<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 15 (Reuters) &#8211; The Kenyan shilling was unchanged against the dollar on Tuesday, data from the London Stock Exchange Group showed.



The East African currency traded at 128.50/129.50 to the dollar at 0654 GMT, the same as Monday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling unchanged against dollar, LSEG data shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-820x547.jpg" alt="" class="wp-image-542097" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/NBCYKZR44FM2XJAGL3GJEWP3KA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A person enters the JPMorgan Chase &amp; Co. New York headquarters in Manhattan, New York City, U.S., June 30, 2022. REUTERS/Andrew Kelly/File Photo</figcaption></figure>



NAIROBI, Oct 14 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s central bank&nbsp;said on Monday that it had authorised JPMorgan Chase&nbsp;JPM.N&nbsp;to establish a representative office in the East African country.



Representative offices of foreign banks in Kenya serve as marketing and liaison hubs for their parent banks and affiliates, the Central Bank of Kenya said in a statement.



The JPMorgan Chase representative office will contribute to the diversity of Kenya&#8217;s financial sector and catalyse trade and investments, the statement added.



Reuters reported last month, citing four sources familiar with the matter, that JPMorgan Chase&#8217;s CEO Jamie Dimon planned to travel to Africa in mid-October in a push by the biggest U.S. lender to expand on the continent.



(Reporting by Hereward Holland; Additional reporting by Bhargav Acharya; Editing by Alexander Winning)

A person enters the JPMorgan Chase & Co. New York headquarters in Manhattan, New York City

Kenya allows JPMorgan Chase to set up representative office locally

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg" alt="" class="wp-image-524644" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/UGANDA-SHILLING-768x512.jpg 768w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, Oct 14 (Reuters) &#8211; The Ugandan shilling traded flat on Monday, with hard currency appetite muted across merchandise importers and on the interbank market, traders said.



At 1030 GMT commercial banks quoted the shilling at 3,660/3,670, same level as Friday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

UGANDA SHILLING

Ugandan shilling unchanged on muted FX appetite

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="521" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg" alt="" class="wp-image-516586" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-820x521.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-768x488.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI-1536x976.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/RLVCCF47LVIWPJR4O2PPITYMVI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller handles U.S. dollar banknotes and Kenya shilling banknotes inside the cashier&#8217;s booth at a forex exchange bureau in downtown Nairobi, Kenya, February 16, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 14 (Reuters) &#8211; The Kenyan shilling was stable against the dollar on Monday, data from the London Stock Exchange Group showed.



At 0657 GMT, the shilling traded at 128.50/129.50 against the dollar, the same as Friday&#8217;s closing rate.



The shilling has been range-bound for several months, following a rally earlier this year after the government issued a new $1.5 billion Eurobond to buy back most of a $2 billion bond whose maturity in June had unnerved investors.



(Reporting by Sonia Rao; Editing by George Obulutsa)

RLVCCF47LVIWPJR4O2PPITYMVI

Kenyan shilling stable versus dollar, LSEG data shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-820x461.jpg" alt="" class="wp-image-540632" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1234269513-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">NAIROBI, KENYA &#8211; JULY 28: The Shona community, which migrated to Kenya in 1959 from Zimbabwe and has been living as stateless, on July 28, 2021 get Kenyan identity cards with full citizenship rights, in Nairobi, Kenya. Kenyan Interior Security Minister Fred Okengo Matiangi handed out identity cards to 1,649 members of the Shona community at a ceremony in the capital Nairobi. (Photo by Andrew Wasike/Anadolu Agency via Getty Images)</figcaption></figure>



NAIROBI, Oct 10 (Thomson Reuters Foundation)&nbsp;&#8211;&nbsp;Nosizi Dube beams with pride as she clutches her newly issued Kenyan passport.



For many, obtaining a passport might be a mundane task, but for 24-year-old Dube, who was born into the stateless Shona community in Kenya, it symbolises the end of a gruelling journey towards recognition and the beginning of new opportunities.



&#8220;Being stateless is like you don&#8217;t exist. You look like everyone else, but because you have no identification documents you live in the shadows, unable to do basic things like go to school or even get a mobile phone number,&#8221; Dube told the Thomson Reuters Foundation.



&#8220;Getting recognition as a Kenyan citizen has given me visibility and rights just like everyone else. I feel like I am free, like the chains of statelessness have been broken.&#8221;



Now a trailblazer as the first Shona woman in Kenya to graduate from university, Dube hopes to go to Geneva next week to attend a major intergovernmental meeting marking the end of a global campaign to end statelessness within a decade.



