Political stability sees Rwanda outperform

Political stability sees Rwanda outperform

Political stability sees Rwanda outperform

As Rwanda outperforms its fellow countries with a B rating in terms of governance, Fitch Ratings has affirmed Rwanda’s long-term foreign-currency issuer default rating (IDR) at B+, with a stable outlook. Rwanda outperforms the B and BB medians in the World Bank governance indicators, reflecting the political stability and effective governance that underpin strong donor support, according to Fitch. It…

Water risk in Tanzania high, warns World Bank

Water risk in Tanzania high, warns World Bank

Water risk in Tanzania high, warns World Bank

Tanzania needs to urgently improve water management if it is to avoid the risk of drought becoming a brake on the country’s development, according to a new World Bank report. The report suggests Tanzania is set to remain one of Africa’s high flyers in terms of growth, but it must manage its risks. The tenth Tanzania Economic Update reports that, against…

Ugandan customs process set for improvement

Ugandan customs process set for improvement

Ugandan customs process set for improvement

Getting goods in and out of Uganda should become smoother as the Chinese government gives the Uganda government a grant of $30m to modernise its customs facilities. The grant will aid the Uganda Revenue Authority in acquiring the latest technologies including modernised customs risk management, non-intrusive scanners, supervision and communication systems, customs service and enforcement support, and border infrastructure improvement,…

New Tanzanian mining law creates new risks and challenges

New Tanzanian mining law creates new risks and challenges

New Tanzanian mining law creates new risks and challenges

Earlier this year, the new Tanzanian government passed mining legislation aimed at what it described as safeguarding the nation against international exploitation of its mineral resources. These amendments to the Mining Act 2010 have resulted in the government being entitled to own (at the very least) a stake in mining projects operating in the country, as well as expansive powers to renegotiate…

Industry welcomes sanctions relief for Sudan

Industry welcomes sanctions relief for Sudan

Industry welcomes sanctions relief for Sudan

News that the US has lifted most of the economic and trade sanctions on Sudan has been met with relief and optimism by business in the region. Insurers told Commercial Risk Africa that it would be good news for the insurance sector as opportunities grow in the northeast Africa state. It is also expected to boost the aviation, agriculture, oil…

Burundian constitutional plans increasing civil war risk

Burundian constitutional plans increasing civil war risk

Burundian constitutional plans increasing civil war risk

Constitutional changes proposed in Burundi would signal the effective end of cross-party and ethnic power-sharing in Burundi, established by the Arusha Agreement and the 2005 constitution. This is likely to drive a new wave of defections from the political opposition and Burundian military to the armed opposition, warned Jordan Anderson, analyst, country risk, IHS Markit. Challenges to these revisions, he…

Companies receive $100m for Ethiopian investment

Companies receive $100m for Ethiopian investment

Companies receive $100m for Ethiopian investment

The European Investment Bank (EIB) is to provide $100m to aid private equity investment across Ethiopia. The news comes just a day after IHS warned of increasing difficulties in doing business in the country. The EIB’s $10m participation in the Cepheus Growth Capital Fund represents the first backing for an Ethiopia-focused fund, and one of the first engagements with a…

Ethiopia bids to boost exports and control spiralling inflation

Ethiopia bids to boost exports and control spiralling inflation

Ethiopia bids to boost exports and control spiralling inflation

Risk managers are being warned of increasingly difficult business conditions in Ethiopia – home to one of Africa’s largest populations. The National Bank of Ethiopia (NBE) has devalued the Ethiopian birr by 15%, effective 11 October, in addition to raising its key interest rate to 7% from 5%. The move comes as the country experiences spiralling inflation and a persistent…

Continental Reinsurance appoints Souvik Banerjea to lead in Nairobi

Continental Reinsurance appoints Souvik Banerjea to lead in Nairobi

Continental Reinsurance appoints Souvik Banerjea to lead in Nairobi

Souvik Banerjea, formerly of Africa Trade Insurance, has joined Continental Reinsurance Kenya as managing director for the Nairobi subsidiary. Mr Banerjea succeeds Calisto Ogaye, who departed on 6 September after eight years with the Lagos-headquartered reinsurer. Dr Femi Oyetunji, group managing director, Continental Reinsurance, said: “Souvik joins the company at an exciting time, when we are rolling out our new…

No continent for old men: are Africa’s autocrats reaching the end of the road?

No continent for old men: are Africa’s autocrats reaching the end of the road?

No continent for old men: are Africa’s autocrats reaching the end of the road?

Something almost unprecedented happened in Kenya last month, when the Supreme Court annulled the result of the August presidential poll after finding it “neither transparent nor verifiable” and ordering a rerun. While still-incumbent President Uhuru Kenyatta castigated this as a “judicial coup”, all signs are that the election will be rerun, raising the possibility of genuine change in Kenya for…

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