Insights

BUSINESS RESILIENCE FOR SUSTAINABLE GROWTH

At stake is the opportunity to free up funds, reduce the cost of capital and make investment go further in periods of uncertainty. PwC Working Capital Study 24/25

TAX PRESENTATION AT THE EAA BY BOWMANS

Implications of the nullification of the Finance Act 2023 Eastern Africa Association (EAA)

Ethiopia Update October 2024

Ethiopia’s current political and economic landscape is fraught with challenges. However, proactive engagement with international partners and strategic domestic reforms, presents opportunities for recovery and stability. As the nation strives to stabilise its economy and manage public discontent, the collaboration with the regional and international actors such as the IMF provides an important lifeline.

EASTERN AFRICA ASSOCIATION RISHIT SHAH PRESENTATION-PwC TZ

Eastern Africa Association September 2024 – Presentation by Rishit Shah – PwC TZ

Ethiopia Update September 2024

Positive economic reforms, particularly the flotation of the Birr, continue to increase Ethiopia’s attractiveness as an investment destination, all while, concerns remain about the speed of implementation of these changes. The security situation in various parts of the country remain tense and new splits in the Tigray region threaten a return of instability there.

AN OVERVIEW OF THE NHIF / SHIF AND AHA CONUNDRUM

An overview of the NHIF / SHIF and AHA conundrum – Presentation to the Eastern Africa Association

Ethiopia Update July 2024

The conflicts in Ethiopia are continuing with no obvious end in sight. A number of economic reforms are ongoing and the economy is growing despite challenges.

EASTERN AFRICA ASSOCIATION / KODY AFRICA LLP – OVERVIEW OF FINANCE BILL 2024

Eastern Africa Business Association June 2024 – Overview of Tax – Finance Bill, 2024

Ethiopia Update June 2024

Anxieties are rising over an apparent proliferation of new inter-regional and communal conflicts across different parts of the country, as well as a deterioration of long-running ones. This is having a detrimental effect on Ethiopia’s fiscal stability, exacerbated by a growing debt problem. However, the economy is showing robust growth and a National Dialogue process aimed at achieving settlement of various conflicts is finally underway.

KAM EAA Presentation-24-04-2024

KAM IMF Presentation on 8th April 2024 by Anthony Mwangi CEO

Ethiopia Update April 2024

Concerns remain high about Ethiopia’s lingering internal conflicts, which threaten political stability and economic progress. Continued but slow progress continues on the economic front with the launch of the country’s securities exchange, and growth forecasts are down.

Rwanda at a Glance by I & M Bank, Rwanda

The government plans to introduce several tax policy measures envisioned in the Rwanda Medium Term Revenue Strategy (MTRS) aiming at improving revenue administration and cutting tax rates while broadening the tax base.

Introducing eTiMS: How to ensure successful eTIMs integration for your business by eBiashara

In 2023, KRA introduced Etims, a cloud-based software, an upgrade of TIMS that makes it easy for VAT- registered businesses to connect their accounting system to KRA without the need to use ETR TIMS devices

Ethiopia Update March 2024

Ethiopia continues to pursue its ambition to achieve access to the sea through its MoU with Somaliland, all while dialling down the rhetoric and pursuing a more diplomatic approach, which could open a path to talks with Somalia. A Cabinet reshuffle continues to consolidate Prime Minister Abiy’s hold on the administration. On international trade, the country made significant progress on economic cooperation with Kenya and compliance with a number of AfCFTA commitments.

TAX PRESENTATION

•Pursuant to the ruling of the Court of Appeal delivered on 19 January 2024, the Social Health Insurance Act, 2023 became operational effectively replacing the NHIF Act. •The draft Social Health Insurance (General) Regulations, 2023 set the monthly deductions at 2.75% of an individual’s gross salary or wage of the household. The contribution is not capped.

UGANDA SITUATION REPORT

Uganda hosted the 19th Summit of Non-Aligned Movement (NAM) Heads of State and Government, a forum of 120 member states from 15 to 20 January 2024, at the Munyonyo Commonwealth Resort. Then from 21 to 23 January, at the same venue, Uganda hosted the Third South Summit organized under the framework of Group 77 and China, a loose alliance of developing countries.

