By JULIUS MBALUTO 

Kenya's CDF Gen Francis Ogolla was buried today. Leaders came from all parts of Kenya to attend his funeral in his home at Ng'iya , Siaya County , Kenya. President Ruto spoke at the funeral saying General Ogolla influenced many Kenyans including members of his family, daughter Charlene and his wife who insisted that they had to attend the General's burial. 

The departed General was buried according to his wishes. He had instructed while alive that upon his death, he should buried without a casket and his body should be wrapped in cheap sheets. While speaking about his father, his son Joel Ogolla spoke drawing attention to his father's simplicity and great service to the country. He said his father was great golfer, would do fifty push ups per day and run. he served his country, build schools and churches. 

Opposition leader Raila Odinga called for investigation to the cause of the helicopter crash which killed the General and 8 others on board. He said that the General loved his country and was ready to die for his country. Raila said that General Ogolla believed in Justice. He said Justice can be our shield and defender if there is democracy, no discrimination, no tribalism. 

Different leaders from across Kenya paid tribute to the fallen General. Raila said that General Francis Ogolla would never have contemplated to go to Bomas of Kenya to force former IEBC Chairman Chebukati to alter the results of last general election in 2022. He said that narrative fronted by UDA leaders including President Ruto must be removed. 

Those who spoke at Ulinzi Sports Complex praised the General, sharing their encounters with him, how disciplined he was, brave and committed to Kenya. General Francis Ogolla was Kenya's 11th military Chief and was respected widely. Upon his death, the national, KDF and East African flags flew at half-mast. he leaves a great legacy. 

The United Nations Conference on Trade and Development (UNCTAD) has warned developing countries facing a high risk of debt distress against issuing more Eurobonds.

The UN agency, through its latest Trade and Development Report (April 2024), says the issuing of high-risk bonds, also referred to as non-investment grade or junk bonds, attracts high costs due to the risk premium investors demand. This, the report says, has huge implications for the debt dynamics of the affected countries grappling with low economic growth rates.

“Implicit borrowing costs, gauged by yields, are substantially above existing borrowing costs, as measured by the average weight of existing bond coupons. The difference is especially large for non-investment grade countries,” the agency says.

“Consequently, countries capable of issuing bonds do so at higher coupon rates, compared with bonds being currently repaid. This has detrimental effects on debt dynamics, especially in a context of low economic growth, and more broadly on the allocation of public spending.”

Read: Africa’s creditors come calling as debt distress looms large

Non-investment grade bonds usually carry lower credit ratings from the leading credit agencies. For instance, a bond is considered non-investment grade if it has a rating below BB+ from Standard & Poor’s and Fitch, or Ba1 or below from Moody’s.

Bonds with ratings above these levels are considered investment grade.

UNCTAD cited Benin, Côte d'Ivoire and Kenya, who had been shut out of bond markets for most of 2022 and 2023, among eight non-investment grade countries that raised $17 billion through Eurobonds in the first quarter of 2024.

On the other hand, five countries rated investment grade issued bonds for $28.5 billion.

In total, bond issuing by developing countries in the first quarter of 2024 soared to $45.5 billion, a record high for this period of the year.

In January, Cote d’Ivoire’s Eurobond attracted a subscription of over $8 billion from more than 400 investors as the country raised $2.6 billion through two bonds with tenures of eight and 13 years respectively, at single-digit interest rates.

Read: Ivory Coast bond sale gives Kenya hope of more Eurobonds market

The debt instruments carried respective interest rates of 6.3 percent and 6.85 percent for the eight-year and 13-year bonds respectively.

In February, Benin’s sovereign bond was oversubscribed by six times as demand for riskier assets in the emerging markets grew, amid expectations that the Federal Reserve will reduce interest rate this year.

The West African nation received $5 billion demand against a target of $750 million on a 14-year bond priced at 8.375 percent. In the same month, Kenya’s National Treasury issued a $1.5 billion Eurobond that was priced expensively to global investors to be able to make partial repayment of a $2 billion bond that is maturing in June and allay fears of the possibility of default.