The #IBelong campaign&#8217;s success varies across the world, and while millions remain stateless, the campaign has been a beacon of hope in Kenya, with thousands of stateless people from the Shona, Makonde and Pemba communities gaining recognition.



More than 50% of the 20,000 people who registered as stateless in Kenya in 2014 have been granted citizenship, according to the United Nations refugee agency (UNHCR).



Samwel Okute, the UNHCR&#8217;s senior protection associate for statelessness, attributes Kenya&#8217;s success to initiatives ranging from awareness campaigns and community mobilisation to advocacy, legal reforms and strong political will.



&#8220;We have seen tremendous progress in Kenya. The name &#8216;stateless&#8217; was not even known in Kenya 10 years ago,&#8221; said Okute.



&#8220;The Kenyan government has shown commitment to amend laws, and there have been progressive efforts to raise awareness and improve data collection, but there are still communities that remain left out in Kenya, and the rest of the world,&#8221; he said.



<h2 class="wp-block-heading" id="h-milestone">&#8216;MILESTONE&#8217;</h2>



More than 4.4 million people across the world do not have a nationality, according to UNHCR data, although experts say the figure is likely to be significantly higher as some countries with large stateless populations do not provide data.



People can become stateless due to a host of complex historical, social and legal reasons &#8211; including migration, flawed citizenship laws, and ethnic or gender discrimination.



In Kenya, communities affected by statelessness include the Shona, Makonde and Pemba, as well as people of Burundian and Rwandan descent.



The Shona migrated from Zimbabwe and Zambia in the 1960s as Christian missionaries during the colonial period. While the Makonde arrived from Mozambique to work in the 1930s.



However, when Kenya gained independence in 1963, these communities ended up without a nationality.



The Pemba, a fishing community from Zanzibar who settled along Kenya&#8217;s coast, were among those unable to register as Kenyan citizens after independence.



For decades, these communities lived on the margins &#8211; generations deprived of basic rights because they lacked legal documents such as birth certificates or national identity cards.



They could not go to school, visit a hospital, get a job, obtain a mobile SIM card, open a bank account, register a business, or rent or buy a house.



Many pay middlemen to use their names to obtain fake IDs, register for exams or obtain a mobile phone number.



&#8220;A single document has the power to determine the fate of your entire life,&#8221; said Dube, recounting how she was prevented from sitting her primary school exams because she did not have a birth certificate.



Following the launch of the #IBelong campaign in 2014, UNHCR partnered with charities in Kenya to understand how many people were stateless and support their path to recognition.



This has involved years of outreach work &#8211; from awareness campaigns to encourage people to register as stateless so data could be collected, to organising and mobilising communities to petition parliament.



In 2016, Kenya granted citizenship to more than 1,100 people from the Makonde community. Recognition of 1,670 Shona people and 7,000 Pemba people followed in 2020 and 2022 respectively.



Pemba activist Barke Hamisi, 30, said citizenship had brought big changes to her community.



Born stateless in Malindi on Kenya&#8217;s coast, Hamisi had to interrupt her education due to a lack of documentation.



She now works as a paralegal for Haki Africa, a Kenyan charity working to end statelessness.



&#8220;Getting recognition was a milestone for us,&#8221; said Hamisi.



&#8220;Children can now go to school, youth are now considered for employment opportunities, and women can now go to hospital and give birth because they can produce a national identity card.&#8221;



<h2 class="wp-block-heading" id="h-african-progress">AFRICAN PROGRESS</h2>



Elsewhere in Africa, hundreds of thousands remain stateless with large populations in Ivory Coast and Zimbabwe.



Although Kenya leads the way in combating statelessness, there is a growing continent-wide commitment to resolving the problem.



In Ivory Coast, 16,000 descendants of migrants have had their nationality confirmed, but progress is very slow given the country has more than 900,000 stateless people.



Liberia has amended its nationality law to grant women and men equal rights to confer nationality on their children, while reforms in Rwanda have helped to facilitate naturalisation for stateless people.



Last year, Tanzania granted nationality to more than 3,000 stateless people in Zanzibar.



The African Union has also adopted a protocol to eradicate statelessness and advance inclusion for stateless people.



But the journey to recognition is fraught with hurdles.



South African lawyer Christy Chitengu, 25, was born to undocumented Zimbabweans and only discovered she was stateless in high school when she needed to register for exams.