Ethiopia Update January 2024

Ethiopia’s deal with Somaliland has cast the country into yet another high stakes dispute, with potential to drag it into conflict with its neighbors and affecting stability in the wider Horn of Africa region, and potentially beyond. Currently no efforts to begin mediation have been successful, so where the dispute goes from here is highly uncertain.

TRIFIC OVERVIEW

Amplifying Africa’s talent powerhouse and growth potential and Kenya’s advancement in innovator services and role as a leading regional hub through the TRIFIC Special Economic Zone

Ethiopia Update December 2023

Ethiopia still faces difficulties bringing its Amhara and Oromia conflicts to an end, which continue to impact investor perceptions of the market, and remain a drain on Government resources. New investment is still only trickling in. An investment grade downgrade by Fitch spelt bad news for the economy but debt relief from international institutions is on the horizon.

Ethiopia Update October 2023

Nervousness remains over Ethiopia’s ability to hold the peace in Tigray and re-establish order over other restive provinces, particularly Amhara. However, Ethiopia’s international partners are eager to normalise relations, and the Government is stepping up efforts to liberalise aspects of the economy, with signs that economic growth is picking up.

Ethiopia Update September 2023

Just as Ethiopia was righting itself after the Tigray conflict, a new outbreak of violence between the Federal Government and local militias in Amhara threatens to derail the restoration of peace and prosperity in the country. While international bodies and investors are concerned, the Government seeks to restore control through a State of Emergency. The renewed conflict is a reminder of the broader constitutional complexities in Ethiopia which still need to be resolved. Nonetheless, the economy continues to grow, and IMF/WB talks with the Government are progressing well.

Overview of The Kenya Finance Act 2023

INTRODUCTION The Finance Act (“the Act”), 2023 received Presidential assent on 26th June 2023. Most of the changes will be effective from 1st July 2023, which is the Government’s fiscal year, while a few will be effective from 1st September 2023 and 1st January 2024. Most of the proposed changes in the Finance Bill, 2023

Ethiopia Update July 2023

With improving international relations, particularly with key Western partner the United States, and an economic peace dividend from the end of the Tigray conflict emerging, Ethiopia’s prospects are improving. The Government is forging ahead with economic reform programmes, and actively seeking foreign investment.

Ethiopia Update June 2023

Progress continues to be made on implementing the Tigray Peace Agreement, drawing a line under the bloody two-year-old conflict, though the lingering presence of Eritrean troops poses a potential threat to its success. The Government seems intent on reaping a peace dividend as it presses ahead with its reform programme, focusing on liberalising the banking, telecoms and logistics sectors.

East Africa Tax Developments – Deloittes Presentation to EAA Members on 26 April 2023

East Africa Tax Developments

Ethiopia Update Apr 2023

2023 is looking to be a considerably brighter year for Ethiopia as the peace in Tigray appears to be holding and both sides implement terms of the Peace Accord. While rebuilding costs are very considerable, and instability continues to plague parts of the country, the Government appears intent on restoring an attractive environment for international investors and is driving a number of initiatives to increase FDI.

Ethiopia Update Mar 2023

Ethiopia’s prospects have brightened considerably since the ceasefire in the Tigray war and the apparently successful peace accords. While there will still be obstacles to a lasting peace and constitutional settlement, most observers agree that the war is now over. Economic activity is picking up and the Government is pursuing a variety of valuable economic reform measures.

Ethiopia Update Jan 2023

The peace deal between Ethiopia’s Federal Government and the Tigray region’s rebel leadership appears to be sticking, with concrete measures taken to implement its conditions, including the disarmament of rebel forces and resumption of supplies of goods and services to Tigray. Unresolved points remain the continued presence of Eritrean troops and uncertainty about the long-term constitutional arrangements for Ethiopia. However, the improved environment means investor sentiment is lifting and conditions for a rise in FDI are emerging.

Ethiopia Update Dec 2022

The signing of a Peace Agreement between the rebel Tigrayan leadership and the Federal Government, after a two-year civil war, if upheld, will provide significant respite to a battered population, and open up investor appetite in the country again. Obstacles remain, including the status of Eritrean forces and Amharan militias, but it appears the will is there to address these.

