World
Kenya’s Accelerated GDP Growth Excites IMF
By Dipo Olowookere
The International Monetary Fund (IMF) has commended the Kenyan government for making efforts to bring stability to the country’s political scene.
The global lender, in a press statement issued at the end of its staff visit to Kenya, said this has pushed the Gross Domestic Product (GDP) to record an accelerated growth of 5.7 percent in the first quarter of 2018, from 4.9 percent in 2017.
The team of IMF led by Mr Benedict Clements visited Kenya from July 23 to August 2, 2018 to hold discussions on the second review under a precautionary Stand-By Arrangement (SBA).
Business Post reports that on March 14, 2016, the Executive Board of the IMF approved a $989.8 million 24-month Stand-By Arrangement (SBA). The first review of the SBA was completed on January 25, 2017.
On March 12, 2018, the Executive Board of the IMF approved the Kenyan authorities’ request for a 6-month extension of the SBA to September 14, 2018 to allow additional time to complete the outstanding reviews.
At the end of the visit, Mr Clements said, “Kenya’s economy has continued to perform well, with real GDP growth accelerating to 5.7 percent in the first quarter of 2018, from 4.9 percent in 2017. The acceleration of growth is being driven primarily by strengthened confidence following the conclusion of the prolonged election period, favourable weather conditions, and a continued recovery in tourism. Inflation has remained within the authorities’ target range (5+/-2.5 percent) since July 2017 as better weather conditions have brought down food inflation. Headline CPI growth was 4.3 percent y/y as of June 2018, while core inflation remained low at 3.6 percent y/y.
“Fiscal targets for FY2017/18 under the program were met. The budget deficit for the fiscal year ending in June 2018 was KSh614.6 billion (equivalent to 7.0 percent of GDP), within the target under the program. This represents a significant tightening from the previous year’s deficit of 9.0 percent of GDP. However, revenues significantly underperformed, coming in 2.2 percent of GDP lower than program targets. To meet the deficit target in this context, the authorities rationalized expenditures.
“The current account deficit has started to adjust in 2018 after widening to 6.7 percent of GDP in 2017 (from 5.2 percent in 2016). The increase in the current account deficit was mainly driven by higher food imports and weaker agricultural exports—due to the drought—and higher fuel imports, with the latter owing to rising global oil prices. The lower current account deficit so far in 2018 is due to strong agriculture exports, rising transfer inflows, and lower capital goods imports following the completion of the Mombasa-Nairobi phase of the SGR project. Reflecting these favourable external developments, the exchange rate has remained stable and foreign exchange reserves currently stand at about US$8.8 billion (equal to 5.1 months of projected imports for 2018) as of end-July 2018.
“The banking sector in aggregate remains well-capitalized and liquid. However, the banking system’s non-performing loans remains high at 12 percent in June 2018, though declining in recent months. Higher non-performing loans have been driven by weaker economic activity in 2017, and delayed payments from the government and private sector.
“Discussions focused on (i) fiscal policies to achieve the authorities’ fiscal deficit target of 5.7 percent of GDP in FY2018/19; (ii) interest rate controls; and (iii) structural reforms aiming to ensure the sustainability of investment-driven, inclusive growth. The authorities reiterated their commitment to macroeconomic policies that would maintain public debt on a sustainable path, contain inflation within the target range, and preserve external stability.”
By Kestér Kenn Klomegâh
Africa is set to make history as it hosts the World Public Summit for the first time, with Addis Ababa, Ethiopia, welcoming global leaders and changemakers from July 29–30, 2026, for the landmark gathering under the theme “New World: Africa in Shaping a Shared Future.”
The inaugural African edition of the World Public Summit marks a significant milestone in the continent’s growing role in shaping international dialogue on governance, sustainable development, human-centred leadership and global cooperation.
Hosted by the World Peoples Assembly in partnership with African and international organisations, the summit will convene government officials, diplomats, business leaders, academics, journalists, youth representatives, civil society organisations and cultural leaders from across Africa and around the world.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Summit is not just a meeting—it is a space for unity. A space where the ‘values that unite us’ come to life: respect for people, openness to the world, responsibility for the future, and a commitment to creation.
“Today, we understand more clearly than ever: the future cannot be built alone. It is born in dialogue, in trust, in the ability to listen to one another and to act together.”
The programme begins on July 29 with a series of high-level roundtables and expert discussions covering Pan-African economic integration, civil society, education, scientific cooperation, cultural diplomacy and humanitarian partnerships.
The opening plenary, “Values, Development and Partnership as the Basis of a Sustainable and Just World,” will explore how African values—including Ubuntu—can help shape a more inclusive and sustainable global future. Discussions will also focus on youth leadership, innovation, civil society, ethical AI, public initiatives and international partnerships.
The summit will also showcase Africa’s creativity and innovation through the “Innovations for the Future” exhibition, the contemporary African art exhibition “Unity,” and the international exhibition “The World Paints Happiness.”
Another featured initiative is “The Zambezi River: Economy, Society, Soul,” an international interdisciplinary project exploring the river’s socioeconomic importance across Angola, Botswana, Mozambique, Namibia, Zambia and Zimbabwe, highlighting the shared heritage and development potential of one of Africa’s most important waterways.
The event will conclude with the adoption of the African Communiqué, reflecting the summit’s shared vision for stronger international cooperation, sustainable development and people-centred leadership.
Tsegaye Chama, General Secretary of the Global Black Centre, promised that, “The Summit will be delivered with exceptional distinction, reflecting the magnitude and spirit of the World Peoples Assembly. It embodies a unity that is not transactional, but purposeful and conscious, a unity that shapes new contours for a world that works for all peoples of the World.”
As delegates prepare to arrive in Addis Ababa, anticipation continues to build for what promises to be one of Africa’s most significant international gatherings of 2026—one that will place the continent firmly at the centre of global conversations about the future.
By Adedapo Adesanya
Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.
The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.
However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.
According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.
Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.
The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.
It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.
“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.
The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.
Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
