ($926 million) in 2022, according to official estimates.



Ruling party officials see it as the panacea for a raft of financial woes that could spark an economic crisis.



Consumer inflation reached 15.7% year-on-year in February, the highest since 2016. The cedi depreciated some 20% against the dollar this year, second only to the Russian rouble, and public debt hovers around 80% of gross domestic product.



(Reporting by Cooper Inveen; Writing by Nellie Peyton and Sofia Christensen; editing by David Evans)

People make trade in Accra

Ghana parliament approves e-tax of 1.5% after opposition protest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="531" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-820x531.jpg" alt="" class="wp-image-416123" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-820x531.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-300x194.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-139x90.jpg 139w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-768x497.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-1536x994.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/WOOUOIZQGRNUFLZVX6TQHONPMM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi</figcaption></figure>



NAIROBI, March 28 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank has barred Ecobank from foreign exchange trading in the East African nation between March 29 and April 4 as part of regulatory action for unsafe trading practices, the regulator said on Monday.



Under Governor Patrick Njoroge, who was first appointed in 2015, the central bank has taken a hard line against several players in the market over the years, saying that discipline in the market was paramount.



&#8220;Ecobank did not have sufficiently robust risk controls to prevent breaches on its foreign exchange exposure limits, or the inaccurate reporting of its position,&#8221; the central bank said in a statement.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-budget-deficit-to-widen-as-treasury-lays-out-extra-spending">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-budget-deficit-to-widen-as-treasury-lays-out-extra-spending/">Kenya’s budget deficit to widen as Treasury lays out extra spending</a></h3>



Ecobank Kenya, a unit of Togo-headquartered Ecobank Group, was not immediately available for comment.



Ecobank was required to put in place remedies to the lapses that were identified by an investigation, the central bank said, adding that it would also reverse the extra exposure resulting from the breach. It has up to the end of this month to do so.



&#8220;The remedial plan should also point to specific measures to address the unsafe trading practices that led to the non-compliance,&#8221; the central bank said.



(Reporting by George Obulutsa and Duncan Miriri; Editing by)

A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi

Kenya’s central bank temporarily blocks Ecobank from FX trading

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg" alt="" class="wp-image-411734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/08/GettyImages-94942899-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>UNITED STATES &#8211; APRIL 25: Situmbeko Musokotwane, finance minister of Zambia, left, speaks as Mustafa Mkulo, finance minister of Tanzania, center, and Charles Koffi Diby, finance minister of the Ivory Coast, listen during a press briefing in Washington, D.C., U.S., Saturday, April 25, 2009. The global economic crisis may force as many as 90 million more people into extreme poverty this year and make it harder to meet goals to improve health and education, the World Bank and International Monetary Fund said yesterday. (Photo by Joshua Roberts/Bloomberg via Getty Images)</figcaption></figure>



JOHANNESBURG, March 23 (Reuters)&nbsp;&#8211;&nbsp;Zambia&#8217;s public sector debt rose 18% to $31.74 billion by the end of 2021 from end-June, a finance ministry document published on Wednesday showed, at a time when the country is negotiating to restructure its crippling debt.



Foreign currency debt accounts for 54% of Zambia&#8217;s borrowing, rising 2% in the second half of 2021 to $17.27 billion. Local currency debt jumped 43% to $14.47 billion.



In 2020, Zambia became the first country to have defaulted in the pandemic-era, buckling under a debt burden of more than 120% of GDP.



It reached a staff-level agreement with the International Monetary Fund (IMF) in December 2021 on a $1.4bn three-year extended credit facility.



Finance minister Situmbeko Musokotwane told Reuters in February that he hoped to get a formal IMF agreement signed off in May, but the timeline was deemed ambitious by analysts as the group of Paris Club creditors and China have yet to form a creditor committee.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UC3R2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



President Haikainde Hichilema pledged to deal with the &#8220;unsustainable&#8221; debt burden when sworn in as Zambia&#8217;s new leader in August 2021.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2PV33O&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Rachel Savage; Additional reporting by Karin Strohecker; Editing by Emma Rumney and Vinay Dwivedi)

Zambia’s public sector debt rises to almost $32 bln in 2021 – finance ministry

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/19687164624_b666db9c7c_o-820x547.jpg" alt="" class="wp-image-416002" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/19687164624_b666db9c7c_o-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/19687164624_b666db9c7c_o-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/19687164624_b666db9c7c_o-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/19687164624_b666db9c7c_o-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/19687164624_b666db9c7c_o-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/19687164624_b666db9c7c_o-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Equity Group Holdings CEO &amp; MD Dr. James Mwangi announces a 12% growth in pretax profit during the release of the half year trading results. The Group registered a pretax profit of Kshs 12.1bn up from Kshs 10.8bn posted within the same period last year. Photo: via Flickr</figcaption></figure>



NAIROBI, March 22 (Reuters)&nbsp;&#8211;&nbsp;Equity Group&nbsp;EQTY.NR, Kenya&#8217;s biggest lender by assets, expects to boost its loan book this year as it shifts from government securities, its chief executive said on Tuesday.