Her quest for recognition was tough, involving a court case against South Africa&#8217;s Department of Home Affairs.



Despite delays, scepticism and xenophobia, Chitengu finally obtained nationality in August 2023, while pregnant.



&#8220;South Africa is a difficult place and I guess that&#8217;s why it&#8217;s hard to get documented,&#8221; said Chitengu who has started a YouTube channel to educate people on statelessness.



&#8220;There&#8217;s generational statelessness so if I didn&#8217;t get documented, my child was not going to be documented,&#8221; she said.



The UNHCR says many older South Africans also lack documentation as a result of apartheid-era policies that only required civil and birth registration for white citizens.



This legacy has left descendants struggling to access identity documents and rendered them stateless.



But after gaining citizenship, formerly stateless people still face a host of challenges due to years of marginalisation. Many struggle with a lack of skills, the cost of education and discrimination in the job market and in accessing services.



&#8220;I think the general perception is that you get your piece of paper, you get your ID, and everything is perfect,&#8221; said Andrew Ochola, Haki Africa&#8217;s acting executive director.



&#8220;But uplifting stateless communities cannot happen overnight. There are many challenges that persist,&#8221; he said.



(Reporting by Nita Bhalla @nitabhalla. Additional reporting by Kim Harrisberg @KimHarrisberg; Editing by Jon Hemming. The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.)

Stateless Shona community gets Kenyan citizenship

From stateless to citizens: Kenya’s success offers hope in Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-820x555.jpg" alt="" class="wp-image-540536" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-1536x1040.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MZHZ5X4DWVJTZBLKLWLMFZR4TE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A local votes during the general elections at Inhambane, in southern Mozambique, October 9, 2024. REUTERS/Siphiwe Sibeko TPX IMAGES OF THE DAY</figcaption></figure>



MAPUTO, Oct 10 (Reuters)&nbsp;&#8211;&nbsp;Vote counting was under way in Mozambique on Thursday after a peaceful national election that is widely expected to see the ruling Frelimo party extend its 49 years in power.



Votes are counted first at each polling station and district results expected by Saturday could give an early indication of who is leading. Official results normally take around two weeks to be announced by the electoral commission.



The winner will inherit an Islamist insurgency in the north that has halted multi-billion dollar gas projects and displaced hundreds of thousands of people. Other challenges include high debt levels and the economic impact of worsening cyclones.



Frelimo candidate Daniel Chapo, 47, is likely to win. His party has been accused by opponents and election observers of rigging past elections, which it denies.



The manipulation of votes happens at many levels, from registering more people in Frelimo strongholds to appointing party loyalists to be polling station staff and changing the numbers at the end, said Joseph Hanlon, an advisor to civil society group Mais Integridade (&#8220;More Integrity&#8221;).



A Frelimo spokesperson did not respond to questions from Reuters about alleged vote-rigging.



Election observer missions including the European Union&#8217;s said that they had not recorded any major problems so far.



Chapo is a relatively new figure in national politics who would be the first president born after independence from Portugal in 1975. Analysts say he has the advantage of a clean record and distance from Frelimo&#8217;s past corruption scandals.



His main challenger is Venancio Mondlane, an independent candidate who has fired up the country&#8217;s youth. Former rebel commander Ossufo Momade and a small opposition party leader, Lutero Simango, are also competing to succeed President Filipe Nyusi, who is stepping down after serving the maximum two terms.



(Reporting by Nellie Peyton; Editing by Alexander Winning)

General elections in Mozambique

Mozambique early vote counting under way after peaceful election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;Kenya expects more money from the International Monetary Fund by the end of the year and is in talks with the Fund about combining the seventh and eighth reviews of its support programme, its central bank governor said on Wednesday.



The East African country and the IMF reached a staff-level agreement on the seventh review of its $3.6 billion programme in early June.



But the review is yet to be approved by the Fund&#8217;s executive board after the government was forced to scrap proposed tax hikes and draw up spending cuts in late June in response to mass protests that turned deadly.



&#8220;We are in the final stages of an agreement (with the IMF). The fiscal framework has been agreed,&#8221; Governor Kamau Thugge told a news conference, a day after the Central Bank of Kenya cut its benchmark lending rate by another 75 basis points.



Kenya&#8217;s government has asked the IMF to conduct an official assessment of corruption and governance issues.



While not directly linked to the next disbursement, the assessment is an attempt to build goodwill with the Fund as it tries to get finances back on track.



