Africa Market Update - March 2019

2MARCH 2015 | MARKET UPDATE – AFRICA www.stratlinkglobal.com
A Financial Advisory
Company
MARCH 2019 | MARKET UPDATE – AFRICA www.stratlinkglobal.com
NIGERIA
ETHIOPIA 5
9
14
22
RWANDA 26
KENYA
UGANDA
TANZANIA 18
Table of Contents
ETHIOPIA
• Birr starts 2019 on a relatively weak note
• State issues proclamation liberalizing telecommunications
NIGERIA
• Investors demand a premium on government securities as inflation gains
momentum
• Purchasing Managers Index, Eurobond yields and Nigeria Stock Exchange point
at a resilient economy shrugging off election jitters
KENYA
• Kenya and Somalia butt heads over offshore oil blocks
• Better information on Counties to inform National policymaking
At a Glance
TANZANIA
• Volatile Shilling as government seeks to allay fears
• Declining scores for civil liberties and freedoms
• Tanzania keen to endorse EPA deal before deadline lapse
UGANDA
• Donors pull UNHCR funding on corruption allegations
• Retirement Benefits Sector plays a key role in the economy
RWANDA
• Accommodative monetary policy supports improved banking performance
• Kagame passed the AU baton as he takes up EAC chairmanship from Museveni
http://mutuamatheka.co.ke/wp-content/uploads/2012/04/001_NAIROBI_WEBREADY_MUTUA-MATHEKA-10.jpg
Nairobi, Kenya
© Mutua Matheka
Cover image:

Award Announcement: DealMakers Africa 2018
StratLink is delighted to emerge second in the category of Financial Advisors (Deal Flow) in East Africa in the
2018 DealMakers Africa Award. This award comes in light of, among others, two successful deals in which
StratLink served as the exclusive sell-side adviser. In Uganda and Malawi, StratLink advised Euroflex Ltd and
Vitafoam Ltd, respectively, in their sale to Catalyst Principal Partners. In Kenya, StratLink advised Artcaffé
Coffee and Bakery in its sale of a majority stake to Emerging Capital Partners. In both transactions, StratLink
was tasked with undertaking valuation of the business venture, due diligence, transaction negotiation with
potential investors and the eventual capital raise. In its capacity as the sole advisor, StratLink was responsible
for the business ventures’ investment readiness including preparation of relevant documents such as the
investment memorandum, sharing the same with potential investors and responding to questions regarding
the business and its growth prospects. We would like to extend a warm and hearty appreciation to all our
clients who continue to entrust us with the responsibility of being part of their growth story and help bring
their dreams and aspirations to fruition.

Value of Disclosed Transactions (USD)
AFRICA DEALS LANDSCAPE
January 2019 – February 2019
Source: PitchBook, StratLink Africa
Deal Activity by Industry (Proportions) Deal Activity by Types (Proportions)
Snapshot of Deals
• Egypt: Operator of tracking platform designed to connect shippers to carriers, Trella, raised USD 600,000 of seed funding led by Algebra Ventures
• Ghana: Provider of pharmaceutical data analytics, mPharma, raised USD 9.73 million from undisclosed investors
• Zimbabwe: KME Plant reached a deﬁnitive deal to be acquired by Premier African Minerals for USD 1.4 million
94.6%
5.4%
Consumer Non-durables
Others
Nigeria 5,112,000,000
South Africa 173,120,000
Kenya 64,470,000
Mauritius 30,700,000
Angola 30,000,000
Mozambique 11,200,000
Ghana 9,730,000
Swaziland 3,730,000
Zimbabwe 1,400,000
Egypt 600,000
Somalia 10,000
89.8%
89.8%
3.1%
3.1%
2.7%
2.7%
4.4%
4.4%
Mergers & Acquisitions Buyout/LBO
Corporate Divestiture Others

BIRR STARTS 2019 ON A WEAK FOOTING
ETHIOPIA MARKET UPDATE

Risk Profile Improves on Subdued Pressure
Ethiopia’s political risk profile is broadly favorable
characterized by subdued episodes of strife and
unrest which dominated 2018. This creates an
environment conducive for policy implementation,
especially as the country steps up the momentum
of liberalizing the economy to open it up for
investment. In the immediate horizon, challenges
to the political risk profile are poised to emanate
from:
• The risk of a reversal in the downward slope
witnessed in inflation in the second half of 2018
presents a risk to the stability being experienced
on the political front. January 2019 inflation
nudged upwards by fifty basis points to 10.9%,
an indicator that pressure on the price level
could be rising and potentially threatening the
relative quiet experienced in the country
• Developments on the political arena could also
present a risk to the country in the near-term.
In late February 2019 seven political parties
issued a joint communique regarding the
establishment of an umbrella body. This body
is likely to angle itself to challenge the Ethiopia
People’s Revolutionary Democratic Front.
Depending on how the ruling party responds
to this new formation, the country could face
rising political temperature
POLITICAL OUTLOOK
Source: Central Statistical Agency, StratLink Africa
Proclamation Liberalizes Mobile Telephony
Space
Over the last one year, our focus on the business
environment has been on the regulatory reforms
aimed at liberalizing the economy. The passage of
the Proclamation on Regulation of Communication
Service marks a major step in liberalizing the
telecommunications sector. Mobile phone
penetration in Ethiopia remains low by regional
standards and this market is bound to elicit
significant interest from investors already present
in the sub-Saharan Africa telephony landscape.
Some of the strengths of the proclamation
liberalizing the telecommunication sector are:
• The proclamation’s focus on the need for
a competitive market marks a good step in
an industry that can be easily derailed by
dominance owing to the significant capital
investment needed
• The proclamation empowers the regulator to
set the criteria for setting tariffs to be applied
by players in the industry. This creates room
to cushion consumers from exorbitant tariffs,
especially in scenarios where one player holds
significant market power
BUSINESS ENVIRONMENT
Mobile Phone Subscribers per 100 Inhabitants
Source: Business Monitor International, StratLink Africa
GDP: USD 61.5 Bln | Population: 101.9 Mln
ETHIOPIA
Headline Inflation
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2016 2017 2018 2019 (f)

