Morgan Stanley Capital International (MSCI) has dealt a blow to Kenya’s global market aspirations by blocking new companies from joining its stock market platform. The move, influenced by concerns over dollar shortages and financial instability in Kenya, extends a freeze initiated by MSCI in August 2022, affecting not just Kenya but also Bangladesh, Egypt, and […]

President William Ruto’s financial plans faced a setback as a Kenyan court declared the 1.5-percent housing levy on taxpayers, aimed at funding an affordable housing program, illegal. The ruling, delivered by a three-judge panel at the High Court in Nairobi, emphasized the absence of a comprehensive legal framework for the tax and criticized its exclusion […]

In a significant development, the Kenya Revenue Authority (KRA) has reported an impressive revenue collection of Sh18.7 billion as of October 2023, attributed to the flourishing trade activities between Kenya and Japan. Commissioner General Humphrey Wattanga highlighted Japan’s growing importance in Kenya’s economic landscape, noting a substantial increase in trade volume during 2023. Detailing the […]

In a move to enhance operational efficiency and untangle bureaucratic complexities, President William Ruto has revealed Kenya’s intent to privatize 35 state-owned enterprises. This strategic decision harmonizes with recent legislative amendments, as President Ruto’s government recently enacted a revised privatization bill, simplifying the transition of state entities into private hands. Speaking at an official event […]

The Kenya shilling is displaying signs of resilience, with its monthly free fall slowing to a modest one percent, a noteworthy improvement from the steep 4.3 percent decline witnessed in March. The recent stabilization follows a directive from the Central Bank of Kenya (CBK), which sought explanations from ten banks for what appeared to be […]

Kenya is anticipating a surge in fuel and electricity costs as the Statute Law (Miscellaneous Amendments) Bill, 2023 proposes doubling the Energy and Petroleum Regulatory Authority’s (EPRA) levy from 0.5 percent to a maximum of 1 percent. The amendment, presented by Majority Leader Kimani Ichung’wah, aims to enhance EPRA’s operational capacity, with potential consequences for […]

Kenya’s economy is set to receive a significant boost as the World Bank announces a $12 billion support package over the next three years. The funding aims to alleviate the strain on Kenya’s public finances, affected by the COVID-19 pandemic and climate-induced droughts. In a statement on Monday, the World Bank outlined the commitment, contingent […]

In a recent church service in Sotik, Bomet County, President William Ruto outlined a strategy to address Kenya’s unemployment issues. The core of this initiative is to secure 3,000 to 5,000 jobs weekly for Kenyan citizens seeking employment abroad. President Ruto expressed the government’s commitment to new bilateral agreements to export the nation’s workforce. “We […]

In response to Kenya’s economic challenges, the International Monetary Fund (IMF) has reached a crucial agreement to provide financial support. This includes an immediate disbursement of $682.3 million, with an additional commitment of $938 million to sustain Kenya’s ongoing economic initiatives. These measures come at a critical juncture for the East African nation, grappling with […]

In a significant stride, Nairobi Gate Industrial Park unveiled East Africa’s maiden Special Economic Zone (SEZ), complete with a gazetted customs control area during yesterday’s inauguration. The industrial park now provides a consolidated hub, offering businesses operating within the facility a streamlined experience with various regulatory agencies, including the Kenya Revenue Authority, Kenya Ports Authority, […]