Thugge also said on Wednesday that the central bank had been buying dollars on the foreign exchange market to boost Kenya&#8217;s buffers against potential short-term shocks.



The bank has previously said it has no preferred level for the shilling and only intervenes on the forex market to smooth out volatility.



Thugge said the exchange rate was being supported by dollar inflows from agricultural exports, remittances and foreign investor interest in local securities given high interest rates.



He reiterated the bank&#8217;s forecast for economic growth of 5.5% next year.



On Tuesday the bank lowered its 2024 growth forecast to 5.1% from 5.4% after slower growth in the second quarter.



Thugge said on Wednesday there could be scope for local interest rates to fall further given that the shilling exchange rate was stable.



(Reporting by George Obulutsa; Editing by Alexander Winning)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Kenya expects more IMF funding by year-end

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="533" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-820x533.jpg" alt="" class="wp-image-540241" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-820x533.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-768x499.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-1536x998.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6OF7LVVF3FMQDAV4DNWJGIX7KQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s Deputy President Rigathi Gachagua address legislators ahead of the lawmakers&#8217; vote over his impeachment motion at the Parliament buildings in Nairobi, Kenya October 8, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, (Reuters) &#8211; Kenya&#8217;s parliament voted on Tuesday to impeach Deputy President Rigathi Gachagua on charges including enriching himself and stirring ethnic hatred, the chamber&#8217;s speaker said, paving the way for the senate to consider the motion.



&#8220;According to the results &#8230; of the motion that I&#8217;ve just declared, a total of 281 members being more than two thirds of the members of the National Assembly have voted in support of the motion,&#8221; Moses Wetang&#8217;ula said.



Gachagua, who has denied all the charges, backed President William Ruto in his 2022 election win and helped secure a large block of votes from the populous central Kenya region.



But in recent months, he has spoken of being sidelined, amid widespread reports in local media that he has fallen out with Ruto as political alliances have shifted.



Ruto dismissed most of his cabinet and brought in members of the main opposition following nationwide protests against unpopular tax increases in June and July in which more than 50 people were killed.



On Tuesday evening, Gachagua urged lawmakers to &#8220;search your conscience&#8221; before voting.



&#8220;If you search your conscience and listen to the issues that have been raised and you find that there are no grounds to impeach the deputy president of Kenya, please make the right decision.&#8221;



Members of parliament voted to impeach him by a margin of 281 to 44, with one abstention.



Kimani Ichung&#8217;wah, parliament&#8217;s majority leader, said the 59-year-old politician had &#8220;violated not one, but eight provisions of our constitution.&#8221;



At one point during the proceedings, he led lawmakers in a chant saying &#8220;Rigathi must go&#8221;, describing him as &#8220;a great danger to our nationhood, a great danger to the unity of our republic.&#8221;



Gachagua proclaimed his innocence, offering a detailed denial of the allegations, which include amassing a large unexplained property portfolio, and promoting &#8220;ethnic balkanisation&#8221;.



&#8220;I will fight to the end,&#8221; he told a press conference on the eve of the impeachment proceedings.



The senate will now hear the charges and may appoint a special committee to investigate them, where Gachagua or his representative can respond to the allegations.



If at least two-thirds of the senate vote to uphold the impeachment, Gachagua will be dismissed.



Gachagua has filed a court petition to halt the proceedings, which were initiated by Ruto&#8217;s coalition allies last week.



Prior to the vote, TIFA Research, a pollster, found that a narrow majority of 41% of Kenyans supported the impeachment against 38% who opposed it.



Ruto has not commented publicly on the impeachment proceedings.



Gachagua outraged many in Ruto&#8217;s coalition for likening the government to a company and suggesting that those who voted for the coalition had first claim on public sector jobs and development projects.



(Reporting by George Obulutsa, Hereward Holland and Ammu Kannampilly; Editing by Christina Fincher, Ros Russell and Daniel Wallis)

Kenya’s Deputy President Rigathi Gachagua address legislators ahead of the lawmakers’ vote over his impeachment motion at the Parliament buildings in Nairobi

Kenya lawmakers impeach deputy president, paving way for senate vote

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="511" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-820x511.jpg" alt="" class="wp-image-540176" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-820x511.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-300x187.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-768x479.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-1536x958.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/WB3H5DLFS5LNNCUBMTAL22AVEY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A woman prepares her stall, with election posters in the background, ahead of the presidential elections, in the suburb of Katembe, Maputo, Mozambique. REUTERS/Siphiwe Sibeko.</figcaption></figure>



MAPUTO, Oct 9 (Reuters)&nbsp;&#8211;&nbsp;Mozambique votes on Wednesday in a tense general election highly likely to deliver victory to the ruling party, Frelimo, which has governed the Southern African nation since 1975.



