Photo : Eduardo Soteras | AFP
NIAS Area Studies
AFRICA MONITOR
Photo : Eduardo Soteras | AFP
IN BRIEF
by Anu Maria Joseph
Kenya: Currency crisis beyond governments control, says trade minister
On 9 March, Kenya's trade minister said that currency shortage in the country is beyond governments' control. He called for incentives that would encourage local manufacturers to protect them from foreign competitors. A local media outlet reported that the Central Bank of Kenya (CBK) has directed commercial banks to ration dollars following the shortage of currency. Economists say that tough rules in the interbank currency market by the regulator is behind the crisis. In 2022, Kenyan currency lost nine per cent against the dollar. (“Kenya's dollar shortage out of our control - minister,” BBC, 9 March 2023)
Mauritania: German firms signs MoU for green energy project
On 9 March, a German firm said that it signed a Memorandum of Understanding for a USD 34 billion worth green energy project in Mauritania. The project is expected to produce up to eight million tons of hydrogen-based products annually in Mauritania. Egyptian and Emirati companies are also part of the project. The first phase of the project is due to be finished in Five years. (“German firm signs $34bn Mauritania green energy deal,” BBC, 9 March 2023)