Business highlights – September 13 2017 – Africa50 highlights strategy and investment pipeline

Business highlights – September 13 2017 – Africa50 highlights strategy and investment pipeline

Africa50 gains Guinea and DRC as shareholders, highlights strategy and investment pipeline

Africa50, the pan-African infrastructure investment platform, held its third Shareholder Meeting in Dakar on Tuesday, September 12. President Macky Sall of Senegal welcomed the delegates. African Development Bank Group President and Chairman of the Board of Africa50, Akinwumi Adesina, gave a feature address, and Africa50 CEO Alan Ebobisse provided updates on the Fund’s investment pipeline and strategy. They were joined by finance ministers, senior officials, and ambassadors from the 23 shareholder countries and members of the business community.

Consumers hit by rising food prices as state moves to rein in inflation

Higher food prices are weighing down consumers as the government moves to rein in the rate of inflation, market analysts have said. Economists at Citi Research say the Central Bank of Kenya will struggle to reverse average overall inflation to below 7.5% because of the runaway prices of food, which monetary policy has little control over. The poor performance of the agricultural sector has meant that inflation, driven by food price inflation, has remained elevated in Kenya in the first half of 2017. This, coupled with the political uncertainty, has meant that consumption has generally remained under pressure.

Former presidents may lose power to hire their own staff

All of Kenya’s former presidents may lose the power to hire their own personal staff such as secretaries, drivers and cooks if a new set of regulations from the Public Service Commission (PSC) is adopted. The proposed regulations state that the hiring of the Presidency staff including personal assistants, gardeners, health fitness instructors, housekeepers, gardeners and laundry persons will be done by the Commission. The PSC will start recruiting assistants for President Kenyatta, Mr Ruto alongside retired presidents Mwai Kibaki and Daniel arap Moi should the regulations be adopted. The top officials have had a free hand in picking their assistants whose budgets are footed by taxpayers.

 

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