Kenya's Economic Growth Slowed Down to Two-Year Low, Angola's Investment Windfall ahead of Biden Visit

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Kenyan Wall Street October 07, 2024

What's Inside

• Kenya’s Economic Growth Slowed Down to 4.6%, a Two …
• Angola’s Investment Windfall Ahead of Biden Visit
• Headlines you might have missed
• Interview of the Week

Kenya’s Economic Growth Slowed Down to 4.6%, a Two-Year Low, in Q2

Kenya’s economic growth rate fell to a 2-year low, expanding 4.6% in the second quarter of 2024, down from 5.6% in the same period in 2023.

• The Kenya National Bureau of Statistics (KNBS) body attributed the expansion, albeit slower, – as shown by the Gross Domestic Product (GDP) – to robust growth from agriculture, manufacturing, real estate, forestry and fishing, wholesale and retail, and financial and insurance activities.
• The growth, which compares with 5% in the first quarter of 2024, was however tempered by contractions in the mining, quarrying and construction sectors.
• Mining and Quarrying contracted by 2.7% during the quarter, up from a larger 8.3% expansion in a similar quarter in 2023. Similarly, the construction sector contracted by 2.9%, reversing the 2.7%? growth in the second quarter of 2023.

The manufacturing sector’s real GDP growth accelerated to 3.2% in the three months to June, compared to the 1.5% growth in the same period in 2023. The growth was supported by significant increases in production of food, including soft drinks, sugar and milk, however slowed down by a 0.6% decline in Tea production.?

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?The function of economic forecasting is to make astrology look respectable.”? ―?John Kenneth Galbraith

Has Venture Capitalism (VC) in Africa Been a Force for Good

exuberant VCs have written cheques to people who should not have been allowed to hold their neighbour’s wallet for even one second.

kenyanwallstreet.com/has-venture-capitalism-vc-in-africa-been-a-force-for-good

Angola’s Investment Windfall Ahead of Biden Visit

Angola’s investment windfall has continued, as multiple lenders and companies announce they will either expand or make investments in the country.

• Luanda will host US President Joe Biden in what will be the outgoing president’s first and last visit to the continent.
• The visit is strategic, as Washington and Beijing are engaged in a tussle for control of Central Africa, which hosts some of the raw materials necessary to make the electric revolution succeed.
• In anticipation of the visit next week, multiple investors have announced plans to invest in Angola.

“We see great opportunities to acquire mature assets in Angola, reduce emissions from those assets and further develop them,” said Paul McDade, CEO of Afentra, and independent energy firm, adding, “We anticipate more large companies divesting in the future, with independents stepping in to acquire mature fields. We aim to continue working alongside Angolan companies, combining efforts to secure additional assets. The challenge lies in convincing investors to finance these projects.”

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Headlines you might have missed

Has Venture Capitalism (VC) in Africa Been a Force for Good

exuberant VCs have written cheques to people who should not have been allowed to hold their neighbour’s wallet for even one second.

kenyanwallstreet.com/has-venture-capitalism-vc-in-africa-been-a-force-for-good

UAE Invites United Nations to Investigate Attack on Diplomat's Residence in Sudan, as Conflict Escalates

The United Arab Emirates (UAE) has confirmed that the Sudanese army attacked its ambassador's residence in Khartoum

kenyanwallstreet.com/united-arab-emirates-invites-united-nations-to-investigate-attack-on-diplomats-residence-in-sudan-as-conflict-escalates

Treasury Foresees Challenges after Adopting Accrual Basis Accounting

The National Treasury will now determine incurred revenues and expenses when accounting for public finances as opposed to recording mere movement of cash between departments.? “The transition will unfold over […]

kenyanwallstreet.com/treasury-foresees-challenges-after-adopting-accrual-basis-accounting

Afreximbank Approves US$20.8mn for Nigeria's Starlink Global

African Export-Import Bank (Afreximbank) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited

kenyanwallstreet.com/afreximbank-approves-us20-8-million-for-nigerias-starlink-global

Interview of the Week

Have a great week!