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Most African countries have a positive economic outlook, largely due to the positive performance of traditional sectors. This is according to the Institute of Chartered in England and Wales (ICAEW) latest report, Economic Insight: Africa Q1 2019. The accountancy body provides GDP growth forecasts for various regions including East Africa which is set to grow by 6.3%, West and Central Africa at 4.4%, Franc Zone at 4.9%, and Southern Africa at 1.5%. The report, commissioned by ICAEW and produced by partner and forecaster Oxford Economics, underscores the potential of fintech in leapfrogging other traditional economic drivers. Mobile money as a percentage of GDP It continues to state that East Africa’s growth has been reinforced by the development of Kenya’s Financial Technology (FinTech) scene, providing fintech an opportunity to leapfrog other traditional drivers such as agriculture which has recently been affected by the delayed onset of the long rains season in Kenya. M

Michael Armstrong (FCA): ICAEW Regional Director for Middle East, Africa and South Asia Most people’s savings will constitute some cash, alongside other holdings of shares, funds, bonds, property and perhaps commodities like gold. But how much is the right amount? The right proportion of cash will vary according to your personal circumstances and appetite for risk. But there are a few considerations that apply to all of us. There are some good reasons to hold cash in an investment portfolio. The first is the security it offers. The value of cash does not change, in nominal terms. It fluctuates against other currencies, of course, but if your outgoings are priced in shillings that does not matter. A shilling will continue to be worth a shilling. If capital preservation is your priority there really is no substitute. The second good reason to hold cash is as dry powder in volatile markets. Dry powder is an informal term that refers to highly liquid securities, cash res