The lender, which also operates in Uganda, Tanzania, Rwanda, Burundi, South Sudan and Democratic Republic of Congo, more than doubled its pretax profit last year as income rose and bad debts dropped.



&#8220;There is a huge opportunity of re-allocating (assets),&#8221; James Mwangi, the group&#8217;s CEO, told an investor briefing.



Equity had parked 394 billion shillings ($3.45 billion) in government securities at the end of last year, double the amount in the previous year, and it will shift some of that to higher yielding customer loans, he said.



Kenya&#8217;s central bank approved Equity&#8217;s interest rate pricing plan, Mwangi said, making the shift to increased customer lending possible.



The East African nation removed a cap on lending rates in late 2019 and the central bank is engaging all lenders with a view to approve their individual pricing mechanisms.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-budget-deficit-to-widen-as-treasury-lays-out-extra-spending">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-budget-deficit-to-widen-as-treasury-lays-out-extra-spending/">Kenya’s budget deficit to widen as Treasury lays out extra spending</a></h3>



Equity, which is the only lender to have its plan approved so far, will charge customers interest rates of 13-18.5%.



&#8220;We can now accommodate all borrowers,&#8221; Mwangi said, referring to those who had been pushed out of credit by the rate cap.



Total costs at the group slid last year, partly due to customers shifting to digital channels, Mwangi said, forecasting expenses would drop further this year.



The group reported a jump in its interest income for the period, as well as income from transactions.



It slashed its provisions for bad debts to 5.84 billion shillings from 26.63 billion shillings in the prior year, boosting pretax profit 134% to 51.9 billion shillings.



Equity recommended a payout of 3.00 shillings per share, resuming a dividend payment for the first time since 2018. It did not pay a dividend for 2019 and 2020 to build up capital.



($1 = 114.3000 Kenyan shillings)



(Reporting by Duncan Miriri and George ObulutsaEditing by Mark Potter)

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Kenya’s Equity Group’s profit surges in 2021, sees loan book growth

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="360" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1.jpg" alt="" class="wp-image-400524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2021/03/istockphoto-1250489640-640x640-1-300x169.jpg 300w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption>World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept seamless and loopable 3D rendering animation.</figcaption></figure>



NAIROBI, March 17 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has approved $750 million lending to Kenya for budgetary support,&nbsp;pegged on reforms in public procurement to curb graft,&nbsp;the multilateral lender said on Thursday.



In 2019, the East African nation qualified for the World Bank&#8217;s Development Policy Operations (DPO), which lends cash directly to the Treasury for budget support instead of financing specific projects.



The loan, which comes with an annual interest rate of about 3.0%, is the second tranche of a credit facility initiated in 2020, the World Bank said. The first tranche was disbursed last June.



Reforms tied to the loans include the establishment of an electronic platform for public procurement to foster transparency and reduce opportunities for corruption, it said in a statement.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-budget-deficit-to-widen-as-treasury-lays-out-extra-spending">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-budget-deficit-to-widen-as-treasury-lays-out-extra-spending/">Kenya’s budget deficit to widen as Treasury lays out extra spending</a></h3>



&#8220;By the end of 2023, the program aims to have five strategically selected ministries, departments, and agencies, procuring all goods and services through the electronic procurement platform,&#8221; the bank said.



The program will also support energy reforms, by creating a platform for clean energy investments which has the potential to attract more investors, the World Bank said.



Under President Uhuru Kenyatta, Kenya has expanded borrowing in recent years, to fund the construction of infrastructure such as roads and railways.



Increased borrowing has angered some critics who point to a consistently gaping annual fiscal deficit.



Still, the World Bank was complementary of the government&#8217;s commitment to steering the economy in the right path.



&#8220;The government of Kenya has maintained the momentum to make critical reforms progress despite the disruption caused by the pandemic,&#8221; said Keith Hansen, country director for Kenya.



