KENYA AMONG COUNTRIES WITH LOWEST GOLD RESERVES WORLDWIDE

Nairobi, Kenya 19th June 2024

By Clive Ayuko

The glitter of gold has always been both a boon and a bane for societies and economies throughout history. During times of crisis, investors, the wealthy, and even governments seek refuge in gold as a safe haven asset. This precious metal provides stability away from the volatility of commodities like oil and natural gas, the fluctuations of equity and real estate markets, and the changing exchange rates of currencies against the US dollar. Gold remains an important reserve asset.

According to data compiled by Mushtak Parker from the World Gold Council as of April 2024, the United States holds the highest gold reserves at 8,133.50 tonnes. Germany follows with 3,350.30 tonnes, while the International Monetary Fund (IMF) holds 2,814 tonnes. Italy’s reserves amount to 2,451.80 tonnes, and France has 2,437 tonnes. Russia and China hold 2,329.60 tonnes and 2,257.50 tonnes, respectively. The European Central Bank (ECB) holds 506.70 tonnes, and the Bank for International Settlements (BIS) has 102 tonnes.

Among African countries, Algeria leads with 173.60 tonnes, followed by Egypt with 126.20 tonnes and South Africa with 125.40 tonnes. Libya holds 116.60 tonnes, while the West African Economic and Monetary Union (WAEMU) has 36.50 tonnes. Morocco and Nigeria have 22.10 tonnes and 21.50 tonnes, respectively. Other African nations with notable reserves include Mauritius (12.40 tonnes), Ghana (8.70 tonnes), Tunisia (6.80 tonnes), Mozambique (3.90 tonnes), and the Bank of Central African States (BEAC) with 4.70 tonnes. Kenya’s gold reserves are relatively modest at 0.02 tonnes, or 200 kilograms, according to the World Gold Council data.

Commemorating the International Day of the African Child: Honoring the Past, Investing in the Future

By Clive Ayuko

Nairobi, Kenya, July 14th 2024

Today at St. John’s Catholic Church in Korogocho, Nairobi, the International Day of the African Child was commemorated with heartfelt tributes and reflections, significantly sponsored by the Forum for African Women Educationalists (FAWE) and the Mastercard Foundation.

FAWE, established in 1992 by five African women ministers of education, has been a beacon of hope and progress for girls’ education across the continent. Founded with a vision to increase access and improve the quality of education for African girls, FAWE has tirelessly worked to influence policy, build capacities, and create educational opportunities in numerous African countries. Their efforts have transformed the lives of millions of young girls, empowering them to pursue their dreams and contribute to their communities.

The Mastercard Foundation, known for its dedication to youth empowerment and education in Africa, joined hands with FAWE to sponsor this crucial event. Their collaboration ensured that the voices of African children, especially girls, are heard and their rights championed.

Speaking during the event, FAWE Secretary General Mrs. Mary Goretti emphasized the importance of educational investment, stating, “Investing in African children’s education is investing in Africa’s future.”

The community gathered to not only honor the resilience of the youth but also remember the tragic Soweto Massacre of 1976. On that fateful day, thousands of black students in Soweto, South Africa, marched peacefully against the apartheid regime’s imposition of Afrikaans in schools. The protest ended in tragedy as police opened fire, killing at least 176 children. The image of Hector Pieterson, a 12-year-old boy shot and killed, being carried by a distraught comrade, became an indelible symbol of their struggle.

Today’s commemoration at St. John’s Catholic Church, supported by FAWE and the Mastercard Foundation, highlighted the ongoing fight for justice, education, and equality for African children. It served as a powerful reminder of the past sacrifices and the continued efforts needed to secure a brighter future for every African child.

The event whose theme was Education for All Time Is Now!!saw the participation of various organizations dedicated to children’s welfare and education, including Child Space, Beacon of Hope, Crime Si Poa, World Vision, Beyond the Vision, Baraka Health Net, the Refugee Consortium of Kenya, and the United Nations High Commission for Refugees (UNHCR). Their collective presence underscored the united effort to uplift and protect the rights of African children.

