Business highlights – May 9, 2018

Business highlights – May 9, 2018

Ekeza Sacco settles dispute with Commissioner for Cooperative Development

Ekeza Sacco has withdrawn a case it had filed in April imputing the decision by Commissioner for Cooperative Development to shut it over failure to comply with the set by laws. Judge Pauline Nyamweya today marked the matter as withdrawn after the Sacco informed the court that an agreement has been reached with the state agency.The Cooperative Development had ordered its closure for failing to operate independently from another firm known as Gakuyo Real Estate.

African growth picks up but debt remains a concern, says IMF

Growth across sub-Saharan African will rise to 3.4% this year from 2.8% in 2017, but in the continent’s poorest countries, debt is a major burden, the IMF said on Tuesday.Top performers are Benin, Burkina Faso, Ethiopia, Ghana, Ivory Coast, Rwanda, Senegal and Tanzania, the International Monetary Fund said.Their economies expanded by six percent or more in 2017 and will maintain strong growth over the medium term, it said.

Kenya leads East Africa in electricity access

Kenya boasts the highest access to electricity in East Africa, according to the latest report from the World Bank tracking global achievements in sustainable energy for all.According to The Energy Progress Report covering the period up to 2016, electricity access rate in Kenya stood at 56%, compared to Tanzania at 32.8%, Rwanda at 29.37%, Uganda at 26.7% and Burundi at 7.5 percent.The electricity access rate in the country stood at 73.42% as at the end of April 2018, owing to various national electrification projects that have been undertaken by Kenya Power.

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