(Reporting by Duncan Miriri; editing by Alex Richardson and Jason Neely)

istockphoto-1250489640-640×640

World Bank approves $750 million in budgetary support to Kenya

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/12667922963_fda7b750a1_o-820x547.jpg" alt="" class="wp-image-415911" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/12667922963_fda7b750a1_o-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/12667922963_fda7b750a1_o-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/12667922963_fda7b750a1_o-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/12667922963_fda7b750a1_o-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/12667922963_fda7b750a1_o-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/12667922963_fda7b750a1_o-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Launch of Global Forest Watch. Photographer: Ralph Alswang. Photo: via Flickr</figcaption></figure>



NAIROBI, March 16 (Reuters)&nbsp;&#8211;&nbsp;Parliamentarians are proposing amending Kenya&#8217;s forest law to make it easier to change the borders of protected areas, a move activists warn could adversely affect wildlife and the environment in the east African country.



Conservationists say the change would open precious forest land to developers while supporters of the amendment argue it will help protect people with legitimate claims to disputed land from eviction.



The Forest Conservation and Management Amendment would weaken the power of Kenya&#8217;s Forest Service (KFS) to veto proposed boundary changes that would endanger rare species or water catchment areas. KFS did not respond to calls seeking comment.



Forests around the developing Kenyan capital of Nairobi, nicknamed the &#8220;green city in the sun&#8221;, are at the heart of the debate, now under review by parliamentary committee.



&#8220;If that amendment bill is allowed&#8230;what we will have is what we are seeing here,&#8221; said environmentalist Christopher Muriithi, gesturing to a cluster of buildings and a tarmac road cutting through land once part of Oloolua Forest on Nairobi&#8217;s outskirts.



But the amendment&#8217;s supporters argue changing the law protects people already settled on disputed forest land &#8211; they may be families who saved up to buy a home in good faith.



Parliamentarian Nixon Korir, who has expressed support for an amendment, did not respond to requests for comment but previously said the government must act to protect innocent home owners.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-deputy-president-estranged-from-his-boss-aims-for-the-presidency">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-deputy-president-estranged-from-his-boss-aims-for-the-presidency/">Kenya’s deputy president, estranged from his boss, aims for the presidency</a></h3>



Kenya lost about half of its forest cover between 1980 and 2000, said African Development Bank, and another 11% in the subsequent two decades, according to Global Forest Watch.



Muriithi said when he was young Oloolua covered around 682 hectares but now estimates it has shrunk to 500. Swathes of lush land were carved out by individuals, loggers, developers, and even the state, which built a railway line through the forest. The giraffe, zebra, and buffaloes he remembers have disappeared.



Muriithi does not think they will return, but hopes to protect what is left. He heads a community association that patrols the forest, replaces invasive trees with indigenous ones, and works with officials to prosecute loggers.



But this is dangerous. When he investigated illegal logging, Muriithi said a body was dumped in the forest and he was warned he could be next, forcing him to flee to Uganda.



&#8220;It’s dangerous, but I’m happy the community now has come in big numbers,&#8221; he said, standing by a pile of dirt and wood fragments from land he says was cleared illegally.



&#8220;They might kill me or someone else but they will not kill the whole community.&#8221;



(Reporting by Ayenat Mersie, editing by Ed Osmond)

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Kenya’s proposed forest law worries environmental activists

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/kenya-s-deputy-president-estranged-from-his-boss-aims-for-the-presidency-820x547.jpeg" alt="" class="wp-image-415893" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/kenya-s-deputy-president-estranged-from-his-boss-aims-for-the-presidency-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/kenya-s-deputy-president-estranged-from-his-boss-aims-for-the-presidency-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/kenya-s-deputy-president-estranged-from-his-boss-aims-for-the-presidency-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/kenya-s-deputy-president-estranged-from-his-boss-aims-for-the-presidency-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/kenya-s-deputy-president-estranged-from-his-boss-aims-for-the-presidency.jpeg 1350w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Kenya&#8217;s Deputy President and presidential candidate under United Democratic Alliance (UDA) party William Ruto addresses a campaign rally ahead of the forthcoming elections in Karen neighbourhood of Nairobi, Kenya January 18, 2022. REUTERS/Baz Ratner </figcaption></figure>



NAIROBI, March 15 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s Deputy President William Ruto is due to be nominated on Tuesday by his new party to stand for the presidency in an August election after his public split with President Uhuru Kenyatta who is backing another candidate.