Birr Opens 2019 on Weak Footing
The economy started 2019 with the Birr coming
under rising pressure from major currencies, a
position we maintained through 2018 was bound
to materialize given the weakening external
position and the foreign exchange reserves.
Despite the fact that the Birr has ceded ground
only 0.5% since the start of 2019, it is the already
experienced foreign exchange shortage that elicits
mounting concern that Ethiopia could be bracing
for rising headwinds in the months ahead.
This leaves the economy exposed to rising foreign
exchange risk especially at a time when the debt
profile has the lion’s share of debt denominated in
foreign currency.
Source: Bloomberg, StratLink Africa
ECONOMIC OUTLOOK
Price of Coffee Remains Weak
In the international market, the price of coffee,
which is Ethiopia’s main export, started 2019
subdued and adding onto the pressure the
country’s external environment is confronting.
We will be monitoring the impact of the August
2018 lifting of USD 50,000 ceiling on the foreign
currency denominated accounts to assess the
impact this is having on the Birr. With Ethiopia
receiving an average of USD 1.0 billion in diaspora
remittances per annum (based on data for the
period 2013 – 2017), there is a likelihood that the
lifting of the ceiling will help mitigate the foreign
exchange challenges experienced over the last
one year.
Ethiopia’s Debt by Currency Composition
Price of Coffee (US Cents per lb)
Ethiopia Birr to USD Exchange Rate
Debt Profile
Source: Ministry of Finance Ethiopia, StratLink Africa
Source: International Coffee Organization, StratLink Africa
ETHIOPIA
26.6
26.8
27.0
27.2
27.4
27.6
27.8
28.0
28.2
28.4
28.6
28.8
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
External Debt DomesƟc Debt
USD Ethiopian Birr
Special Drawing Rights Euro
Others
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19

Ethiopia’s exports as a proportion of the Gross
Domestic Product (GDP) have been on a general
decline since the commodity price rout, rendering
the country’s external position vulnerable to
pressures stemming for the global economy.
Source: Cepheus Research Analytics, StratLink Africa
Exports to GDP Ratio
ETHIOPIA
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
2016/17
2017/18

NIGERIA MARKET UPDATE
SECOND TERM GRANTS BUHARI OPPORTUNITY TO REDEEM ECONOMIC CREDENTIALS

Stable Process Bodes Well for Nigeria
Despite a false start with the postponement of the
Presidential election by a week, Nigeria navigated
the February 2019 election with relative calm
defusing the tension that was building up amidst
allegationsofelectoralmalpractices.Thismakesfor
a major score for the country’s political risk profile
and a much needed indicator of resilience in the
face of a potentially fragile environment. Nigeria
now faces a unique opportunity to galvanize this
dividend and strengthen its risk profile. A few
salient features in this election have been:
• Minimal change in proportion of votes
compared to 2015
One characteristic of this election is that there
has been minimal change in the proportion of
votes secured by the two leading factions when
compared to the 2015 election. President Buhari
won by a larger proportion in the 2019 general
election with 56.9% of the votes compared to
53.9% in 2015. This is a gain that could explain the
leverage that incumbency afforded Buhari in 2019.
• Significantly Low Voter Turnout
Of the 82.3 million registered voters, only 28.6
million cast their vote. This points at an abysmal
voter turnout of 35.0%. Whereas our pre-election
issue indicated that voter turnout was poised
POLITICAL OUTLOOK
NIGERIA
Proportion of Votes by Party
Source: INEC Nigeria, StratLink Africa
Voter Turnout
Source: INEC Nigeria, StratLink Africa
to be a major issue in this election, we did not
anticipate a turnout as low as has been recorded
in the election. Whereas voter turnout in Nigeria
has been on a general decline over the years,
we believe the postponement of the poll by one
week could be a key factor behind the low turnout
reported in the just concluded election.
Test of Institutions Still a Factor to Watch Out for
One of the key factors we have highlighted in
the past about this year’s election was the fact
that institutional preparedness was bound to be
a key issue. As witnessed, postponement of the
election by the Independent National Electoral
Commission presented a major test not only for
the commission but the country at large. With the
People’s Democratic Party indicating it could opt
to challenge Buhari’s victory in court, focus now
shifts to the judiciary. This becomes increasingly
significant when viewed against the backdrop of
the suspension of the former Chief Justice just
a few weeks before the February 2019 general
election took place. In the recent past, judgment
in electoral disputes has served as a political
watershed for countries such as Kenya where
the courts have over-turned official results of an
election.
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
2015 2019
Others
People's DemocraƟc Party
All Progressives Congress
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
2011 2015 2019

NIGERIA
Unemployment Rate
Index Suggests Business Environment Remains
Resilient
TheCentralBankofNigeria’sPurchasingManagers’
Index (PMI) continues to moderate from the
December 2018 high of 61.1 having closed
February 2019 at 57.1. Nonetheless, this remains
a healthy position especially for an economy
whose rebound has been broadly lethargic and an
election has presented significant headwinds to
the business environment. More critically, the PMI
stands 9.8% higher than it did during the month of
2015 general election pointing at a fairly resilient
economy in the face of elevated political risk.
Key Factor Looking Forward
Looking ahead, two factors are poised to shape
how the index evolves. One, how quickly and
smoothly issues arising from the Presidential
election are resolved thereby creating a stabilized
environment for investment. Two, the policy
framework adopted by the government of the day
and how it will impact the business environment
will also be a matter of priority interest for the
investment community. The second point will
be especially significant given the pervasive
perception that the Buhari administration did not
score significantly on the economic front between
2015 and 2018.
BUSINESS NEWS ENVIRONMENT
Source: Central Bank of Nigeria, StratLink Africa
Purchasing Managers’ Index Select Eurobond Yields
Economy Holds Firm but Questions Abound
Eurobond yields have been on a general decline
since the start of 2019, boding well for the Nigerian
economy. Whereas this could, in part, be driven by
the relatively dovish signal sent by the USA Federal
Reserve in its last monetary policy meeting, it
also points to broadly favorable perception from
investors even as the country navigated the 2019
electoral cycle. This notwithstanding, the win
by President Buhari is set to evoke a number of
questions from the investor community regarding
prospects for the economy over the next five
years.
These questions are bound to be centered on
monetary policy.
Will there be a reversal in the general monetary
policy framework?
Monetary policy was a source of major concern
during President Buhari’s first term especially as
far as foreign exchange is concerned. With the
Central Bank having been focused on mitigating
pressures from both inflation and foreign
exchange, the economy confronted a considerably
tight monetary environment in which credit access
to the private sector presented a key challenge. We
expect the Central Bank to retain all key rates in the
March 2019 monetary policy meeting even as it
weighs the viability of a contractionary path going
ECONOMIC OUTLOOK
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Jan-15
Jun-15
Nov-15
Apr-16
Sep-16
Feb-17
Jul-17
Dec-17
May-18
Oct-18
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
10 Year - 2023 12 Year - 2030
30 Year - 2047