Four candidates are vying to replace President Filipe Nyusi, who is stepping down after serving two terms. The favourite is Daniel Chapo, 47, a lawyer viewed as a safe choice for business and a fresh face for the long-ruling party.



He faces Venancio Mondlane, a charismatic independent candidate who draws huge crowds, former rebel commander Ossufo Momade, and a small opposition party leader, Lutero Simango.



Dozens of posters of Chapo&#8217;s face were pasted along Maputo&#8217;s palm tree-lined seaside promenade, and red Frelimo flags flew over streets flanked by high rises dispersed with Portuguese colonial buildings. No opposition poster was in sight.



Poverty is the major concern of Mozambique&#8217;s 35 million people, about half of them registered to vote. An Islamist insurgency in the north that has forced thousands to flee their homes and halted multi-billion dollar gas projects also weighs.



&#8220;The next president must create jobs. We are tired of hearing promises,&#8221; said Amandio Sergio, 32, a small business owner in the seaside capital.



Frelimo first allowed elections in 1994 and has since been accused of rigging them, which it denies. Rebel force turned-opposition party Renamo usually comes a distant second.



Mondlane poses a challenge to both this year, but lacks the machinery of established parties and may struggle to win votes in rural areas, analyst Dercio Alfazema said.



&#8220;This election is different because we have new actors &#8230; (but) Frelimo has a big probability to win,&#8221; Alfazema said.



Chapo has experience in local government but has not been tainted by Frelimo&#8217;s corruption scandals, he added.



Counting will start after the polls close at 6 p.m. (1600 GMT), although it can take up to two weeks for official results.



A disputed outcome would likely trigger protests, which broke out after Frelimo swept last year&#8217;s municipal elections and were forcefully suppressed.



Apathy may dampen them, however.



&#8220;I feel it doesn&#8217;t make any difference,&#8221; 26-year-old fisherman Mussa Issufo said of the poll.



&#8220;Nothing ever changes.&#8221;



(Reporting by Nellie Peyton and Manuel Mucari; Additional reporting by Thando Hlophe and Sisipho SkweyiyaEditing by Tim Cocks and Sandra Maler)

A woman prepares her stall, ahead of the presidential elections, in the suburb of Katembe, Maputo

Mozambique votes in tense election likely to see ruling party win

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="540" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-820x540.jpg" alt="" class="wp-image-539880" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-820x540.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-1536x1012.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/XOFA3QOUYNNAFA27MCZWDA7NWI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Kenya&#8217;s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers&#8217; vote over his impeachment motion at his residence in Karen, Nairobi Kenya, October 7, 2024. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;Kenyan Deputy President Rigathi Gachagua was fighting to keep his job on Tuesday as lawmakers began impeachment proceedings against him, accusing him of enriching himself, stirring ethnic hatred and undermining the government.



Gachagua, who denies all the charges, backed President William Ruto in his 2022 election win and helped secure a large block of votes from the populous central Kenya region.



The deputy president says he has since been sidelined, amid widespread reports in local media that he has fallen out with Ruto as political alliances have shifted.



Ruto dismissed most of his cabinet and brought in members of the main opposition following nationwide protests against unpopular tax increases in June and July in which more than 50 people were killed.



The high court has declined a request by Gachagua to halt the impeachment proceedings, initiated by Ruto&#8217;s coalition allies a week ago. Gachagua, who has refused to resign, was expected to defend himself in parliament later on Tuesday.



&#8220;I am innocent of all these charges,&#8221; Gachagua told a press conference late on Monday and offered a detailed denial of the allegations, which include amassing a large unexplained property portfolio, and promoting &#8220;ethnic balkanisation&#8221;.



&#8220;I have no intention whatsoever to resign from this job. I will fight to the end.&#8221;



Almost two thirds of people who took part in a public consultation last week approved of Gachagua&#8217;s impeachment, lawmaker Millie Odhiambo told parliament on Tuesday as the hearing began.



Ruto has not commented publicly on the impeachment proceedings. More than 80% of lawmakers signed up to launch the motion on Oct. 1.