MR. CEILING TECHNOLOGY FIRM TARGET LOCAL CONSTRUCTION SECTOR IN THE UPCOMING BUILDEXPO

Nairobi, Kenya 3rd June, 2024

Mr. Ceiling, an innovative ceiling technology firm, is set to showcase its state-of-the-art stretch ceiling technology at the highly anticipated 25th BUILDEXPO KENYA. Scheduled to take place from June 5th to 7th, this event will bring together leading exhibitors from the building and construction industry, highlighting the latest advancements and products shaping the future of construction in the region.

Mr. Ceiling’s stretch ceiling technology, a revolutionary alternative to traditional gypsum ceilings, promises significant cost savings and superior performance. This European-engineered solution, new to Sub-Saharan Africa, has already been extensively utilized in both Europe and Asia, earning a reputation for its durability and aesthetic appeal.

“Stretch ceilings offer a futuristic revolution in interior design and construction,” said Tigran Metaks, MD of Mr. Ceiling. “Unlike conventional ceilings, our technology is not only more affordable but also incredibly resilient. For instance, during the rainy season, any leaks can be easily managed by draining the water and re-sealing the ceiling, restoring it to its original state.”

The firm is targeting a diverse audience that includes homeowners, contractors, architects, and developers, aiming to introduce them to the benefits of this cutting-edge technology. The stretch ceilings are designed to provide a sleek, modern finish while being practical and easy to maintain, making them an ideal choice for various construction projects.

Kenya’s real estate sector is witnessing a significant boom, with an annual growth rate of approximately 5.3% as of 2023. This growth is driven by increased urbanization, a rising middle class, and substantial investments in infrastructure and housing. The demand for innovative and cost-effective construction solutions is higher than ever, positioning Mr. Ceiling’s stretch ceiling technology as a timely and valuable addition to the market.

BUILDEXPO KENYA is expected to draw a wide range of exhibitors specializing in building construction, creating a vibrant platform for industry professionals to network, exchange ideas, and explore new products. Mr. Ceiling’s participation underscores its commitment to bringing advanced European technologies to the local market, enhancing the quality and efficiency of construction practices in Kenya.

Kenya Breaks Ground on World’s First Green Garment Factory Made from Recycled Containers

Clive Ayuko

May 20, 2024, Athi River, Kenya

The world’s first green industrial garment factory, constructed from upcycled containers, has begun construction in Athi River EPZ. This pioneering project, backed by a $530,000 investment from the United States Agency for International Development (USAID) and a $1.3 million loan from Trade Catalyst Africa (TCA), represents a significant step forward in sustainable manufacturing.

Spanning 5,000 square meters, the new green textile center is designed to be a model of sustainability, utilizing solar energy and rainwater harvesting systems. Expected to be completed by December 2024, the factory aims to save an estimated 18 tons of CO2 annually and conserve 1,000 cubic meters of water each year, demonstrating the potential for eco-friendly industrial practices.

The project is a collaboration with Modular Real Estate EPZ Limited (MODULAR), a subsidiary of Container Technology Limited (CONTECH). Duncan Onyango, CEO of Trade Catalyst Africa, emphasized the transformative impact of this initiative: “This investment symbolizes our commitment to environmental stewardship and sustainable industrial development. By pioneering this unique industrial space, we are setting a new standard for the garment industry and positioning Kenya and Africa as leaders in sustainable manufacturing.”

The global textiles market, valued at approximately $1.5 trillion in 2020, is poised for significant growth. This initiative will place Kenya at the forefront of this expansion, promoting eco-friendly manufacturing practices and enhancing the country’s competitiveness. It is expected to create numerous jobs, particularly for women, boosting Kenya’s export potential and driving economic growth.

Naeem Pasta, CEO of Modular Real Estate EPZ, highlighted the innovative nature of the project: “This project demonstrates that innovative thinking and environmental responsibility can coexist, leading to economic growth and a healthier planet. We are proud to be part of this pioneering effort.”