NIGERIA
Resurging Inflation Poses Threat to Declining
Yields in 2019
The Federal government finds itself in a tight
position as investors demand more attractive
yields for debt market instruments issued, even as
the state seeks to bridge revenue shortfalls. In the
February 2019 auctions, the Federal government
was met with under-subscriptions in what is a
likely indicator of investors seeking higher yields
especially as inflation ticks further upwards.
Reopened 5 Year Bond (February 2019)
Description Amount
Amount Offered USD 137.7 Mln
Amount Received USD 26.2 Mln
Performance Rate 19.0%
Yield 12.8%
Description Amount
Yield 12.8%
Description Amount
Yield 12.8%
The oversubscription reported in the reopened
10 year paper is an indicator that whereas
there is appetite for safe investment vehicles,
investors are unwilling to accept returns that are
deemed unfavorable given the macroeconomic
environment being faced. The government is
now set to tread a tight rope between meeting
is revenue needs through domestic debt
mobilization and crowding out the already credit
strained private sector with high yields.
Margin by which the Naira has appreciated
against the greenback between January 1st
2019 and February 28th, 2019
0.7%
Naira to USD Exchange Rate
Year-on-Year Growth of Imports and Exports
Source: National Bureau of Statistics, StratLink Africa
forward. The Naira has held firm since the start of
2019 despite declining foreign exchange reserves,
an indication that pressure from the external
environment has been subdued compared to the
headwinds witnessed for the better part of 2018.
A point of caution, however, is that with the
decelerating growth of exports as witnessed since
Q3 2017, pressure on the Naira is likely to build up
in the face of declining foreign exchange reserves.
Source: Debt Management Office Nigeria, StratLink Africa
DEBT MARKET UPDATE
356.0
357.0
358.0
359.0
360.0
361.0
362.0
363.0
364.0
365.0
366.0
367.0
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Q12016
Q22016
Q32016
Q42016
Q12017
Q22017
Q32017
Q42017
Q12018
Q22018
Imports Exports

Nigeria Stock Exchange 30 Index
Exchange Rallies through February 2019
The market defied widespread bearish sentiment
to maintain an uptrend through February even as
the country was navigating an electoral cycle. This
trend has mirrored what has been witnessed in
other equity markets such as the Nairobi Securities
Exchange where a slowdown in net outflows by
foreign investors has helped give impetus to the
market. This notwithstanding, we still expect the
Nigeria Stock Exchange to remain broadly bearish
through the first half of 2019 with the likelihood
that net outflows from the market will continue
as investors weigh potential spill overs from the
electoral cycle.
EQUITY MARKET UPDATE
Margin by which the Nigeria Stock
Exchange 30 Index has gained, year-
to-date, as at February 22nd, 2019
The average monthly net foreign
investor outflows in 2018
5.6%
USD 15.1 million
Foreign Investor Inflow and Outflow (USD)
Source: Nigeria Stock Exchange, StratLink Africa
NIGERIA
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
1,200.0
1,250.0
1,300.0
1,350.0
1,400.0
1,450.0
1,500.0
02-Jan-19 02-Feb-19
Millions
Volume 30 Index
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Millions
Inﬂow Ouƞlow

EVALUATING ECONOMIC PERFORMANCE AT THE COUNTY LEVEL
KENYA MARKET UPDATE

POLITICAL OUTLOOK
KENYA
Treasury in Push for Credit Guarantee Scheme
for SMEs
The slowdown in credit issued to the private sector
due to the interest rate cap currently in place has
been a major discussion point at the national level
due to its negative impact on economic activity.
Growth in credit to the private sector, year-on-
year, rose to 4.4% in November 2018 which is still
very low relative to pre rate-cap growth rates.
The law capping interest rates has led to the
rationing of credit doled to borrowers perceived as
riskier leading to a significant reduction in lending
to SMEs. To combat this, the National Treasury last
year proposed a scheme to guarantee commercial
bank loans to SMEs. The recently released 2019/20
Budget Policy Statement reiterated the Treasury’s
intentions to roll out the credit guarantee scheme
as well as expedite the Movable Property Security
Rights Act, 2017 to allow for the use of movable
assets as collateral when borrowing money.
Additionally, a Collateral Registry System for
movable assets will be set up by the government
for the Business Registration Services.
While these efforts should prove beneficial to
SMEs, the debate on repealing the rate cap law is
likely to continue.
Credit to Private Sector, % Change y-o-y
Source: CBK, StratLink Africa
Kenya-Somalia Maritime Dispute Resurfaces
Somalia intends to begin exploring offshore
blocks for oil and gas. To that end, members of
Somalia’s Federal Ministry of Petroleum and
Mineral Resources held an event at the beginning
of February in London as the nation plans to invite
bids in the near future for 15 offshore blocks. The
Kenyan government however, claims that some of
the blocks that are being targeted for exploration
by Somalia belong to Kenya. The offshore area
under contention measures about 100,000.0 sq
km and is believed to hold valuable deposits of oil.
History behind the Dispute
The maritime dispute between the two states
began in 2014 when Somalia sued Kenya at the
International Court of Justice (ICJ) over the issue.
In 2017, the ICJ was forced to adjudicate on the
matter after negotiations between the countries
proved unsuccessful. This recent disagreement
saw Somalia’s envoy to Kenya asked to return
home as well as Kenya’s Ambassador to Somalia
recalled. It is estimated that Somalia holds 30
billion barrels¹ of crude oil deposits off its shores
in the Indian Ocean.
Kenya’s Ministry of Foreign Affairs has involved
the UN and the African Union Security Councils to
help the two parties reach an amicable solution
however, the potential for the disagreement
to escalate exists. That outcome would not be
beneficial to either government and it is therefore
in everyone’s interest to push for a timely and
peaceful resolution.
Source: Fitch Solutions, StratLink Africa
1
Fitch Solutions
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18