If the national assembly votes by more than two-thirds to impeach Gachagua, the senate will be asked to uphold the motion.



Gachagua outraged many in Ruto&#8217;s coalition for likening the government to a company and suggesting that those who voted for the coalition had first claim on public sector jobs and development projects.



&#8220;I have done nothing wrong against the people of Kenya. I have worked hard. I have been very loyal to my boss, President William Ruto,&#8221; Gachagua said Monday.



(Reporting by George Obulutsa; Writing by Hereward Holland; Editing by Ammu Kannampilly, Christina Fincher and Ros Russell)

Kenya’s Deputy President Rigathi Gachagua speaks during a press conference, ahead of lawmakers’ vote over his impeachment motion at his residence in Karen, Nairobi

Kenya’s deputy president vows to fight impeachment ‘to the end’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="590" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-820x590.jpg" alt="" class="wp-image-539817" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-820x590.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-768x553.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-1536x1106.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/MFC7N65WN5NGJO32EFTR7MYSZA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Daniel Chapo, presidential candidate of the ruling Frelimo party, President of Mozambique Filipe Nyusi and former President of Mozambique Joaquim Chissano react during the final rally campaign ahead of the national election, in Matola, Mozambique October 6, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Oct 8 (Reuters)&nbsp;&#8211;&nbsp;Whoever wins Mozambique&#8217;s presidential election on Wednesday will face an economy battered by worsening cyclones, insecurity, delays to planned gas projects and high levels of debt.



Ruling party candidate Daniel Chapo is the frontrunner though there are three other candidates vying to replace Felipe Nyusi as president of the southeast African nation.



Rising borrowing costs are putting pressure on Mozambique to embrace fiscal discipline, particularly as delayed gas revenues mean it is running out of options to refinance its debt &#8211; which is nearly as big as its annual GDP.



&#8220;Debt in the country is rocketing,&#8221; Gabriel Muthisse, a former transport and communications minister, told Reuters. &#8220;Debt servicing is (diverting)&#8230;resources that could be used to finance the real economy.&#8221;



The yield on Mozambique&#8217;s international bond due 2031 stands at close to 13%.



The country of 34 million people is still trying to shake off a decade-old &#8220;tuna bonds&#8221; scandal involving Credit Suisse, in which loans for a fishing fleet went missing, leading Mozambique to default on its debt and the International Monetary Fund to suspend lending.



Last year, the Swiss bank settled out of court.



&#8220;Financing options for the deficit are limited,&#8221; said Kevin Daly, portfolio manager at Abrdn, which holds Mozambique&#8217;s 2031 international bond.



Mozambique struck a $456 million deal with the IMF in May 2022, but its programme expires next year and will have to be renegotiated.



&#8220;The future of the economy is really based on the development of these oil and gas&#8230;(fields),&#8221; said Thys Louw, portfolio manager at global asset manager, Ninety One. Yet Islamist violence has delayed TotalEnergies and ExxonMobil&#8217;s development of some of Africa&#8217;s biggest gas fields.



Total says it is still committed to them, but investor enthusiasm is waning.



&#8220;There was a time where everyone was excited and waiting to go into Mozambique,&#8221; said Tshepo Ncube, head of International Coverage at Absa Corporate and Investment Bank.



&#8220;Now it is all about: &#8216;let&#8217;s see how it plays out&#8217;.&#8221;



(Reporting by Kopano Gumbi in Johannesburg and Duncan Miriri in Nairobi; Additional reporting by Libby George and Karin Strohecker in London; Editing by Tim Cocks and Christina Fincher)

Mozambique opposition party Frelimo holds final rally ahead of election

Mozambique election winner faces tough financial squeeze

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-820x547.jpg" alt="" class="wp-image-539399" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/GettyImages-1037987712-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A virologust works in the new Biological Security Level 4 laboratory of the Bernhard Nocht Institute for Tropical Medicine (BNI) in Hamburg, Germany, 25 January 2013. The new labroratory will contribute to the institute&#8217;s reasearch on tropical diseases, including dangerous diseases such as Lassa fever, Marburg virus, Ebola fever and leishmaniasis. Photo: CHRISTIAN CHARISIUS | usage worldwide (Photo by Christian Charisius/picture alliance via Getty Images)</figcaption></figure>



KIGALI, Oct 6 (Reuters)&nbsp;&#8211;&nbsp;Rwanda said on Sunday it had begun administering vaccine doses against the Marburg virus to try to combat an outbreak of the Ebola-like disease in the east African country, where it has so far killed 12 people.



