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Despite revenue growth in 2022, Kenya Airways records $290M loss

Published

2 months ago

March 28, 2023

Despite a record Ksh38.26 billion ($290.62 million) net loss in 2022, Kenya Airways remained a loss-making venture.

As a result, the national carrier’s accumulated loss grew 1.4 times to Ksh172.68 billion ($1.3 billion), up from Ksh15.87 billion ($120.55 million) in 2021. That was according to results announced during a virtual investor briefing, Monday (Mar. 27).

Costs increased from Ksh86.4 billion ($656.29 million) to Ksh155 billion ($1.18 billion), mainly due to rising fuel prices. The increase in capacity led to an increase in direct operating costs as well. However, the airline’s board said it would hit break-even point this year and profitability by 2024, something it hasn’t done since 2012.

The airline’s total revenue grew by 66 percent to Ksh117 billion ($888.73 million) as passenger numbers jumped by 68 percent to 3.7 million and cargo uplift increased by 3.5 percent to 65,955 tonnes.

Following Kenya Airways’ default on payments, the State took over the debt it had guaranteed.

Recall that the International Monetary Fund last week highlighted that “addressing vulnerabilities” at Kenya Airways and utility Kenya Power was “urgent” while announcing a multi-million dollar loan for the east African country.

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IMF approves $3 billion credit facility for Ghana

Published

2 weeks ago

May 18, 2023

Ifeoluwa Dada

The International Monetary Fund (IMF) has approved about $3 billion 36-month Extended Credit Facility arrangement for Ghana.

The IMF Executive Board of the lender says the ECF arrangement is built on the government’s Post COVID-19 Program for Economic Growth (PC-PEG), which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth.

The body says the decision will enable an immediate disbursement equivalent to SDR 451.4 million (about US$600 million).

In a joint press conference with IMF Mission Chief, Stephane Roudet, Ghana’s Finance Minister, Ken Ofori-Atta stated that there was no urgency to return to the international financial markets.

“Our expectation is that in managing our expenditure and increasing our revenue … we then get our ratings up and make the country more attractive for foreign investors,” Ofori-Atta said.

Ghana is one of many countries that are suffering from previously unheard-of delays in receiving bailouts. China is Ghana’s largest bilateral creditor, owing the country a total of almost $1.7 billion, although Western creditors and China disagree on the most effective means of debt relief.

The Paris Club at the weekend announced that official sector creditors of Ghana had formed a committee co-chaired by China and France for debt restructuring talks.

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Promising Rwandan singer, Kaya Byinshii set for African tour

Published

3 weeks ago

May 17, 2023

Akanimoh Etim

Upcoming Rwandan singer, Kaya Byanshii, has announced her first-ever African tour dubbed “Tournee Afrique”, scheduled to kick off on May 27.

Byinshii, who is one of the promising female artistes in the Eastern African country and the continent as a whole, in a chat with The New Times, a prominent media platform in Rwanda, said the tour would be a collaborative effort with Nigerian entertainer, Aunty Rayzor, and will take place in 10 cities in six different African countries.

“Honestly, I always wondered how far my music would go. Now that it happened this is the beginning and it says a lot,” she told the news outfit.

“I feel blessed to be able to share my music with other people live. It’s a huge opportunity because I will be representing Rwanda,” she added.

According to her, the concerts would begin on May 27 in Kampala, Uganda, and continue in Algiers, Annaba, Constantine, Tlemcen and Oran, Algeria, Djibouti, Nairobi, Kenya, Addis Ababa, Ethiopia, before a grand finale in Kigali, the capital of Rwanda.

Byinshii made history as one of the few African singers who performed at the coronation ceremony of King Charles III of England, where she performed in a joint choir together with other singers from around the world.

She also represented Rwanda in the Prix Découvertes RFI in 2021, where she was selected by the Institut Français du Rwanda to represent the country.