Ruto will compete with veteran opposition leader Raila Odinga, who has secured Kenyatta&#8217;s support. Kenyatta, who must stand down after serving the maximum of two five-year terms, says Ruto is not trustworthy and less experienced than Odinga.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2V02ZC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Some Kenyans are concerned about the divisions because elections have sometimes sparked violence &#8211; notably in 2007, when Odinga&#8217;s supporters said his victory was stolen and a crackdown on political protests degenerated into clashes between ethnic groups.



Ruto, standing with the newly created United Democratic Alliance, has sought to calm those fears.



&#8220;William Ruto will accept the election outcome whichever way it goes,&#8221; Ruto told an audience in Chatham House recently. &#8220;I want all the other candidates to make the same commitment.&#8221;



Elections in the East African nation are closely watched; Kenya is the region&#8217;s richest and most stable nation and a close Western ally that hosts regional headquarters of international firms like Alphabet Inc GOOGL.O and Visa V.N.



<h3 class="wp-block-heading" id="h-read-more-kenya-s-budget-deficit-to-widen-as-treasury-lays-out-extra-spending">Read more: <a href="https://www.cnbcafrica.com/2022/kenyas-budget-deficit-to-widen-as-treasury-lays-out-extra-spending/">Kenya’s budget deficit to widen as Treasury lays out extra spending</a></h3>



Ruto, who served as a lawmaker and minister for agriculture before becoming deputy president, has sought to break through Kenya&#8217;s traditional patterns of ethnic voting by casting the election as a competition of poor &#8220;hustlers&#8221; against a wealthy political &#8220;dynasty&#8221;.



He says he began his career as a roadside chicken seller, a pointed contrast to Kenyatta and Odinga &#8211; the sons of the nation&#8217;s first president and vice president respectively &#8211; and pledges to shift government funding from large infrastructure projects to small enterprises.



Critics point to corruption allegations against Ruto &#8211; none of which have ever been proven in court &#8211; and a case against him at the International Criminal Court in The Hague for allegedly masterminding violence following the disputed 2007 election.



The case later collapsed; a Kenyan lawyer is currently on trial at the ICC accused of bribing prosecution witnesses against Ruto, which the lawyer denies.



Kenyatta, Odinga, and Ruto come from three of Kenya&#8217;s four biggest ethnic groups. Kenyatta&#8217;s Kikuyu group, the nation&#8217;s most populous, has produced three of four presidents since independence from Britain in 1963.



Kenya&#8217;s other president Daniel arap Moi &#8211; its longest-serving &#8211; came from Ruto&#8217;s Kalenjin group. Odinga&#8217;s Luo group have never held the top job. Both Odinga and Ruto need to woo Kikuyu voters to win.



(Reporting by Duncan Miriri; Editing by Katharine Houreld and Raissa Kasolowsky)

kenya-s-deputy-president-estranged-from-his-boss-aims-for-the-presidency

Kenya’s deputy president, estranged from his boss, aims for the presidency

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="502" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/M73ZNPFNPZJJHKHVF42YAOVFQ4.jpg" alt="" class="wp-image-415889" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/M73ZNPFNPZJJHKHVF42YAOVFQ4.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/M73ZNPFNPZJJHKHVF42YAOVFQ4-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/M73ZNPFNPZJJHKHVF42YAOVFQ4-131x90.jpg 131w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption>A Somali woman carries her malnourished child at their makeshift shelter within the Iftin Camp for the internally displaced people outside Baradere town, Gedo Region, Jubaland state, Somalia, March 13, 2022. REUTERS/Feisal Omar</figcaption></figure>



BAARDHEERE, Somalia, March 15 (Reuters)&nbsp;&#8211;&nbsp;It has not rained on Habiba Maow Iman&#8217;s farm in southern Somalia for two years. Her animals are dead; her crops failed.



Wrapped in a shawl stamped with rows of white flowers, the 61-year-old is one of tens of thousands seeking aid on the outskirts of Baardheere town.



The Horn of Africa region is facing the driest conditions in more than four decades after three consecutive rainy seasons failed, according to the United Nations&#8217; World Food Program (WFP).



More than four million Somalis like Iman will struggle to find food if the rains don&#8217;t come in April, WFP said.



&#8220;We fled from the drought,&#8221; she said, surrounded by domed huts built with a patchwork of cloth and plastic sheeting. &#8220;Every day I go out and knock every house in the town to beg something for the children to eat.&#8221;



Somalia has experienced a series of catastrophic droughts in the last decade.