KENYA
No. of Counties with GCP Growth Above, Equal to
and Below Average (2014-2017)
The disparity among counties is echoed in the
varied GCP growth rates observed with over half
of counties having expanded at rates below the
average GCP growth over the period 2014-2017.
Outlook
The newly available county level data is crucial
in enabling the measurement of economic
progress at the sub-national level over time to
assess performance against targets as well as put
together county economic development plans
in line with national policy directives such as the
government’s Third Medium-Term Plan (MTP III)
and the Big 4 agenda.
The information will also allow for a more accurate
estimation of the revenue generating potential
of each county and reduce reliance on transfers
from the National Government. Furthermore,
alleviating information asymmetry will benefit
potential investors and should see private sectors
investment increase.
ECONOMIC OUTLOOK
County Level Economic Data to Aid in
Policymaking
The Constitution of Kenya, 2010 laid out the
framework governing the decentralization of two
of the three arms of government, namely the
LegislatureandtheExecutive,whichweredevolved
to the 47 political and administrative counties of
Kenya as provided for under Article 6 and specified
in the First Schedule. Recently released county-
level data, from the Kenya National Bureau of
Statistics (KNBS), aims to provide more granular
detail of the economic structure of counties with
the final objective being improved policymaking.
Heterogeneity between Counties
It comes as no surprise that the county that is
home to the nation’s Capital, Nairobi, contributes
the most, over a fifth, to Kenya’s GDP. As seen in the
chart below, of the 47 counties in existence those
with the eight largest economies contributed
just under half of national output between 2013
and 2017, highlighting the stark differences in
economic activity at the county level (Gross
County Product, GCP).
Source: KNBS, StratLink Africa
Source: KNBS, StratLink Africa
Top County Shares in GDP (2013-2017)
Average GCP Growth
2014-2017
5.6%
21.7%
6.1% 5.5% 4.7% 3.2% 2.9% 2.9% 2.6%
50.4%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Nairobi
Nakuru
Kiambu
Mombasa
Machakos
Kisumu
Meru
Nyandarua
39OtherCounƟes
28
2
17
Below Average GCP
Growth
Average GCP Growth
(5.6%)
Above Average GCP
Growth

Yield Curve Tilts Downward
Rates on the yield curve for government securities
with maturities up to five years fell in the month
to 25 February 2019. The movement in the yield
curve was likely influenced by the slowing of
inflation in January this year to 4.7%, from 5.7%
in December 2018 as well as the Monetary Policy
Committee’s decision to hold the key rate in their
latest meeting that was held in January.
The National Treasury has re-opened the M-Akiba
Retail Infrastructure Bond Issue No 2/2017/03
with an effective tenure of one and a half years.
The Treasury aims to raise KES 250.0 million
against the KES 1.0 billion target that was initially
set. With a low minimum investment of KES
3,000.0 to purchase the M-Akiba bond, relative
to KES 50,000.0 for other government securities,
the intention of the instrument has always been to
enable wider access to formal financial systems for
saving and increase financial inclusion.
Despite having over 300,000 registered potential
investors for M-Akiba, under 6,000 actually
invested in the product so it remains to be seen
whether the current issuing will perform better.
Bloomberg BVAL Yields Index
DEBT MARKET UPDATE
KENYA
Prices Slip in February
February 2019 saw the NSE 20 Share Index
continue its upward momentum to peak at 3,070.3
on the 13th of the month, up 8.8% relative to the
first day of the year, before slipping to 2,956.9 on
the 25th of the month.
The dip in the NSE 20 is likely to have been driven,
at least partially, by investors looking to capitalize
on the market’s strength. While the market is
currently significantly down relative to the same
period last year, valuations on a number of
counters have become very attractive.
Nairobi Securities Exchange 20 Share Index
NSE 20 index percentage change in
month to 25 February 2019
NSE 20 index percentage change in
year to 25 February 2019
1.7%
-20.2%
8.4%
8.8%
9.2%
9.6%
10.0%
10.4%
10.8%
11.2%
11.6%
12.0%
12.4%
12.8%
13.2%
13.6%
3M 1Y 3Y 5Y 8Y 10Y 20Y 30Y
25-Feb-19 25-Jan-19
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
2,600.0
2,650.0
2,700.0
2,750.0
2,800.0
2,850.0
2,900.0
2,950.0
3,000.0
3,050.0
3,100.0
02-Jan-19
09-Jan-19
16-Jan-19
23-Jan-19
30-Jan-19
06-Feb-19
13-Feb-19
20-Feb-19
Millions
Volume NSE 20

