By Seth Onyango Africa’s fine art market is emerging from obscurity, fuelled by a surge of demand from international and, increasingly, local collectors. According to the Africa Wealth Report 2023, published by Henley & Partners with New World Wealth, the continent’s fine art market is valued at just over $1.8 billion as of December 2022. The figure indicates the annual combined value of artworks traded at auction, highlighting art as a symbol of social status and luxury and a promising investment opportunity. Works by African artists such as Irma Stern, El Anatsui and Ben Enwonwu are especially popular among art…
Author: NLM writer
The African Development Bank recently hosted a workshop for stakeholders in Kenya’s energy sector to discuss the new Public-Private Partnership Act 2021 and how it can advance the country’s power industry. The 23 March to 24 March event was organized together with the Kenya Electricity Transmission Company (Ketraco), the country’s power transmission agency. Participants looked at the status of the Act and made recommendations that would help to expedite the development of PPPs. Signed into law in December 2021, the new Act recognizes the need to enhance private sector participation in the financing, construction, development, operation or maintenance of infrastructure…
In April, the Supreme Court of Kenya spoke eloquently for judicial independence and, by extension, the independence of the mechanism by which judges are chosen, the Judicial Service Commission. It’s a watershed decision in that it will significantly change the way in which members of the JSC are appointed: the court said the president of the country had no function, not even a ceremonial one, in appointing and gazetting JSC members and that the role that the president had assumed in the past was a ‘fundamental contravention’ of the constitution. The litigation in this case was prompted by the actions…
Two men, found guilty of being in possession of almost two tons of elephant tusks, have just lost a third challenge in their case. The matter was brought before Tanzania’s court of appeal for a second time, with counsel urging the court, on review, to change its earlier decision on sentence. While declining the appeal, the judges called the review a disguised appeal against sentence. The accused claimed the original appeal decision showed a ‘manifest error’ resulting in a miscarriage of justice. But, in its judgment, the court ruled that no judgment could be perfect. They, however, said the grounds…
By Carmel Rickard A judgment by Kenya’s top court has found significant gaps in the law dealing with orders of foreign courts. These were discovered in the course of a judgment related to litigation lodged by seven local tea-pickers employed by Scottish tea company James Finlay (Kenya). While addressing core issues of the judgment, Five judges of the Supreme Court ordered government agencies responsible for preparing and making new legislation to look into the legal framework in question with ‘utmost urgency’ to have the law conform to the Constitution. The suit involves seven current or former employees of Finlay, each of…
The withdrawals caught the investigators of the DCI and the EACC by surprise as the files had been worked on in synergy with the prosecution agency, and the decisions to proceed with charges were arrived at by concurrence By David Wanjala I t is no longer a free rein for the Office of the Director of Public Prosecutions (ODPP) when it comes to the withdrawal of ongoing cases as courts begin to reclaim their constitutional stake in that process. Months into the new regime of Kenya Kwanza Government, the ODPP surprised not only the public but also stakeholders in the…
Economic alliances have seen countries become reliant on imports, especially in food and energy By Antony Mutunga Sino-American relations have been greatly harmed for as long as a trade war has existed between US and China. The recent conflict between Russia and Ukraine has further dented business and political ties. To some observers, these escalating geopolitical tensions will likely continue for the foreseeable future. If the world were to split into two trading blocs, with China and her allies on the one hand and the US and the European Union on the other, many developing countries that rely on these…
Across the globe, some economies have varying levels of dependence on carbon By Antony Mutunga Intensifying weather events demonstrate that urgent changes are needed to tackle climate change. Global economies must rapidly reduce greenhouse gas emissions and shift towards a low-carbon economy. This is crucial as the risk brought about by climate change are being felt throughout all industries and global markets. There is a need to limit global warming to below 2° C above pre-industrial levels to avoid climate change’s most destructive impacts. With the world facing high inflation, minimum opportunities, and a looming financial crisis, adding more…
Investor confidence in venture capital in Africa stays strong during global uncertainty By Victor Adar Venture debt has emerged from the periphery to become a key component of the African investment ecosystem in recent years, as early-stage and high-growth companies opt to remain private longer and seek creative forms of financing that minimize founder dilution. According to the African Private Capital Association’s (AVCA) 2022 Venture Capital in Africa Report, private capital inflows continue to propel economic growth and inclusion across the continent. The report captures venture capital performance, value, and investment stage, putting Africa’s venture funding market at $6.5 billion…
The market capitalization has been on a downward trend since 2014 By Antony Mutunga The Nairobi Securities Exchange (NSE) has faced one of its worst periods in the last five years as foreign investors flee the Kenyan market. The bourse, which recorded a significant loss in 2022, has yet to recover to the start of 2023. In the first quarter of 2023, the average foreign investors’ participation decreased from 54.84 percent in the last quarter of 2022 to 41.24 percent. Data from the Capital Markets Authority (CMA) also highlights that in March 2023, foreign investment participation decreased by 13.60 percent…