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Kenya: What are the consequences of the withdrawal of the finance bill? [Business Africa]

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Business Africa

Caught between repaying debt and increasing revenue collection, developing countries turn to raising taxes. In Kenya, that has had deadly consequences. We assess how African countries can navigate economic pressures while also balancing the harm on already stressed populations on this episode of Business Africa.

The cancellation of Kenya's Finance Bill 2024, following widespread anti-tax protests, has forced the government to reassess the budget and explore alternative revenue sources to prevent economic instability. This decision offers businesses a reprieve from the additional taxes they would have faced if the bill had been enacted.

Kenyan economist Aly-Khan Satchu provides further insights on the implications of this development.

South Africa Achieves Trade Surplus

South Africa reported a trade surplus of R20.1 billion in May 2024, fueled by a substantial increase in exports coupled with a slight decrease in imports. According to the latest data from the South African Revenue Service (SARS), this surplus highlights the country's strong export performance and its enhanced economic resilience in trade.

Tanzania's Fish Exports Surge

Tanzania's fish exports have increased by 41% over the past year, driven by a boost in aquafarming production. With exports exceeding $200 million, this growth underscores the significant potential of aquaculture in bolstering the East African nation's economy.

Isaac Lukando provides a detailed report from Dar es Salaam.