&#8220;The vaccination is starting today immediately,&#8221; Health Minister Sabin Nsanzimana said at a news conference in the capital Kigali.



He said the vaccinations would focus on those &#8220;most at risk, most exposed healthcare workers working in treatment centres, in the hospitals, in ICU, in emergency, but also the close contacts of the confirmed cases.&#8221;



The country has already received shipments of the vaccines including from the Sabin Vaccine Institute.



Rwanda&#8217;s first outbreak of the viral hemorrhagic fever was detected in late September, with 46 cases and 12 deaths reported since then. Marburg has a fatality rate as high as 88%.



Marburg symptoms include high fever, severe headaches and malaise within seven days of infection and later severe nausea, vomiting and diarrhoea.



It is transmitted to humans by fruit bats and then spreads through contact with the bodily fluids of those infected. Neighbouring Uganda has suffered several outbreaks in the past.



&#8220;We believe that with vaccines, we have a powerful tool to stop the spread of this virus,&#8221; the minister said.



(Reporting by Philbert Girinema; Editing by Elias Biryabarema and Hugh Lawson)

New High security laboratory  at BNI

Rwanda begins Marburg vaccinations to curb deadly outbreak

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg" alt="" class="wp-image-381494" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1110x740.jpg 1110w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-696x464.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1068x712.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/09/Kenya-Shilling-banknotes-and-coins-1920x1280.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The country&#8217;s Treasury has already cut this year&#8217;s growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg</figcaption></figure>



NAIROBI, Oct 4 (Reuters) &#8211; The Kenyan shilling was steady against the dollar on Friday, London Stock Exchange Group data showed.



At 0655 GMT, the shilling traded at 128.50/129.50 per dollar, the same as Thursday&#8217;s closing rate.



(Reporting by Sonia Rao; Editing by George Obulutsa)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling unchanged versus dollar, LSEG data shows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-820x539.jpg" alt="" class="wp-image-538297" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/YNW7WLFOZJOXJBVUR4VLTBHO4A-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view shows the Nation Centre and Lonrho Africa building in central business district in downtown Nairobi, Kenya February 18, 2022. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, Oct 3 (Reuters) &#8211; Kenya&#8217;s government has asked the International Monetary Fund to conduct an official assessment of corruption and governance issues, the IMF told Reuters, after a push by Western nations.



Kenya has struggled with debt that has reached precarious levels in recent years, and its withdrawal of proposed tax hikes earlier this year &#8211; following deadly protests &#8211; complicated its efforts to unlock a $600 million disbursement from the IMF.



Countries themselves must request the so-called &#8220;governance diagnostic&#8221;, which investigates whether corruption and governance vulnerabilities are draining revenue or creating other problems in state finances.



“We have received a governance diagnostics request from the authorities,&#8221; an IMF spokesperson said in response to written questions.



&#8220;The government of Kenya aims to strengthen its governance and anti-corruption policies. They intend to utilize these diagnostics to enhance public spending efficiency, boost competitiveness, foster growth, and reduce poverty in an inclusive manner.”



One source familiar with the situation said the assessment, while not directly linked to the disbursement, would be a show of goodwill in the country&#8217;s efforts to get its finances back on track.



Perceived government waste and corruption were a core driver of mass demonstrations in June that forced President William Ruto to withdraw $2.7 billion in planned tax increases.



Kenya&#8217;s finance ministry did not respond to requests for comment.



Reuters on Tuesday first reported that Western nations were pushing for the IMF assessment.



(Reporting by Aaron Ross; additional reporting by Rodrigo Campos; Writing by Duncan Miriri; Editing by Libby George, Andrea Ricci and Lincoln Feast.)

General view of the central business district in Nairobi

Kenya asks IMF to review corruption issues after Western push

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-820x572.jpg" alt="" class="wp-image-537933" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-1536x1072.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/6UEX6ZZXS5I7LFHDVDQZU4YJV4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Ethiopian Prime Minister Abiy Ahmed attends the 60th anniversary of the Organization of African Unity (OAU)/African Union (AU) at the African Union Commission (AUC) Headquarters in Addis Ababa, Ethiopia May 25, 2023. REUTERS/Tiksa Negeri/File Photo</figcaption></figure>



NAIROBI, Oct 3 (Reuters) &#8211; A group of Ethiopia&#8217;s international bondholders rejected on Thursday the outlines of a government restructuring proposal for its $1 billion bond that was presented in an investors call earlier this week.