Significance for Kenya

The green garment and textile center represents a crucial advancement for Kenya’s industrial sector, aligning with the country’s vision of becoming a newly industrialized, middle-income nation. By adopting sustainable practices, Kenya aims to enhance its competitiveness in the global market. The new facility will provide training opportunities and create jobs, particularly benefiting women, thereby empowering local communities and reducing poverty. By setting a precedent for green industrial practices, Kenya can serve as a model for other nations pursuing sustainable development.

TradeMark Africa and Foundation for Civil Society Launch a TZS 2.3Billion Project to Promote Sustainable and Inclusive Trade in Tanzania

Dar Es Salaam Tanzania, 17 May 2024:

The Foundation for Civil Society (FCS) and TradeMark Africa have today sealed a grant agreement to launch a project dubbed Private Sector and CSOs for Inclusive and Greening Trade that will drive sustainable economic growth and inclusive trade practices, addressing the significant systemic challenges in Tanzania’s trade sector.

Funded by the Foreign, Commonwealth & Development Office (FCDO), Ireland, and Norway, the TZS 2.3billion ($ 900,000), the project seeks to integrate the strengths of private sectors and civil society organisations to promote green economic growth.


Many women in Tanzania, remain in the informal trading sector facing top barriers such as limited access to finance, and inadequate training in trade-related skills. This initiative aims to dismantle these barriers, creating a trading environment that is inclusive and fosters prosperity for all.



The project, which starts immediately, is designed to leverage the unique strengths of the private sector alongside civil society organisations to enhance trade practices that are both inclusive and environmentally sustainable. Over the next 18 months, FCS will implement strategic interventions across multiple trade sectors, focusing on reducing environmental impact and promoting inclusivity in economic benefits.

Speaking during the signing ceremony, TMA Tanzania Country Director Mr. Elibariki Shammy said, “This project is central to our strategic objectives to stimulate trade growth while ensuring that it’s sustainable and inclusive. We believe that through strategic collaborations like this, we can make a significant impact on Tanzania’s trade landscape. Empowering women is not just a moral imperative but a developmental one. Integrating women into trade boosts economic diversity and lifts entire communities. Through this partnership, we aim to develop a trade ecosystem that is inclusive and robust enough to withstand the pressures of global trade demands.”

FCS Executive Director Mr Justice Rutenge expressed enthusiasm about the project’s potential. ” Consumer protection is crucial in today’s global market. Our collaboration with TMA is a monumental step towards establishing fair and green trade practices in Tanzania. We are dedicated to ensuring that the benefits of trade expansion are shared by all, particularly the most vulnerable sectors of our society,” he said.

Mr Rutenge also disclosed that FCS would leverage the unique roles of CSOs and the private sector to address pressing issues of environmental degradation and social inequality.

The initiative also aims to create a trade environment that is inclusive and sustainable by increasing trade opportunities for marginalised groups, collaborating with civil society organisations to address their needs, promoting environmentally friendly trade practices, and enhancing consumer protection. TMA will support marginalised communities through smart-agriculture practices and market readiness programmes, contributing to their sustainable trade growth. Moreover, by advocating for sustainable trade practices, the project seeks to improve trade resilience to climate change, thereby contributing to the long-term viability of Tanzania’s economy and environmental sustainability.

The project also includes the development of innovative digital technologies such as e-learning platforms for smart-agriculture practices, enhancing market readiness, and the global competitiveness of Tanzanian products.

This collaboration represents a model of how public-private partnerships can effectively address systemic challenges in emerging markets, creating pathways for more inclusive and sustainable trade practices.

LG Unveils Power-Packed Audio, Innovative Monitors, and Stunning Micro LED Display at Showcase

Nairobi, Kenya 2nd May 2024

LG showcased a range of powerful speakers, like the XBOOM XL9T and XL5S, with booming sound and cool lights for parties. Portable options, such as the XBOOM Go XG8T, offer strong sound on the move. Guests liked the LG TONE Fit TF7 earbuds for comfort and sound quality, including a UVnano tech for cleanliness. In projectors, the LG CineBeam Q offers 4K quality in a compact design. LG also presented gaming monitors and the LG MyView Smart Monitor for productivity and entertainment. They also unveiled the LG MAGNIT, a huge Micro LED display for top-notch picture quality.

