Rebecca Miano, Kenya’s Cabinet Secretary for Trade, unveiled a pivotal trade agreement between Kenya and South Africa during the African Continental Free Trade Area (AfCFTA) Council of Ministers meeting in Durban. Under this agreement, Kenya will export its renowned tea to South Africa under preferential tariffs. President Cyril Ramaphosa of South Africa expressed enthusiastic support […]

Amidst legal turmoil, Kenya’s Affordable Housing Initiative faces a pivotal moment as collections under the mandatory housing development levy reach KSh 26.8 billion. The Parliamentary Budget Office (PBO) reports this milestone for the past six months ending December 2023, indicating significant progress towards funding government-backed affordable housing projects. However, challenges persist as collections fall short […]

Recent data from the Central Bank of Kenya (CBK) reveals a significant trend in the country’s financial landscape: Kenyan businesses are bolstering their dollar reserves, now constituting a commanding 70% of all foreign currency deposits in banks. This strategic move comes amid concerns over currency fluctuations and disruptions in global supply chains, signaling a proactive […]

President William Ruto, attending the Italy-Africa Summit in Rome, announced Kenya’s plan for an early Eurobond debt partial payment. This follows a missed December target, signaling proactive financial management. Lead managers CitiBank and Standard Bank approved the buyback, slated for Q1 2024 before considering a new issuance, navigating international debt market complexities. Initial plans to […]

Horticulture export earnings in Kenya experienced a positive uptick in 2023, rising by 6.5% compared to the previous year. Data from the Horticulture Crops Directorate (HCD) reveals that earnings reached Sh156.69 billion, a significant increase from Sh147.1 billion in the preceding year. This growth was primarily driven by a notable surge in export volumes, which […]

In a tug-of-war over energy dominance, Kenya finds itself counting the costs of a bitter dispute with its neighbor, Uganda, as the latter pivots towards Tanzania for oil imports. Since October last year, tensions have simmered between the two East African nations, fueled by Uganda’s decision to seek alternative energy partnerships. Following Uganda’s announcement in […]

A recent report by the Institute of Public Finance (IPF) has sounded the alarm bells for Kenya’s economic future, citing significant risks of a debt crisis. Despite years of substantial borrowing, Kenya has struggled to translate these financial injections into tangible economic growth and employment opportunities. During the unveiling of the MacroFiscal Analytic Snapshot (MFAS) […]

President William Ruto’s affordable housing initiative faced a hurdle today as the Court of Appeal declined the government’s request to continue collecting the housing levy. The panel of judges cited public interest in awaiting the resolution of legal issues before extending the levy. Undeterred by the setback, President Ruto reaffirmed his commitment to the housing […]

Kenya’s banking sector faces a significant challenge as loan defaults soar to a record high of Sh634 billion, marking a 26% increase over the past year, according to data from the Central Bank of Kenya. This surge in non-performing loans, amounting to an additional Sh129.8 billion within just one year, reflects the strain on the […]

In a noteworthy development, Kenya’s exports to Uganda have exceeded Sh100 billion, marking a significant milestone attributed to the weakened state of the Kenyan shilling against its Ugandan counterpart. Official data for November 2023 reveals that Kenya exported goods valued at Sh105 billion to Uganda during that month alone. The Kenyan shilling experienced a considerable […]