Ethiopia became Africa&#8217;s third default in as many years in December 2023. Progress on debt restructuring has been sluggish amid slow movement on reforms and drawn-out negotiations of a $3.4 billion programme with the International Monetary Fund.



During a call with global investors on Tuesday, the government sketched out &#8220;illustrative&#8221; terms of a bond restructuring, saying an 18% haircut &#8211; or writedown &#8211; on the nominal value of its sole outstanding dollar bond, excluding past due interest, would be compatible with debt sustainability targets.



&#8220;A haircut of the 2024 Notes principal claim is wholly inconsistent with the Committee’s evaluation of Ethiopia’s economic fundamentals,&#8221;&nbsp;the group of bondholders&nbsp;said in an emailed statement.



&#8220;As such, the Committee does not consider the illustrative terms to be a reasonable starting point for negotiation, a view that is shared by others in the wider bondholder community,&#8221; the&nbsp;group&#8217;s statement said.



A new bond issued to holders as part of the restructuring would have a 5% coupon and mature in June 2031, the government said in its presentation.



(Reporting by Duncan Miriri and George Obulutsa, editing by Karin Strohecker and Gareth Jones)

FILE PHOTO: 60th anniversary of the Organization African Unity (OAU)/African Union (AU) in Addis Ababa

Ethiopia bondholders reject government’s $1 bln bond restructuring outline

<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="720" height="458" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA.jpg" alt="" class="wp-image-537913" style="width:720px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA-141x90.jpg 141w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">A general picture shows the skyline of Tanzania&#8217;s port city of Dar es Salaam, File. REUTERS/Andrew Emmanuel</figcaption></figure>



DAR ES SALAAM, Oct 3 (Reuters) &#8211; Tanzania&#8217;s central bank held its key interest rate unchanged at 6%, it said on Thursday.



In the two quarters to September, the central bank held the benchmark rate at 6%, from 5.5% that was announced in January when the bank introduced the rate.



The bank targets inflation of 5%, but consumer inflation has stayed comfortably below that figure, despite growing pressure on the shilling.



Inflation increased to 3.1% year-on-year in August from 3.0% the previous month, data from the statistics office showed.



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Christina Fincher)

https___cloudfront-us-east-2.images.arcpublishing.com_reuters_TA2USGDCXBOXJAPYDCXGGP66XA

Tanzania central bank holds lending rate at 6%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-820x547.jpg" alt="" class="wp-image-537910" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/JE32P5X24BNSPKUAPSW6ES36KM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A security guard stands at the entrance of the Stanbic Bank in Abidjan, Ivory Coast April 9, 2018. REUTERS/Luc Gnago</figcaption></figure>



NAIROBI, Oct 3 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s private sector saw a slight deterioration in business conditions in September as output and new orders contracted again, reversing the brief recovery seen in August, Stanbic Bank reported on Thursday.



The Stanbic Bank Kenya Purchasing Managers&#8217; Index (PMI) fell to 49.7 in September from 50.6 in August, dropping below the 50.0 threshold that separates growth from contraction and marking the third decline in four months.



&#8220;Business conditions contracted slightly in September, implying that the pickup in August was due to some recovery after the disruptions caused by protests earlier this year,&#8221; said Christopher Legilisho, Economist at Stanbic Bank.



The survey highlighted that economic challenges for both businesses and households led to reduced sales and a fresh drop in activity. However, the slowdown helped cut input price inflation, resulting in only a marginal rise in output prices.



Despite the overall decline, some sectors showed improvement, with manufacturing and construction firms reporting higher sales. However, agriculture, wholesale &amp; retail, and services sectors experienced declines.



Employment levels were stable, with the employment subindex at the 50.0 no-change mark. Firms reported little need to hire new staff or replace voluntary leavers due to slowing production capacity.



Input price inflation softened, leading to the weakest rise in business expenses in four months. The marginal increase in input costs resulted in a similarly mild jump in prices charged to customers.



Business expectations for the coming year remained subdued, with only 4% of survey respondents expecting an upturn.



&#8220;Business expectations for the coming year remain at their weakest levels in a decade due to the economic headwinds of this year,&#8221; Legilisho added.



The survey also noted that stable exchange rates and fuel prices over the past two months contributed to the moderation in cost pressures, with inflation expected to remain muted at around 4-4.5%.



(Reporting by Nairobi bureau; Editing by Hugh Lawson)

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