Huawei Advocates for Inclusive Connectivity at Connected Africa Summit

Nairobi, April 30, 2024 –  Huawei Kenya is advocating for inclusive connectivity to accelerate national digital transformation

Speaking at the Connected Africa Summit 2024 held in Nairobi last week, Vice President of Huawei Sub-Sahara Africa Mr. Wan Wei highlighted the importance of building network & cloud infrastructure to drive economic growth, social progress, and sustainable development across the continent.

He also presented a proposal for ubiquitous intelligent connectivity networks combined with cloud-based data driven innovation to enable inclusive intelligent service.

“Beyond mere connectivity, such infrastructure holds the key to enhancing social welfare, fostering innovation, promoting economic competitiveness, facilitating regional integration, and ultimately advancing the sustainable development agenda in Africa. It is not just a means to an end, but an end in itself, capable of enriching the lives and well-being of all people,” Mr. Wei said.

Mr. Wei provided insights on policy and technical measures to build low-cost rural mobile networks and speed up fibre-optic networks to ensure high-speed broadband for all people, all homes, all businesses, and all institutions. He highlighted the regulatory interventions that can help, such as lower cost wayleaves, tax incentives for investment, infrastructure sharing between power and telecoms infrastructure and lower taxes for affordable devices.

“Through our collective actions and shared commitment, we aim to lay a solid foundation for Africa’s digital future, positioning our continent at the forefront of the global digital revolution. Let us work together diligently and purposefully to build a digital ecosystem that not only empowers our economies but also uplifts our societies and enhances the quality of life for all citizens across Africa. Through the strategic development of Network and Cloud infrastructure, we pave the way for a brighter and more prosperous digital future for our continent,” he said.

Huawei’s exhibition at the Summit included sharing insights on how to speed up the roll-out of fibre-optic networks and lower the build-out costs though technology innovations such as Quick-ODN as well as regulatory interventions, such as the new Building Code that is being reformed to “ensure all new buildings are fibre-optic-ready” as His Excellency President Ruto highlighted in his opening remarks at the Summit. This includes common ducting outside and inside buildings that telecoms companies can use to quickly and easily run their cables into, manholes and easy-access points for engineers to use to connect fibre and run it into properties as well as maintain it, and the provision of equipment rooms or spaces in buildings.

Absa Life Assurance Kenya Reports 90% Growth in Headline Earnings

Nairobi, Kenya 26th April 2024

Absa Life Assurance Kenya (Absa Life) recorded a 90% surge in headline earnings, reaching KES. 862 million for the financial year ending December 31, 2023. This impressive growth was fueled by strategic investments in product diversification, digital capabilities, and expanded distribution channels. Despite operating in an unpredictable environment, Absa Life saw double-digit increases in key performance indicators, with insurance services revenues rising by 29% to KES. 5.9 billion and investment income climbing by 27% to KES. 1.1 billion. The company’s Principal Officer and Managing Director, Githanji Waiguru, highlighted the commitment to maintaining a healthy portfolio and driving value for both policyholders and shareholders. With total assets closing at KES. 11.5 billion, up 26% from the previous year, and a return on equity (ROE) of 50.3%, Absa Life distributed KES. 450 million in dividends to shareholders. The adoption of IFRS17 standards underscored the resilience of Absa Life’s financial results, while significant investments in technology infrastructure supported operational effectiveness and efficiency gains. The company’s digital transformation agenda, coupled with a focus on Environmental, Social, and Governance (ESG) initiatives, positions Absa Life for continued growth and innovation in the Kenyan insurance market.