Ethiopia Update Oct 2022

There are tentative hopes that a renewed peace push may dampen the Tigray conflict and pave the way to a peaceful resolution; however, given the volatility displayed on both sides and the yawning gap in their demands, this is still far from assured. While the conflict rages in the North, large parts of the country remain open for business and some encouraging reforms in the financial and telecoms sector begin to bear fruit.

Commentary: Fintech in East Africa

Despite talk of an overcrowded market and funding retreat, fintech is proving its mettle in the African markets, serving as a lever to financial inclusion and increasingly bringing innovative solutions to market that are uniquely designed for the heterogeneity of the African population.

Commentary: Developments in use of Cryptocurrencies

The use and acceptance of cryptocurrencies In Africa is becoming more and more prevalent, and there have been recent positive signs in countries such Kenya, Mauritius, Tanzania, and Uganda. Our commentary highlights developments in Kenya, Tanzania and Uganda and is reproduced courtesy of Bowmans.

Ethiopia Update. July 2022

The prospects for a negotiated settlement of the Tigrayan conflict are looking more hopeful, with the outline of a process in place. There are still mountains to climb as the differences between the two sides remain significant. Other ethnic conflicts continue to batter other parts of the country. That the Tigray war may be drawing to a close has buoyed economic sentiment, though the war and global economic pressures continue to weigh on the economy.

Ethiopia Update. June 2022

The ceasefire in Tigray largely continues to hold, and aid flows have begun to arrive in greater quantities in the region. However, separatist and nationalist movements continue to arise in other parts of the country leading to continued security uncertainty and concerns over civil liberties in the country as a whole. Meanwhile, costs to the economy from the war at home and in Ukraine continue to rise.

Tanzania Update. April 2022

The direction of travel is a positive one, with a continued widening of the democratic space and improved view of Tanzania on the world stage. However, there is much more to be done domestically to create a business environment that is conducive for existing and potential investors

Ethiopia Update. April 2022

The Conflict in Tigray continues to dampen with the announcement of a truce and ceasefire by the sides. The peace process is still not defined but rhetoric from both sides indicates a desire to find a solution.

Legal Update from ALN: A Dynamic Shift in Bankers’ Duty of Care

A recent Court of Appeal decision in the UK highlights the increasing obligations on banks to not only verify who is giving them instructions in respect to a particular account, but also review the nature of those instructions. Banks may not be able to defend their actions by simply saying they acted on the authority

Financial Markets Index, East Africa 2021 by Jeff Gable, Absa

Jeff Gable – Head of Macro Research Absa and Anthony Kirui – Head of Markets Absa Securities gave a presentation on the Africa Financial Markets Index 2021 at the January 2022 meeting. To see his presentation please click on the link below: Financial Markets Index 2021, by Jeff Gable, Absa

Risks and Opportunities in East Africa: view of an investor

Kihara Maina, CEO, I & M Bank Kenya gave a presentation on Investment in East Africa: the risks and opportunities in the region as seen through the eyes of an investor, at the EAA’s global meeting on 28th July 2021. To view his presentation click on the link below: Risks and opportunities in East Africa:

Investment Landscape in East African markets. IM Burbidge Capital

Gauri Gupta, Director IM Burbidge Capital Limited, gave a presentation at the January 2022 members meeting on the opportunities and the investment landscape in East African markets. To view his presentation click on his link below: I&M Burbidge Capital presentation on East African markets

Commentary: Democratic Republic of Congo Jan 2022

On 23rd November 2021, the Ministers responsible for East African Community (EAC) Affairs recommended to Member State Leaders the entry of the DRC into the economic block. Our commentary sets out some background on this vast country and what opportunities lie in store for investors.

Kenya update January 2022

As the general election nears, there is concern of disruptions and the impact that this could have on the economy.

Ethiopia Update March 2022

Chances for some form of negotiated settlement in Ethiopia’s bitter Tigray conflict are better than they have been at any time since hostilities broke out.

Uganda Update Sept 2021

Covid-19 cases were declining but have risen again in August. The vaccine roll-out is progressing. There are no major changes in the political scene.

