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Michael Armstrong (FCA) ICAEW Regional Director for Middle East Africa and South Asia The impact of the COVID-19 novel coronavirus on jobs and businesses is great and far-reaching; affecting lives and threatening the survival of various companies across the globe. Panic is spreading like wildfire over the sudden and deadly virus. The number of infections is on a high rise globally, with an average of over 3,500 new cases recorded daily making it the top most infectious disease at the moment according to the World Health Organisation (WHO).  As a result, many activities are scaling down disrupting the normal operation of people and businesses. Countries around the world are enforcing lockdowns to varying extents with some even completely closing their borders.  While all these necessary efforts are aimed at slowing down the spread of the disease, there have been consequences especially in the service industry. The tours, travel and hospitality industries are the ...

Hand In Hand International CEO Albert Wambugu (left) and Visa General Manager for East Africa Corine Mbiaketcha (right) receive handcrafted wooden utensils from Jack Nyawanga, Co-Founder and Secretary-General of the Victorious Crafts Group Visa has announced a $2.4 million (KES 242 Million) grant to Hand in Hand Eastern Africa to support low-income business owners in Kenya. The program aims to help improve the livelihoods and resilience of 10,000 individuals in Kenya – 75% of which are women– by offering them business and financial skills training, mentorship and financial services. The three-year project will bring tailored skills to two distinct groups of micro business owners looking to grow their businesses. Speaking during the announcement of the grant, Corine Mbiaketcha-Nana, the Vice President and General Manager East Africa at Visa said that women play a major role in the economic growth of any nation, hence Visa’s decision to support the Hand in Hand Eastern Africa i...

Most East African countries have a positive economic outlook, largely due to the positive performance brought about by economic diversification. This is according to the Institute of Chartered Accountants in England and Wales’ (ICAEW) latest report, Economic Update: Africa Q1 2020. The accountancy body provides GDP growth forecasts for various regions, including East Africa which is set to grow by 6%, West and Central Africa at 3.1%, Franc Zone at 4.9%, and Southern Africa at 1.3%. The report, commissioned by ICAEW and produced by Oxford Economics, highlights how East Africa remains the fastest-growing sub-region, and the economic outlook remains favourable, underpinned by vigorous domestic demand and public investments in infrastructure.  Kenya’s tourism industry was highlighted as a key player in the country’s efforts to diversify its economy away from a dependence on agriculture as a key foreign exchange earner. Kenya’s medium-term tourism prospects remain robust, despi...