<h3 class="wp-block-heading" id="h-read-more-west-africa-bloc-to-deploy-stabilizing-force-to-bissau-after-coup-attempt">Read more: <a href="https://www.cnbcafrica.com/2022/west-africa-bloc-to-deploy-stabilizing-force-to-bissau-after-coup-attempt/">West Africa bloc to deploy stabilizing force to Bissau after coup attempt</a></h3>



Global weather patterns indicate that the rains are likely to fail again this year, according to the Famine Early Warning System Network (FEWS Net), which has warned that the region could experience its worst drought on record.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V0174&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Lying at the bedside of his sick son, Abdullahi Abdow Mohamed travelled by donkey cart for six days to get to Baardheere, only to find the camp in the grip of a measles epidemic.



All four of his children caught the disease. One daughter has already died.



&#8220;These people have lost everything,&#8221; said El-Khidir Daloum Mahmoud, WFP&#8217;s country director. &#8220;Human suffering is human suffering, no matter whether it is in Europe or Africa or Asia or anywhere&#8230; we have a crisis in the making.&#8221;



If this year&#8217;s rains do not materialise, 1.4 million children under five will be acutely malnourished by the end of the year, a WFP spokesperson said.



Earlier this month, the U.N.&#8217;s Intergovernmental Panel on Climate Change, the top global climate science authority, said heatwaves, droughts and extreme rainfall would become more frequent in coming decades as temperatures continue to climb.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2V30XA&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Feisal Omar, additional reporting by Abdi Sheikh, writing by Hereward Holland; editing by Katharine Houreld and Jane Merriman)

Drought stricken Baradere in southern Somalia

Somalia’s worst drought in four decades means millions need aid

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3GWDNGQOXFNXFLSFVBIVOM3ATM-820x547.jpg" alt="" class="wp-image-415821" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3GWDNGQOXFNXFLSFVBIVOM3ATM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3GWDNGQOXFNXFLSFVBIVOM3ATM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3GWDNGQOXFNXFLSFVBIVOM3ATM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3GWDNGQOXFNXFLSFVBIVOM3ATM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/03/3GWDNGQOXFNXFLSFVBIVOM3ATM.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A woman reacts as she receives a booster shot vaccine against coronavirus disease (COVID-19), at a medical clinic makeshift tent to enhance the booster programme in Nairobi, Kenya, January 19, 2022. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, March 11 (Reuters)&nbsp;&#8211;&nbsp;Kenya lifted its remaining COVID-19 restrictions on Friday, including a ban on large indoor gatherings such as religious services and a requirement to present a negative COVID-19 test for arriving air passengers.



Though Kenyans should continue heeding public health measures such as handwashing and social distancing, face masks are no longer mandatory in public and all quarantine measures for confirmed COVID-19 cases are halted with immediate effect, Health Minister Mutahi Kagwe told a news conference.



For the past month the East African country&#8217;s COVID-19 test positivity rate has remained below 1%, he added, attributing this to the rising number of Kenyans opting to get vaccinated.



In November, the government announced that proof of vaccination would be required by Dec. 21 to access schools, transport, state offices, hotels, bars, restaurants, national parks and wildlife reserves. <a href="https://www.reutersconnect.com/all?search=all%3AL1N2SD134&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



<h3 class="wp-block-heading" id="h-read-more-new-covid-19-vaccine-rule-catches-many-kenyans-by-surprise">Read more: <a href="https://www.cnbcafrica.com/2021/new-covid-19-vaccine-rule-catches-many-kenyans-by-surprise/">New COVID-19 vaccine rule catches many Kenyans by surprise</a></h3>



But a court blocked the move amid uncertainty over who would police it or what to do about people unable to access vaccines. The minister did not mention the order in his remarks on Friday.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2SZ4S5&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Kenya, with a population of 54 million, has recorded less than 35 daily COVID infections over the past week, according to government statistics. About 323,000 infections, and 5,600 deaths, have been recorded throughout the pandemic&nbsp;since 2020.



Nearly 29% of Kenyan adults are fully vaccinated, more than most countries in sub-Saharan Africa.



