The Kenyan shilling, struggling under the weight of economic challenges, plunged to an all-time low, reaching 150 shillings to the US dollar on Monday. This depreciation has exacerbated existing problems, including soaring inflation rates and the implementation of new taxes, burdening Kenyan citizens. The shilling’s decline has been a consistent trend over recent years, with […]

Kenya’s International Freight and Warehousing Association (Kifwa), representing cargo handlers, is implementing a strategic shift to counteract price undercutting and enhance earnings. The core of this strategy is the introduction of minimum service fees, set to be enforced from December 1, 2023. While this move aims to mitigate inflation’s impact, it will inevitably lead to […]

Kenya’s Petroleum Development Levy (PDL) faced a substantial decline in collections, falling by almost Sh1 billion for the fiscal year that concluded in June. The slump can be attributed to reduced consumption of super petrol and diesel, influenced by steadily rising fuel prices. Official data from the Ministry of Energy and Petroleum reports that the […]

Kenya has taken a significant step towards bolstering fiscal transparency and prudent debt management by replacing its former numerical debt ceiling with a new limit set at 55% of the country’s Gross Domestic Product (GDP). This strategic change aims to address mounting concerns surrounding Kenya’s escalating debt burden. The enactment of this change came as […]

In a significant policy shift, Kenyan President William Ruto has revealed plans to construct 250,000 low-cost homes annually under his housing program. These homes will be divided into social, affordable, and market categories. Under the guidance of President Ruto and the State Department for Housing and Urban Development, these low-cost housing developments will offer a […]

In a strategic move to address concerns regarding its $2 billion 2024 international bond, Kenya is set to repurchase a substantial portion before year-end. Central Bank Governor Kamau Thugge unveiled this initiative during an exclusive interview with Reuters, emphasizing Kenya’s proactive approach to managing its fiscal responsibilities. Kenya is actively negotiating with the Trade & […]

Kenya has entered into discussions with the International Monetary Fund (IMF) and other development financial institutions to secure funding for the impending $2.0 billion (Sh297.6 billion) Eurobond repayment, due in June 2024. Facing challenges in global markets, the Kenyan government is exploring the option of obtaining a loan from these multilateral institutions to manage the […]

M-Shwari, Safaricom’s mobile lending platform, experienced a significant drop in deposits during the year ending March 2023. Deposits plummeted by 44.1 percent, decreasing from Sh745 billion in the same period in 2022 to Sh416.7 billion. This marks the first decline in deposits since the platform’s launch in November 2013. On average, Kenyan users deposited Sh1.14 […]

Kenya’s imports have experienced a notable decline of almost 14% during the initial eight months of this year. This downturn underscores the significant impact of the weakening Kenyan shilling on the nation’s purchasing power. The Kenyan shilling has witnessed a substantial depreciation of 17% against the US dollar. This depreciation has made imports more expensive, […]

The Kenyan government has embarked on a strategic plan to reduce recurrent spending by Ministries, Departments, and Agencies (MDAs), with the aim of saving an estimated Sh130.2 billion. This move, approved by the Cabinet on Tuesday, underscores the government’s commitment to fiscal responsibility. In a press statement, the Cabinet explained that the decision to streamline […]