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Global Markets Slide as Turkish Currency Drops

- August 13, 2018

By CNBC Asian markets slid on Monday as investor sentiment took a knock amid the renewed slump in the Turkish lira. The Nikkei 225 slid 1.98...

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The government of Kenya is seeking into intra-Africa tourism opportunities within the African Continental Free Trade Area (AfCFTA) to unlock the sector's projected Ksh 1 trillion contributions to the economy by end of 2027. Speaking during the opening ceremony of the 15th edition of the Magical Kenya Travel Expo (MKTE) at Uhuru Gardens. Deputy President of Kenya, Kithure Kindiki noted that while Kenya leads its East Africa counterparts on visitor arrivals, the country must leverage continental integration to achieve double-digit growth seen in Asian and European markets. "Tourism is a critical anchor of Kenya's economy and a pillar of our Bottom-up Economic Transformation Agenda (BETA). With Africa emerging as one of the strongest-performing regions in global tourism recovery, we must capitalize on AfCFTA opportunities. The tourism sector must become a critical interlocutor in transport, logistics, trade, investments and MSME sectors, driving synergized policy outcomes." Kindiki stated. According to the World Tourism and Travel Council (WTTC). Kenya's tourism sector is set to contribute a record Ksh 1.2 trillion to the economy, equivalent to more than 7% of national Gross Domestic Product (GDP). The sector is also expected to support 1.7 million jobs in 2025, maintaining over 8% of total national employment. The DP outlined government's infrastructure investments to support the growth of the sector, including the Nairobi-Nakuru-Mau Summit Highway, Lamu Port development. SGR expansion and new direct flights from global hubs. He stressed the need to diversify beyond traditional offerings, citing emerging products like astro-tourism, desert safaris in Chalbi, and tech-tourism leveraging Kenya's "silicon savannah" reputation. "We must market the complete Kenya story-from our technological innovation to our athletic excellence, from the Cradle of Humankind to our forty vibrant communities," he added. Equally, Kindiki also stressed the importance of sustainability, linking the government's tree planting initiative to eco-tourism enhancement, while ensuring tourism benefits reach grassroots communities. The expo has drawn over 6,500 delegates from 40 countries, including 400 exhibitors and 200 international buyers with the opportunity to explore how strategic investments and collaborative frameworks can contribute to the African tourism ecosystem which presents unprecedented growth potential. Tourism and Wildlife CS Rebecca Miano hailed the expo's evolution into a continental platform noting its critical role in accelerating investment flows for infrastructure development which directly supports Kenya's tourism target of 5.5 million visitors by 2027. "Infrastructure development through public-private partnerships remains our cornerstone strategy. By leveraging private sector expertise and government support, we are building world-class facilities that enhance visitor experiences while creating sustainable employment for our communities across the tourism value chain." Miano emphasized. On her part, Director of Trade in Services, Investment and Digital Trade AfCFTA Secretariat, Emily Mburu, highlighted the strategic importance of strategic tourism partnerships, particularly for advancing continental market integration. "Tourism shows how AfCFTA works in practice, public-private frameworks attract Foreign Direct Invest (FDI), build world-class infrastructure and create employment across borders. When tourists move seamlessly across Africa, they activate supply chains, stimulate trade and prove that integration delivers immediate, tangible benefits to African economies," he noted. The expo's focus on intra-African partnerships comes at an opportune time, given Africa's growing contribution to Kenya's tourism earnings. Africa was the leading source of tourist arrivals in 2024, accounting for 40.8% of international visitors. This year's Magical Kenya Travel Expo will incorporate digital matchmaking technology which facilitates pre-scheduled B2B meetings between buyers and sellers, maximizing business outcomes. It will also feature five-day familiarization trips, integrated marketing campaigns and dedicated sessions on creative economy integration within tourism.

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Smartphone For All (www.SmartphoneForAll.ai), a business committed to digital inclusion, has won the 2025 Pinnacle Awards (Telecoms and Wireless Category) Digital Inclusion & Accessibility Champion and the 2026 Merit Award (Telecoms and Wireless) Digital Divide. The Pinnacle Awards is a reputable global program honoring innovation and excellence across industries. According to Katie Lang, Executive Director of the Pinnacle Awards, “The Telecom and Wireless Sector continue to set the pace for innovation, connecting people and businesses worldwide. We are proud to recognize the organizations that exemplify ingenuity, reliability and impact in one of the most dynamic industries on the planet”. In the same vein, Marie Zander, Executive Director of Merit Awards states that “this year’s winners reflect excellence across the ecosystem—demonstrating the technologies and strategies that are shaping the future of communications”. Smartphone For All had earlier in the year 2025 unveiled an ambitious campaign to bridge Africa’s digital divide by providing affordable, high-quality smartphones and connectivity and AI at the edge to consumers who are excluded from the digital world across the continent. Established on the belief that exclusion from the digital ecosystem locks people out of opportunities and lifestyle enhancements. Smartphone For All aims that every individual—regardless of income, geography, or background- can fully participate in the digital economy and the evolving AI transformation. According to Mr. Babatunde Osho, Founder/CEO of Smartphone For All, “The digital divide is not just a technology gap—it’s an opportunity gap. When someone does not have access to a smartphone, they are cut off from education, jobs, healthcare, financial services, and even their own voice. Our mission is to close that gap, one device at a time and build Africa’s largest digital inclusion platform. We are glad that the Pinnacle and Telecom & Wireless Awards have recognized what we are doing to improve digital inclusion and accessibility in Africa” Smartphone For All partners with MNOs to provide smartphones to 2G/3G subscribers who cannot afford 4G smartphone across Africa. The initiative was launched with MTN in South Africa in May 2025 for an initial period of one year with a smartphone device at ZAR 99 or $5. The plan is targeting about 1.2m devices. The vision of Smartphone for All is to take the offering to other African countries like Cote D’Ivoire, Nigeria, Ghana, Kenya, Tanzania and other markets. Apart from the benefits for the subscribers, there are obvious MNO benefits of better spectrum utilization with 4G+ networks over legacy 2G/3G networks. For regulators and government, the benefits include productivity enhancements and digital inclusion among citizens. According to a report from the Economist Intelligence Unit, 10% growth in broadband connectivity results in 1.4% growth in GDP in low- and middle-income countries and 1.2% growth in high income countries. African countries like South Africa are actively incentivizing this growth through policies like a ban on new 2G/3G device activations starting from December 31, 2024, and a complete shutdown by December 31, 2027. The government has also reduced taxes on certain classes of smartphones to drive adoption. According to Jeff Miller, Director at Smartphone for all, ‘Smartphone For All is not just a business, it is a movement powering Africa into the next phase of development. Digital access is the foundation of inclusion in commerce, wellbeing and civic engagement. The pathway to growth for Africa is to bring more Africans into the digital ecosystem spanning financial, educational, public health, trade and other streams of innovation.’

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Tag: Global markets