TANZANIA MARKET UPDATE
VOLATILE SHILLING AS GOVERNMENT SEEKS TO ALLAY FEARS

Declining Score for Civil Liberties and Freedoms
Tanzania’s score for civil liberties continues to
suffer weighed down by the lack of pluralism in its
political system. Although the landscape is growing
more competitive, the benefits of incumbency in
electoral politics continue to generate an uneven
playing field as government responds to criticism
through a crackdown on democratic freedoms,
therebycurtailingcivilliberties.Thiswasevidenced
most recently in the decision by government
to withdraw the license for publication and
distribution of a local newspaper for seven days
for allegedly flouting the 2017 Statistics Act and
running a false story about the devaluation of the
local currency. This can be seen as a move that
seeks to stifle dissent and freedom of speech.
Support for Multi-party Elections, Term Limits
Citizens seem increasingly keen to support
multi-party, as evidenced by a mid-February
survey by Afrobarometer, a pan-African research
consortium. The survey which polled 2400 adults
indicates strong support among Tanzanians
for the current system of multi-party rule and
presidential term limits ─ mainly favoring a two-
term limit on the presidency. These trends are
broadly in line with our continued assessment of
the state of democracy in Tanzania. In as much
as the presidential term limit has not facilitated
a transfer of power from the long-standing
ruling party, Chama Cha Mapinduzi, it ensures
availability of access to public office. In addition,
Tanzania scores relatively poorly in political
participation, weighed down by the legacy of
one-party rule and lack of civil liberties. Thus, the
strong opposition to non-democratic alternatives
of rule reiterates our view of strong popular
support for democratic institutions in Tanzania.
The recent amendments to the Political Parties
Act that ban parties from criticizing government
policies and influencing public opinion, serve to
impede effective government functioning as it
offers limited opportunities for the electorate to
hold it accountable. Hence, the latest legislation
contradicts democratic principles and reinforces
our previous analysis of President Magufuli’s
authoritarian tendency amid declining popularity.
POLITICAL OUTLOOK
TANZANIA
Tanzania Keen to Endorse EPA Deal
The trade deal between the East Africa
Community (EAC) and the European Union (EU)
blocs- the Economic Partnership Agreement (EPA)
- which gives EAC products total access to the EU
market, still hangs in the balance following the
dilly dallying by partners, mainly Tanzania and
Uganda, who are yet to sign the deal on account
of unfavorable trade terms. Tanzania has been the
most reluctant country to sign the deal, among
the EAC member states, citing unfavorable trade
terms that will potentially negatively impact the
country’s industrialization strategy. Likewise, the
impeding exit of Britain from the EU has been one
of Tanzania’s key concerns as the exit potentially
weakens its bargaining power given that Britain is
Tanzania’s core market from the EU. The deadline
for the signing by EAC countries had originally
been set for 1st October, 2016 however, only
Kenya and Rwanda have signed the deal. It is for
these reasons that, in mid-2017, the EU made an
effort to bring Tanzania back to the negotiating
table to try and resolve the impasse that has
stalled the trade pact and drawn mixed reactions
from member states.
Tanzania in Rush to Beat Deadline
And in what may be considered as extending an
olive branch, available data indicates that Tanzania
is reviewing its stance on the EPA with the EU, with
a view of endorsing the deal before the lapse of
the four months the country was allowed by the
EAC to iron out pending issues. It is StratLink’s
view that Tanzania poses legitimate concerns
which should be taken into consideration given
that the EU-EAC deal is essentially primed on trade
in goods and not services yet, EAC exports are
mostly primary, unprocessed agricultural products
and minerals. The EU, on the other hand, exports
highly manufactured products and machinery
into the EAC market, thus, the deal is bound to
result in massive trade imbalance to the EAC. We
shall closely monitor how this pans out given its
potential impact on not only Tanzania’s bilateral
trade relations with the EU, but also the larger EAC
integration agenda.

Volatile Shilling as Government Seeks to Allay
Fears
The government sought to allay fears over the
Shilling’srecentdepreciationagainstthegreenback
and other major currencies. The local currency has
in recent months faced pressure from declining
hardcurrencyinflowsfromTanzania’smajorexport
earners, tourism and agriculture sectors. Earnings
from cashew nut exports plunged from USD 578.4
million in the year ending January 2018 to USD
25.2 million in the year ending January 2019,
associated with delays in export. Consequently,
goods export receipts fell by 11.1% in the period
underreview.Recently,theBankofTanzaniaplaced
a moratorium on licensing of forex bureaus in a bid
to crack down on illegal operations and money-
laundering, further heightening uncertainty in the
currency exchange market.
The Shilling fought to remain stable in 2018 against
the greenback as demand for the greenback in
the market remained at par with inflows from
agricultural sector besides central bank propping,
closing 2018 at TZS 2,298.7 to the greenback from
TZS 2.239.0 at the start of the year. However,
the Shilling weakened against the greenback
from mid-January 2019, recording its lowest
depreciation in three years on 22nd February,
trading at TZS 2,415.0 to the greenback before
closing the trading session at TZS 2,334.5. The fall
is principally attributed to the imbalance in supply
and demand of the greenback in favor of demand,
Official data indicates that gross official reserves
stood at USD 5,044.6 million at the end of
December 2018, equivalent to 4.9 months of
import cover, and above the country and EAC
benchmarks of 4.0 and 4.5 months, respectively
and offering short-term respite to exchange rate
pressures.
We expect the Shilling to stabilize in the medium-
term on the back of improving export receipts
supported by recovery in the agriculture sector. Be
that as it may, we still project benign depreciation
by the local unit against the greenback in view of
the fairly soft demand for imports.
Shilling vs USD
Trends in Foreign Reserves
Export Trends (USD/Mln)
ECONOMIC OUTLOOK
Source: Fitch Solutions, StratLink Africa
Source: Bank of Tanzania, StratLink Africa
TANZANIA
backed by a decline in export volumes and value of
major export commodities as well as, the decline
in foreign direct investments (FDIs) for the third
year running. FDI flows to Tanzania dipped by
24.4% in 2017 to USD 1.2 billion, relative to the
2015 level.
0.0
1,000.0
2,000.0
3,000.0
4,000.0
5,000.0
2013 2014 2015 2016 2017 2018e
TradiƟonal exports
Non-tradiƟonal Exports
2,230.0
2,250.0
2,270.0
2,290.0
2,310.0
2,330.0
2,350.0
2,370.0
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
3.0
4.0
5.0
6.0
7.0
8.0
2010
2011
2012
2013
2014
2015
2016
2017
2018e
2019f
Foreign reserves ex gold, USDbn
Import cover, months
Foreign reserves % growth (RHS)