Ethiopia Update September 2021

The Tigray conflict appears to be escalating and spreading to other parts of the country, threatening a deteriorating security situation more broadly in the country.

Uganda Update October 2021

There appears to be an increasing push towards new leadership with opposition parties joining forces.

Commentary: Reflections on Tanzania November 2021

After a period in the investment outhouse, risks are definitely becoming more manageable again. The business environment may still be relatively speaking opaque, but it’s certainly worth getting in early.

Commentary: Business opportunities and risks in East Africa June 2021

EAA CEO Toby Latta talks to Tara O’Connor of Africa Risk Consulting about opportunities and risks in the region

Uganda Update June 2021

On the political front there are growing concerns that the opposition is being supressed with heavy handed tactics and the world is taking note of this. Economically, a good start to 2021 is being impeded by a surge in Covid-19 cases.

Commentary: Opportunities and Risks in the region, Members’ Survey July 2021

The EAA analyses the results of its Members survey on the opportunities and risks in the region

Tanzania Update July 2021

Politically, there is a fly in the ointment with the recent arrest of opposition leaders. The country is finally monitoring Covid-19 which is important in bringing it back into the global fold. With regard to the economy, the President is certainly looking to keep her inauguration promises.

Kenya update April 2021

Political uncertainty predicted for the next 18 months until the elections, while the economy shows signs of recovering from the pandemic decline

Eastern Africa Members’ Survey on Business Climate, risks & opportunities

Toby Latta, CEO, Eastern Africa Association, shared members’ views that were received from a survey on the business climate, risks and opportunities in the region at the July global meeting of members’ (28th July 2021). EAA Members Survey opportunities and risks (1)

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BUSINESS RESILIENCE FOR SUSTAINABLE GROWTH

TAX PRESENTATION AT THE EAA BY BOWMANS

Ethiopia Update October 2024

EASTERN AFRICA ASSOCIATION RISHIT SHAH PRESENTATION-PwC TZ

Ethiopia Update September 2024

AN OVERVIEW OF THE NHIF / SHIF AND AHA CONUNDRUM

Ethiopia Update July 2024

EASTERN AFRICA ASSOCIATION / KODY AFRICA LLP – OVERVIEW OF FINANCE BILL 2024

Ethiopia Update June 2024

KAM EAA Presentation-24-04-2024

Ethiopia Update April 2024

Rwanda at a Glance by I & M Bank, Rwanda

Introducing eTiMS: How to ensure successful eTIMs integration for your business by eBiashara

Ethiopia Update March 2024

TAX PRESENTATION

UGANDA SITUATION REPORT

Ethiopia Update January 2024

TRIFIC OVERVIEW

Ethiopia Update December 2023

Ethiopia Update October 2023

Ethiopia Update September 2023

Overview of The Kenya Finance Act 2023

Ethiopia Update July 2023

Ethiopia Update June 2023

East Africa Tax Developments – Deloittes Presentation to EAA Members on 26 April 2023

Ethiopia Update Apr 2023

Ethiopia Update Mar 2023

Ethiopia Update Jan 2023

Ethiopia Update Dec 2022

Ethiopia Update Oct 2022

Minister for Financial Services and Good Governance of Mauritius: Networking event

Commentary: Fintech in East Africa

Commentary: Developments in use of Cryptocurrencies

Ethiopia Update. July 2022

Ethiopia Update. June 2022

Tanzania Update. April 2022

Ethiopia Update. April 2022

Legal Update from ALN: A Dynamic Shift in Bankers’ Duty of Care

Financial Markets Index, East Africa 2021 by Jeff Gable, Absa

Risks and Opportunities in East Africa: view of an investor

Investment Landscape in East African markets. IM Burbidge Capital

Commentary: Democratic Republic of Congo Jan 2022

Kenya update January 2022

Ethiopia Update March 2022

Uganda Update Sept 2021

Ethiopia Update September 2021

Uganda Update October 2021

Commentary: Reflections on Tanzania November 2021

Commentary: Business opportunities and risks in East Africa June 2021

Uganda Update June 2021

Commentary: Opportunities and Risks in the region, Members’ Survey July 2021

Tanzania Update July 2021

Kenya update April 2021

Eastern Africa Members’ Survey on Business Climate, risks & opportunities