(Reporting by Maggie Fick Editing by Mark Heinrich)

3GWDNGQOXFNXFLSFVBIVOM3ATM

Kenya lifts remaining COVID restrictions￼

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="502" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/PN6WIAWHFZN7HNSPBLZJVCMEWU-820x502.jpg" alt="" class="wp-image-415514" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/02/PN6WIAWHFZN7HNSPBLZJVCMEWU-820x502.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/PN6WIAWHFZN7HNSPBLZJVCMEWU-300x184.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/PN6WIAWHFZN7HNSPBLZJVCMEWU-147x90.jpg 147w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/PN6WIAWHFZN7HNSPBLZJVCMEWU-768x470.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/02/PN6WIAWHFZN7HNSPBLZJVCMEWU.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Scavengers sort recyclable plastic materials at the Dandora dumping site on the outskirts of Nairobi, Kenya February 26, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, Feb 28 (Reuters)&nbsp;&#8211;&nbsp;A short drive from the United Nations complex in Nairobi where talks on a global plastics treaty are taking place this week is Kenya&#8217;s biggest landfill &#8211; a mountain of garbage, carpeted in single-use plastic.



The equivalent of 30 trucks of throwaway plastic packaging, bags and containers are tipped on to Dandora dump daily, according to official data, a trend set to worsen with global plastic pollution forecast to double over the next decade.



This global waste crisis, which is destroying habitats, killing wildlife and contaminating the food chain, has sparked calls for radical action in a treaty billed as the most important environmental pact since the Paris Agreement.



&#8220;Our expectation is that when the treaty is signed, countries commit to stop the production of such plastics,&#8221; Hibrahim Otieno, a local environmental official told Reuters at the dump site.



Otieno is not alone. Three in four people said they wanted single-use plastics banned as soon as possible in a study released this month ahead of the treaty talks.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2US5TN&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



But how the treaty will tackle single-use plastic production and use is set to be one of the thorniest issues in the talks, according to officials involved, as well as what elements of it will be legally binding and how it will be financed.



<h3 class="wp-block-heading" id="h-read-more-75-of-people-want-single-use-plastics-banned-global-survey-finds">Read more: <a href="https://www.cnbcafrica.com/2022/75-of-people-want-single-use-plastics-banned-global-survey-finds/">75% of people want single-use plastics banned, global survey finds</a></h3>



Behind-the-scenes, powerful oil and chemical companies who manufacture plastics have been urging governments to reject provisions that could curb their business, a Reuters investigation earlier this month revealed.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2UR6F9&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Industry executives and environmental pressure groups have been in Nairobi since last week observing hours of technical-level discussions on the pact and meeting with officials on the sidelines to press their case on key issues.



&#8220;This is not an anti-plastics treaty,&#8221; Espen Barth Eide, president of the United Nations Environment Assembly which is hosting the talks in Nairobi, told Reuters. &#8220;We are not sort of after their product as such, but we want to bring it into a much more viable, circular economy.&#8221;



Political representatives arriving on Monday must now approve the framework drafted by their technical experts and launch an intergovernmental negotiating committee (INC) to broker a final deal.



Those negotiations are expected to take at least another two years to complete, but the framework agreed in Nairobi is seen as crucial in ultimately determining the treaty&#8217;s success.



&#8220;If we don&#8217;t get the right formulation, the INC will be shackled and limited in what elements they can consider,&#8221; said Christina Dixon of the Environmental Investigation Agency, one of the campaigners participating in the talks.



(Reporting by John Geddie in Nairobi; Editing by Kenneth Maxwell)

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World Bank approves $750 million in budgetary support to Kenya

Kenya’s proposed forest law worries environmental activists

Kenya’s deputy president, estranged from his boss, aims for the presidency

Somalia’s worst drought in four decades means millions need aid

Kenya lifts remaining COVID restrictions

At Kenya’s biggest dump, urgent calls for a global plastics treaty

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East Africa

Nairobi Securities Exchange eyes acquisitions among other African bourses

East African Community agrees on regional force to try to end Congo unrest

China committed to joining Zambia creditor committee -IMF’s Georgieva

Zambia debt restructuring ‘stalled’ – finance minister

Malawi solar mini-grid shows promise as way of electrifying rural Africa

British firm plans to invest $100 million in Zambia mine expansion

Kenya’s top court to issue final ruling on president’s constitutional changes

Ghana parliament approves e-tax of 1.5% after opposition protest

Kenya’s central bank temporarily blocks Ecobank from FX trading

Zambia’s public sector debt rises to almost $32 bln in 2021 – finance ministry

Kenya’s Equity Group’s profit surges in 2021, sees loan book growth

World Bank approves $750 million in budgetary support to Kenya

Kenya’s proposed forest law worries environmental activists

Kenya’s deputy president, estranged from his boss, aims for the presidency

Somalia’s worst drought in four decades means millions need aid

Kenya lifts remaining COVID restrictions￼

At Kenya’s biggest dump, urgent calls for a global plastics treaty

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Kenya lifts remaining COVID restrictions