Private Sector Urges Ethical AI Framework Amidst East Africa’s Digital Transformation

Nairobi, April 19, 2024 – As East Africa accelerates its digital evolution, the private sector is championing the need for an ethical Artificial Intelligence (AI) framework to guide the region’s technological advancement. At the ‘Digital Transformation in East Africa Conference,’ industry leaders emphasized the imperative of responsible AI adoption, culminating in a call for the establishment of an Artificial Intelligence Advisory Council.

Bringing together over 50 global thought leaders and more than 1000 delegates from 24 countries, the conference, organized by the Aga Khan University, served as a platform to address the challenges and opportunities presented by the digital era. Amidst discussions on sustainable development and environmental conservation, the necessity of ethical AI surfaced as a paramount concern.

The proposed Advisory Council aims to unite local and international experts to craft guidelines ensuring the ethical utilization of AI technologies across various sectors. This initiative seeks to foster innovation while safeguarding privacy, respecting human rights, and promoting sustainable development practices.

Acknowledging the pivotal role of government in steering technological progress, Hon. Musalia Mudavadi’s representative, Principal Secretary Aurelia Rono, affirmed the government’s commitment to facilitating the adoption of new technologies. Rono expressed eagerness to integrate the conference’s recommendations into legislative agendas, underscoring the importance of collaboration between public and private sectors.

Dr. Sulaiman Shahabuddin, Vice Chancellor of Aga Khan University, commended the government for creating an enabling environment conducive to digital innovation. He emphasized the symbiotic relationship between governmental support and private sector dynamism, essential for propelling Kenya to the forefront of Africa’s digital landscape.

Highlighting the transformative potential of technology in healthcare, Rashid Khalani, CEO of Aga Khan University Hospital, Nairobi, shared insights into the implementation of an Electronic Health Records system. This system promises to enhance patient care, streamline operations, and facilitate localized research efforts across Africa and Asia.

Distinguished speakers, including Ministry of Information, Communications, and the Digital Economy Cabinet Secretary Hon. Eliud Owalo and Google’s Vice President Vint Cerf, underscored the pivotal role of technology in driving socio-economic development. With luminaries from various sectors lending their expertise, the conference marked a pivotal moment in East Africa’s digital journey.

As East Africa navigates the complexities of digital transformation, the resounding call for an ethical AI framework echoes a commitment

Kenya ICT Week and KUZA Awards Unite to Champion Innovation and Sustainability in Digital Sector

Nairobi, Kenya 17th April 2024

In a strategic alignment aimed at elevating the digital landscape in Kenya, the forthcoming 7th edition of the KUZA Awards will merge with the prestigious Kenya ICT Week. This amalgamation, announced amidst anticipation within the tech community, signifies a unified effort to spotlight innovation and sustainability in the country’s digital sphere. Sc

Scheduled at the tail end of  Kenya ICT Week, the KUZA Awards will adopt the theme of “Innovation for a Sustainable Digital Future.” This thematic focus underscores the pressing need to harness technological advancements while ensuring long-term environmental and social sustainability.

The fusion brings together an impressive array of award categories, reflecting the multifaceted nature of the digital sector. From acknowledging excellence in Broadcast Regulatory Compliance and Subscription Management Services to honoring pioneers in Cybersecurity and Green ICT, the awards encompass critical facets of the industry’s evolution.During the launch, the Corporate Director at the Communications Authority M Christopher Wambua underscored the significance of this collaborative initiative. By integrating the Kenya ICT Week with the esteemed KUZA Awards, the event aims to amplify the spotlight on Kenya’s technological achievements while fostering collaboration and knowledge exchange among industry stakeholders.

Of notable mention are specialized recognition categories such as the Lifetime Achievement Award, designed to honor individuals whose contributions have left an indelible mark on the tech landscape. Additionally, the awards will spotlight initiatives dedicated to Child Online Protection and Women in Tech, underscoring the importance of inclusivity and diversity in driving innovation forward.As the digital arena continues to evolve, initiatives like the amalgamation of the Kenya ICT Week and the KUZA Awards serve as catalysts for progress. Through this unified platform, stakeholders are poised to celebrate achievements, share insights, and chart a course towards a future characterized by innovation, sustainability, and inclusivity.