Increasing Investor Appetite for T-Bills
Trading in short-term government instruments
recorded increased investor appetite in February
as evidenced by bid oversubscription for the third
consecutive trading season. Auction summary
for the period under review indicates that a total
of 98.0 bids valued at USD 77.0 million were
tendered against the offered USD 60.4 million,
representing an oversubscription of USD 16.8
million. Six months and one year maturity bills
continue to remain most preferred due to higher
yields. The annual headline inflation rate last
month decreased to 3.0% from 3.3% recorded
in the previous month. While, the interbank rate
trended northward, gaining 1.2% to 4.9%, in the
period under review, supporting yield movements.
Likewise, yields for short-term government
securities posted mixed trends; the 91 Day paper’s
yield rose by 90.0bps to 3.8%. On the other
hand, the 182 Day and the 364 Day papers’ yields
declined albeit marginally, by 10.0bps each, to
5.2% and 9.3%, respectively in the period under
review.
Interbank Rate
T -Bill Yield Trend
TANZANIA
DEBT MARKET UPDATE
Bourse Remains Bearish
TheboursemaintainedabearishstreakinFebruary
despite good performance from actively trading
shares such as, the self-listed Dar es Salaam Stock
Exchange (DSE) which defied poor performance
─ the company’s net profit plummeted by 56.7%,
year-on-year, to USD 716.9 million last year─ to
post gains, reflecting investor confidence in the
stock fundamentals. The All Share Index shed
off 1.2%, month-on-month and 11.7%, year-on-
year to close the month at 2,090.1 units. Foreign
investors dominated sales at 96.9% while local
investors dominated the buyers’ side at 83.9%,
in the period under review. We expect improved
liquidity on counters such as Vodacom, in the
coming weeks, as well as an increase in earnings
of banking stocks, to boost trading.
All Share Index, year-on-year
All Share Index Change, month-on-
month, as at 27thFebruary, 2019
All Share Index Change, year-on-
year, as at 27thFebruary, 2019
-1.2%
-15.1%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0.0
20.0
40.0
60.0
80.0
100.0
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Price(Red)
VolumeinTZSMln
0.0%
5.0%
10.0%
15.0%
20.0%
Feb-17
Apr-17
Jun-17
Aug-17
Oct-17
Dec-17
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
91 Day 182 Day 364 Day
1,500.0
1,700.0
1,900.0
2,100.0
2,300.0
2,500.0
2,700.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Price(Red)
VolumeinTZMillions

THE ROAD TO A STRONGER PENSIONS SYSTEM
UGANDA MARKET UPDATE

Corruption Hits the Most Vulnerable
An internal audit run by the UN last year uncovered
gross mismanagement of funds as well as fraud
and corruption within the UN’s refugee agency,
the UNHCR, in Uganda leading to Germany and the
UK’s Department for International Development
(DFID) withdrawing their funding towards the
project.
As of the end of January this year, the UNHCR had
only been able to secure 4.9% of the USD 448.8
million funding they required to run operations for
the calendar year.
Uganda is home to a significant population of
refugees and the country has had to stretch
its resources to accommodate them. The
underfunded UNHCR program is likely to have a
heavily detrimental effect on the humanitarian
initiative with a key risk being Ebola spreading
from the DRC. This situation provides yet another
example of the damage that corruption can inflict,
especially towards the most vulnerable, and yet
another reason to push for reform at the national
level.
POLITICAL OUTLOOK
UGANDA
Source: UNHCR, StratLink Africa
UNHCR Financial Requirements for 2019
as of Jan -19
Tensions Between Gov and MTN Escalate
Relations between Uganda’s government and MTN
Group have gone sour with the former making
accusations of espionage and underreporting
of revenues towards the telecommunications
giant. The spat has seen four senior officials from
MTN, including CEO and Belgian national Wim
Vanhelleputte, be deported from the country.
MTN Uganda is a major player in the market and
has been in operation since 1998, contributing
significantly to national tax revenues.
The government will have to tread carefully as
diplomatic pressure increases and the country
risks further damaging relations with one of its
biggest tax payers. The Uganda Communications
Commission will, at the end of March, rule on
whether to extend MTN’s license to operate
within the country and there is likely to be more
pressure for MTN to list its shares locally in order
to increase transparency.
MTN Uganda (as of Dec-17)
Source: Uganda Communications Commission (UCC), Reuters,
StratLink Africa
2
BMI
Total refugees and asylum-seekers in Uganda
as of 31 January 2019
Q3 2018 tax collected from
telecommunications industry
1.2 Mn
USD 38.2 Bn
Funded
4.9%
Unfunded
95.1%
USD 448.8 Mn
• Mobile
SubscripƟons11.5 mn
• Fixed Lines239,047
•Mobile Money
Agency Network77,147
•2017 RevenueUSD 374.0 mn

The Retirement Benefits Sector
The recent establishment of a new social welfare
financial services company, Enwealth Financial
Services, in Uganda is a sign of its growing
retirement benefits sector which has experienced
rapid growth with regard to its assets under
management over the past few years.
A successful pensions system is crucial in society as
it provides a form of insurance to individuals who
finance their retirement by saving throughout their
working life and can aid in poverty relief as well
as the redistribution of income in a manner that
complements progressive tax systems. Uganda’s
coverage ratio, defined as workers covered as a
proportion of the total labor force, at 14.0% in
2017 lies below that of Kenya, at 20.0%, but above
Tanzania’s.
Uganda’s gross domestic savings as a proportion
of GDP, at 16.5% in 2017, stands to benefit from
a more robust pension system. The country’s
demographics are skewed towards the young such
that its pensionable population as a percentage
of all working age people, 4.3% in 2018, is low
Source: Uganda Retirement Benefit Regulatory Authority (URBRA),
StratLink Africa
Source: World Bank, StratLink Africa
Source: URBRS, StratLink Africa
Retirement Sector Indicators, 2017
Gross Domestic Savings (% of GDP)
Retirement Benefit Sector Investment Portfolio
as at Dec 2017
ECONOMIC OUTLOOK
UGANDA
relative to more developed economies such as
South Africa, at 8.3%¹, but as that proportion
increases over time it will be important to have a
more robust pensions system.
Pension funds play an important part in
supporting economic activity when those monies
are reinvested in the economy with government
securities taking up a hefty chunk of the same.
In order to progress going forward, some of the
key areas of focus include improving coverage
especially for those in the informal sector and
increasing awareness and planning in order to
encourage individual retirement savings.
1
Fitch Solutions. Figures are expected
Average year-on-year growth of assets in
Uganda’s retirement benefits sector,
2015-2017
21.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Kenya Uganda Tanzania
Total Assets Under Management (USD Bn)
Coverage RaƟo (RHS)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
2010
2011
2012
2013
2014
2015
2016
2017
Kenya Tanzania Uganda
71.7%
15.4%
5.3%
2.6%
2.2%
1.3%
1.5%
Government SecuriƟes
Quoted EquiƟes
Investment Property
Fixed Deposits
Unquoted Equity
Corporate Bonds
Others Investments