On the new seven-year bond, the Kenyan government will pay interest at an annual rate of 9.75 percent, compared with a rate of 6.875 percent on the maturing 2014 issue.

The UN agency notes that since early 2024, sovereign bond sales for some developing countries have resumed, buoyed by a thaw in the financial markets and on the expectations of interest rate cuts in major developed economies.

“Strong bond issuance in the first quarter of 2024, though uncertainties persist for the remaining part of the year and market access remains uneven,” it says.

“The debt and development crises faced by many developing countries continues to worsen. The increase in public resources and export revenues that must be channeled towards public and publicly guaranteed debt service (to cover both the principal and interest payments) is a key dimension of the current crisis.”

According to the report, developing countries paid close to $50 billion more to their external creditors in 2022 than they received in fresh disbursements, with private creditors accounting for most of the change in the direction of net transfers.

While between 2021 and 2022 debt service to these creditors remained stable (at about $260 billion), disbursements declined by 45 percent, from over $300 billion to less than $170 billion.

This waning of private creditors’ appetite for developing countries’ public debt resulted in the lowest disbursement levels since 2011.
As a result, during this period, net transfers on public and publicly guaranteed debt from private creditors switched from an inflow of over $40 billion to an outflow of about $90 billion.

“The surge in net negative transfers is tied to a significant decrease in access to fresh financing for numerous countries,” the report says.

“This decline stems from various factors, including higher interest rates in developed countries, deteriorating global financial conditions and mounting concerns about debt distress in developing countries. This dynamic is reflected in the lowest levels of external sovereign bond issuance during 2022 and 2023 in the last 10 years, plummeting to one third of the peak reached in 2020.”

The report notes that the renewed access to market financing is a welcome development, particularly for non-investment grade countries, many of whom are at high risk of or in debt distress.

However, concerns remain regarding the sustainability and extent of market access in the outlook period.

“Overall, the deterioration of key determinants of debt dynamics underlines the structural nature of debt challenges faced by developing countries,” the report says.

According to the report, lack of progress on multilateral solutions in addressing the different components of this complex debt problem including low economic growth, profit shifting and base erosion, commodity dependence, high climate vulnerability and significant financing costs, absence of global financial safety net and effective multilateral sovereign debt resolution mechanisms further exacerbates the burdens faced by populations in developing countries in the form of larger fiscal adjustments and puts at risk the achievement of the Sustainable Development Goals. By JAMES ANYANZWA,  The East African

Today Viva Technology is announcing the Top 45 startups shortlisted for the third edition of the AfricaTech Awards, a pan-African initiative that identifies and supports innovative impact startups across the continent.

For the third year running, the AfricaTech Awards aim to highlight innovative startups contributing to the development of the African continent in three categories: Climate Tech, Health Tech and FinTech. A new addition to this year's FinTech category is E-Commerce, a sector that could create around 3 million new jobs on the African continent by 2025. 

VivaTech and its Knowledge Partner, Deloitte, selected the startups in the running for the 2024 awards from more than 310 applications. 

The E-Commerce & FinTech category attracted the highest number of entries (148), followed by Climate Tech (86) and Health Tech (79). The addition of E-Commerce to the FinTech category is generating a huge amount of enthusiasm, partly because of the importance that the sector is likely to have in the coming years. Indeed, e-commerce in Africa is expected to reach more than 83.5 million consumers by 2029, an increase of +56%. 

Of the startups in this ranking, 42% are founded or co-founded by a woman, and nearly 90% have at least one woman on their board of directors. 

Kenya, Nigeria and Egypt respectively take the podium as the countries with the highest participation rates among the 37 African countries represented. This winning trio has occupied the top three places in this ranking since 2022.

"In this new shortlist for the AfricaTech Awards, Africa demonstrates all the richness and dynamism of its startup ecosystem and positions itself as the continent to watch for tech and digital innovation. Viva Technology is delighted to make this African reality known to the whole world and to connect it to the stakeholders who will enable it to reach its full potential. This has been one of VivaTech's commitments since its inception, and this year it will once again be one of the key themes of our event," explains François Bitouzet, Managing Director of Viva Technology.

