Atta Africa Financial Update

Executive summary 
Kenya has recalculated its GDP figures, increasing its size by over a fifth.

The country's long journey to middle-income status has come to an end sooner than expected, and in a sudden statistical way. Kenya has been classified as a middle-income country after a statistical reassessment of its economy increased the size by 25.3 per cent. The East African nation totted past several other countries to become Africa’s ninth largest economy, up from 12th, surpassing Ghana, Tunisia and Ethiopia.

Importantly, the revision lowers the country's debt-to-GDP ratio making it eligible for new borrowing at a time when the government is looking to tap international markets to fund infrastructure projects. Kenya has a debut sovereign bond in the works, aiming to raise up to US$2 billion.

Rwanda set to launch 4g Lte broadband network

  • Rwanda was set to launch a high-speed (4G LTE) broadband network on November 11
  • The network has been established through an agreement between the Government of Rwanda and South Korea's KT Corporation (formerly Korea Telecom)
  • KT made a cash investment worth US$140 million for rolling out the nationwide LTE access and core networks
  • Rwanda continues to be one of the fastest growing African ICT markets, from e-commerce and e-services, mobile technologies, applications development and automation to becoming a regional centre for the training of top quality ICT professionals and research
  • With a population of 11.78 million people, Rwanda's mobile penetration currently stands at 71.6 per cent with internet penetration currently at 25 per cent