Decline in Share Prices
The All Share Index declined in February 2019 by
3.4% to close at 1,734.2 on the 28th of the same
month.
This represents a significant decline from the peak
reached in 2018 which hit north of 2,200.0. Half
year results for 2018 (Q3 and Q4) posted by British
American Tobacco Uganda showed an increase in
gross revenues of 3.0% despite the growing illicit
trade in cigarettes which we believe will help buoy
the firm’s share price in the medium term.
Yields Fall Across the Board
Yields on government securities fell slightly
between 18 January and 14 February, 2019 across
the entire spectrum of maturities. While inflation
nudged up to 2.7% in January, from 2.2% in the
previous month, it remains low and will support
low yields on T-Bills.
The Monetary Policy Committee held their latest
meeting in early February and decided to leave the
Central Bank Rate (CBR) unchanged after having
concluded that risks to inflation in the medium
term are equally weighted on the up- and down-
side. The constant CBR is likely to also encourage
stability in yields, especially for securities with
shorter maturities.
The Treasury issued a three year and a ten year
bond on 20 February 2019, with both attracting
investor interest and yielding performance rates
of 103.7% and 195.0%, respectively, raising the
entire amount offered, a total of USD 71.3 million.
All Share Index
All Share Index, Monthly Average
Sovereign Yield Curve
Source: Uganda Securities Exchange, StratLink Africa
EQUITY MARKET UPDATEDEBT MARKET UPDATE
UGANDA
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
3M 6M 1Y 2Y 3Y 5Y 10Y
14-Feb-19 18-Jan-19
1,734.2
1,795.6
28-Feb-19
01-Feb-19
1,600.0
1,700.0
1,800.0
1,900.0
2,000.0
2,100.0
2,200.0
2,300.0
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18

IMPROVED BANKING PERFORMANCE BUOYED BY ACCOMODATIVE MONETARY POLICY
RWANDA MARKET UPDATE

Kagame: From AU Chair to EAC Summit Head
Rwanda’s Paul Kagame, who led an active reformist
tenure as African Union (AU) chair, passed the
baton to his Egyptian counterpart after the lapse
of his one-year mandate. President Kagame has
chalked some successes under his tenure, as well
as suffered some defeats as he sought to drive
radical reform at the continental body.
Bumpy Reform Ride
In his quest to leave a legacy of a streamlined
and empowered commission ─ a more narrowly
focused AU headed by a powerful commission,
President Kagame was keen to spearhead key
reforms with the intention to implement structural
changes at the AU commission. He lobbied for
increased financial autonomy and accountability
by pushing for a continent-wide import tax to fund
the AU and reduce its reliance on external donors
for budgetary funding. Kagame’s impassioned
appeal to members notwithstanding, member
states resisted some of his proposals including
rejecting a proposal to give the head of the
commission the power to name deputies and
commissioners. Nonetheless, his key reform
achievements so far include the introduction of
quotas for youth and women, the rationalization
of working methods, the launch of the Peace
Fund and the slow but steady progress towards
financial autonomy. Despite Kagame spearheading
members into signing the African Continental Free
Trade Area (AfCFTA) agreement in March 2018,
only nineteen countries out of the 44 member
states, have ratified the agreement, with 22
needed for it to be effected. We support the view
that Kagame’s successor is bound to focus more
on security and peace issues in the region, moving
away from his financial and administrative reform
focus. Kagame takes over the chairmanship of the
East Africa Community Summit of Heads of State
but will nonetheless, maintain his position as the
head of the AU reform process.
POLITICAL OUTLOOK
RWANDA
Tough Times for the Mining Sector
Government has entered into a deal worth over
USD 400.0 million with a local company that
will see the firm extract and process methane
gas from Lake Kivu for cooking and industrial
use, a development that should help reduce the
import bill. The development comes in the wake
of increasing domestic demand for Liquefied
Petroleum Gas (LPG); projected to rise to more
than 240,000.0 tonnes by 2024, from the current
10,000.0 tonnes¹.
Mining Sector Facing Bumpy Road
Rwanda’s mining sector has lately gone through
a series of reforms aimed at attracting large-scale
investors and increasing sector revenues. The
sector, just like regional peers, is going through
a transition, moving from traditional small-scale
exploitation with limited links to the rest of the
economy to being a key foreign currency earner.
The country amended its mining laws last year
that among others, increased the price for mining
licenses. Rwanda generated approximately
USD373.0 million in mineral revenues in 2017,
reflecting a 155.0% performance rate. Even
as Rwanda gets excited over the potential of
attracting new investors in the extractives sector
as it targets to earn USD 800.0million in exports,
the sector is facing uncertainty from an alleged
lawsuit against the country at the international
court. The case highlights the challenges facing
the region’s extractive sector as countries move
towards sector protectionism.
Domestic External Sector Trends (USD/Mln)
Source: National Bank of Rwanda, StratLink Africa
1
Ministry of Infrastructure
-2,000.0
0.0
2,000.0
4,000.0
2015 2016 2017 2018
Exports Imports Trade Deﬁcit

Growth in Private Sector Lending
New authorized loans grew by 17.1% up from a
growth of 4.6% in the year before. While the
demand for loans, in value terms, rose by 29.7%
in 2018 from a growth of 10.8% in 2017 with
the greatest change being effected in the last
half of 2018, as liquidity conditions eased. Public
works, communication and manufacturing sectors
were the greatest beneficiaries of private sector
credit, in the period under review. The positive
outlook is attributed to the periodic adjustments
in the monetary policy on the back of improving
economic conditions even as the central bank
maintains economic growth projections at 7.8% in
2019.
Improved Banking Performance buoyed by
Accommodative Monetary Policy
Local financial institutions increased their lending
to the private sector in 2018, boosted by reduced
risk from borrowers and improvement in the
general economic conditions that have allowed
banks to borrow more. Likewise, the National
Bank of Rwanda maintained an accommodative
monetary policy by keeping the policy rate at 5.5%
in 2018, further supporting lower lending rates
and increased borrowing.
As a result of improvement in the financial sector
backed by accommodative monetary policy stance
in order to uphold the support to the financing of
the economy by the banking sector, there was a
slight drop in the lending rates to an average of
16.9% from 17.2%, year-on-year, in 2018. A rebound in economic activity saw a decline in
Non-Performing Loans (NPLs) with default rates
(NPLs) dropping to 6.4%, year-on-year, from 7.6%
in 2017.
ECONOMIC OUTLOOK
RWANDA
Growth in Broad Money and Deposits
Trends in Lending and Deposit Rates (%)
Growth in CPS and New Authorized Loans
NPLs Ratio
0.0%
10.0%
20.0%
30.0%
2015 2016 2017 2018
M3 Deposits
7.2%
7.4%
7.6%
7.8%
8.0%
8.2%
8.4%
16.9%
17.0%
17.1%
17.2%
17.3%
17.4%
2015 2016 2017 2018
Lending rate Deposit rate (RHS)
0.0% 10.0% 20.0% 30.0% 40.0%
2015
2016
2017
2018
New authorised loans Outstanding CPS
0.0%
2.0%
4.0%
6.0%
8.0%
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
NPLs raƟo (%) NPLs raƟo (BNR target)