Aymen Mtimet, Partner Advisory at Deloitte Francophone Africa, adds: "Against a global backdrop of slowing investment, African ecosystems are continuing to improve their global positions, thanks in particular to the continent's demographic dividend. 2024 will undoubtedly be an exciting year, thanks to the dynamism of the continent and the development of new trends, particularly in Deeptech and AI."

Following a second evaluation by a panel of experts made up of partner c-level executives, investors and incubator CEOs, the three best startups in each category will have the opportunity to take part in the 2024 edition of Viva Technology, which will take place from 22 to 25 May in Paris. 

These startups have been selected for the tangible impact their activities have on society or the environment, the development of an outstanding innovation, the scalability of their business on the African market, and the establishment of a diverse and experienced staff. 

The winners will be announced at the AfricaTech Awards ceremony taking place Friday 24 May on Stage 1 in the presence of Edouard Mendy, the patron of this year's event. As the winner of both the UEFA Goalkeeper of the Year and The Best FIFA Goalkeeper of 2021 – and the first African goalkeeper in football's history to win both awards – Edouard Mendy is also deeply committed to the development of the African tech sector, in which he is a prominent investor.

"I am deeply honored to support the AfricaTech Awards organized by VivaTech. Showcasing innovation and technology from Africa is crucial to its development and global reach. As a supporter, I am excited to contribute to this great initiative that celebrates Africa's talent and potential in tech. Together, we can create a future where Africa is positioned as a leader in innovation, and I look forward to seeing the extraordinary achievements that will emerge from these prizewinners." - Edouard Mendy

The 45 startups retained for the rest of the competition (listed in alphabetical order)

The top 15 startups in the E-commerce & FinTech category, sponsored by Airtel and Cassava Technologies, are:

agriBORA - Kenya

AgroCenta - Ghana

Chari - Morocco

Dojah - Nigeria

Futa - Cameroun

Happy Pay - South Africa

Inclusivity Solutions - South Africa

Jem - South Africa

Leja - Kenya

Ozow - South Africa

PremierCredit - Zambia

Pricepally - Nigeria

SecondSTAX - Ghana

valU - Egypt

YMO - France / Guinea

The top 15 startups in the Climate Tech category are:

RubilabsVet (Agpreneur) - Nigeria

FLOEWS - Nigeria

Hysper Tech - Zambia

Immobazyme - South Africa

INNOVAHYPER Technologies - Rwanda

InterSIP International - Senegal

IPREN (Smart’O) - Niger

MazaoHub - Tanzania

Octavia Carbon - Kenya

Rethread Africa - Kenya

Schoolz - Egypt

Sensor Networks - South Africa

Solar Dev - Burkina Faso

SOSO CARE - Nigeria

Zebra CropBank - Nigeria

The top 15 startups in the Health Tech category are:

AfyaRekod - Kenya

Bulamu Bridge AI (My FemiHub App) - Uganda

Famasi Africa - Nigeria

Healthtracka - Nigeria

Clinicaa (INFINITUS) - Togo

Pharmacy Marts - Egypt

Remedial Health - Nigeria

Rology - Egypt

STAR UP KOBIKA NA NDAKU - Democratic Republic of the Congo

SURGiA - Egypt

Thalia Psychotherapy - Kenya

TIBU Health - Kenya

UltraTeb - Egypt

Zencey - Ivory Coast

Zuri Health - Kenya

NAIROBI, Kenya, Apr 20-Opposition Chief Raila Odinga says the late Chief of Defence Forces Francis Ogolla would never have thought about going to the Bomas of Kenya to force former Independent Electoral and Boundaries Commission (IEBC) chairman Wafula Chebukati to alter the election results of the 2022 general election.

Speaking during General Ogolla’s memorial service at the Ulinzi Sports Complex, Odinga said that he knew General Ogolla “very well” and there is no way he would have taken such a decision.