RWANDA
Bond Trading (USD/Mln)
Declining Appetite for Government Borrowing
Theshort-termmoneymarketrecordeddecreasing
appetite for government borrowing, despite
the increasing demand by investors looking for
better yields ─ government’s quarterly treasury
bonds remain over-subscribed on the back of
increasing appetite of individual investors in the
bond market ─ with the government indicating
that individual investor participation has increased
from approximately none to more than 11.0%.
Currently, there are about 16 outstanding bonds
trading on the secondary market.
The interbank rate declined slightly by 10.0bps to
5.6% between December 2018 and January, 2019.
While inflation declined marginally, month-on-
month from 1.1% to 1.0% in January, 2019. Short
term yields remained fairly unchanged at 5.9%,
7.8% and 8.8% for the 91 Day, 182 Day and the
364 Day papers’, respectively in the period under
review. The government securities remain the
preferred choice for investors.
DEBT MARKET UPDATE
Franc Slips against the Greenback
The Franc remains volatile against the greenback,
depreciating marginally by 30.0bps, month-on-
month and 370.0bps, year-on-year, between
January and February, 2019. We expect the
average depreciation rate to remain below 5.0%
as robust foreign direct investment inflows offset
downward currency pressures.
T Bill Yields
Franc vs USD, month-on-month
Franc depreciation,
month-on-month,
as at 27th February, 2019
Franc depreciation,
year-on-year,
-0.3%
-3.7%
7.41%
7.42%
7.42%
7.42%
7.42%
7.42%
7.43%
7.43%
7.43%
7.43%
0.0
20.0
40.0
60.0
80.0
100.0
120.0
Jan-19 Feb-19
Amount Averge Yield
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
91 Day 182 Day 364 Day
870.0
875.0
880.0
885.0
890.0
895.0
900.0
905.0
910.0
28-Jan-19
04-Feb-19
11-Feb-19
18-Feb-19
25-Feb-19

Rwanda All Share Index month-on-month
SME Listing to Boost Activity at the Bourse
Trading at the Rwanda securities exchange
remains low on the back of low liquidity as trading
continues to be supported by bond trading. The
All Share Index posted marginal movements,
declining by 0.4% month-on-month and 1.0%
year-on-year to close the month at 130.6 units.
We project improved trading from the prospective
listing of five local small and medium enterprises
at the bourse, following a deliberate effort by
the Exchange and the Rwanda Capital Markets
Authority targeting about 300 SMEs from all
sectors of the economy as a way to enable them
access long-term investment capital.
RWANDA
Rwanda All Share Index year-on-year
All Share Index change
month-on-month,
All Share Index change,
year-on-year, as at 26th
February, 2019
-0.4%
-1.8%
131.0
131.5
132.0
132.5
133.0
133.5
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
130.0
130.2
130.4
130.6
130.8
131.0
131.2
131.4
25-Jan-19
01-Feb-19
08-Feb-19
15-Feb-19
22-Feb-19

STRATLINK AFRICA LTD - WHO WE ARE
StratLink is an Africa focused financial advisory company
with Capital Raising Advisory, Corporate Advisory and
Market Research as our core business lines. We believe in
the growth potential of sub-Saharan African economies and
partner with our clients to execute their vision by providing
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opportunities in the region and connect the fastest growing
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regional knowledge to the advantage of our clients.
Sub-Saharan Africa: In-depth macro and microeconomic
research
Within our purview of coverage are nine economies –
Kenya, Tanzania, Uganda, Rwanda, Ethiopia, Nigeria, Ghana,
Angola and Gabon. We undertake incisive research and
analysis of each of the countries’ macro and microeconomic
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sector specific research and analysis shedding insight on
market landscape, existing gaps and opportunities as well
as potential challenges.
Our guarantee: Competent team, reliable data
Our research is anchored in a competent and versatile
team traversing the fields of economics and finance with
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team is backed by subscription to reliable databases such
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As such, our guarantee is reliable and up to date data in
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STRATLINK - AFRICA TEAM
Konstantin Makarov - Managing Partner
konstantin.makarov@stratLinkglobal.com
Dina Farfel - Partner
dfarfel@stratLinkglobal.com
Julio De Souza - Director of SME and Impact Finance
julio.desouza@stratLinkglobal.com
Kyle Drexler - Vice President - Transaction Advisory Services
kyle.drexler@stratLinkglobal.com
Benson Njeri - Senior Analyst
benson.njeri@stratLinkglobal.com
Gianluca Storchi - Senior Research Analyst
gianluca.storchi@stratLinkglobal.com
Sophia Sifuma - Research Analyst
sophia.sifuma@stratLinkglobal.com
Peter Mutisya - Director of Graphic Design
peter.mutisya@stratLinkglobal.com
Sandra Kayaki - Administration Specialist
sandra.kayaki@StratLinkglobal.com

ContactDetails
STRATLINK AFRICA
StratLink - Africa, Limited.
Delta Riverside, Block 4,
4th Floor, Riverside Drive,
Nairobi, Kenya
nairobi@stratlinkglobal.com
www.stratlinkglobal.com
+254202572792

Africa Market Update - March 2019

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Africa Market Update - March 2019