Odinga said that a time had come for all his accusers to let the matter rest and allow the late CDF who perished alongside nine others following a helicopter crash on Thursday in Elgeyo-Marakwet to rest peacefully.

“As we lay General Ogolla to rest, I want us to remove the stigma,” he pleaded.

General Ogolla was among senior government officials named by Chebukati in August 2022, whom he claimed wanted to subvert the will of the people at the Bomas of Kenya during the announcement of the Presidential results.

Chebukati said at about 10am of the said date, the National Security Advisory Committee (NSAC) members came to see him alongside other commissioners at the national tallying centre at Bomas, and asked him to ensure a runoff, if he couldn’t declare Raila Odinga as the outright winner in the 2022 presidential election.

In his affidavit he listed the names of the NSAC delegation that were represented at the said meeting, including former Principal Administrative Secretary at the office of the ex-President Uhuru Kenyatta, Kennedy Kihara ex-Solicitor General Kennedy Ogeto, ex- Inspector General of Police Hillary Mutyambai and Ogolla who was the Vice Chief of Defense of Forces at the time.

In his narration, Chebukati claimed that prior to the arrival of the team, he had received a call from the Head of Public Service Joseph Kinyua informing him that he had sent a team that would like to discuss “assumption of office”.

The IEBC Chairman noted that the message was relayed by Kihara, who cautioned that if he declared William Ruto as the President – Elect, ‘the country is going to burn.’ 

He proceeded to indicate that skirmishes between the Kikuyu and Luo communities had already started ‘in several slums including Kibera and Mathare’ on the basis of alleged ‘betrayal by the kikuyu’.

“The second part of the message from the NSAC delegation was that if we cannot announce Raila Odinga as the outright winner, then we must ensure that there is a runoff,” Chebukati submitted.

However, NSAC denied the claims

In his replying affidavit, the former Head of Public Service Joseph Kinyua admitted that officials met the electoral body but to only address security concerns raised.

‘I categorically deny the second respondent’s insinuation that I arranged a meeting between him and members of the NSAC with a view to influencing the outcome of the presidential election held on August 9, 2022, in favor of a particular candidate,” Kinyua stated in the affidavit filed in court, in response to Chebukati”s explosive dossier submitted to the Supreme Court.

The meeting with the Commission, he pointed out, was at the Bomas of Kenya where “members of the public were present together with various political parties, party agents and even the candidates themselves.”

“Had the intention of the NSAC been as sinister as sought to be portrayed in the affidavits, the subject of this response, the meeting would not have been requested and held at such an open and public venue with all the commissioners present,” his affidavit read.

President Ruto himself had accused the late CDF of attempting to rob him of his victory.

On May 2023, President Ruto said he appointed Ogolla to the position of Chief of Defence Forces despite having been among the high-ranking individuals who attempted to overturn his 2022 presidential victory in Bomas of Kenya. 

Ruto said during a joint interview that he appointed Ogolla as the military chief based on his merit.

The Head of State said that he made the decision consciously against the advice of many people who had asked him to stop General Ogolla from succeeding former General Robert Kibochi who retired last month and to avoid “rewarding such kind of behavior.”

“I appointed General Ogolla, he is among the people who went to Bomas to try and overturn my victory. But because when I looked at his CV, he was the best person to be the General,” Ruto said.

President Ruto stated that he had the choice to appoint anybody into the CDF position noting that his appointment has nothing to do with him having been the Deputy CDF but “good track record.”

“I could have appointed anybody, I had I think 10 choices,” he added.

Before appointing Gen Ogolla, Ruto said that he called him and assured him that he would give him the job despite trying to sabotage his victory.

He adds that when he spoke to Gen Ogolla, the new CDF admitted to him having made a mistake and told him that he would respect his decision.

“He (Gen. Ogolla) told me I have no defense, you do with me whatever you want, I cannot defend, it was wrong, what I did was wrong,” Ruto said at the time.  By Bruhan Makong, Capital News