In a bid to alleviate concerns over mounting debt and economic stability, Kenyan President William Ruto has announced that Kenya will make an early repayment of $300 million towards its $2 billion Eurobond obligation. The payment, which was initially set for next June, will now take place in December, as reported by Ruto in his […]

Kenya’s National Treasury is facing a significant liquidity challenge due to a convergence of factors, according to Cabinet Secretary Njuguna Ndung’u. Addressing the Finance and National Planning Committee, Ndung’u detailed the key issues that have led to this financial conundrum. At the core of the challenge are the maturing short-term debts, a weakening national currency, […]

Kenya’s electricity imports from Ethiopia have been reduced by half, a consequence of the severe drought affecting the Horn of Africa region. This setback was revealed by Energy Cabinet Secretary Davis Chirchir during the National Dialogue Committee hearings aimed at addressing the cost of living. Previously, Kenya had contracted to receive 200 megawatts of electricity […]

In a move of strategic importance, the Kenyan government is actively considering the purchase of up to a 20 percent stake in the Turkana oil project, with the outcome depending on a review of the project’s revised development plan and the availability of funds. The Energy and Petroleum Regulatory Authority (Epra) director-general, Daniel Kiptoo, revealed […]

In a move to strengthen intra-African trade and foster economic integration, President William Ruto of Kenya has announced plans to remove visa requirements for African citizens traveling to Kenya. This initiative, set to take effect by the end of this year, aligns with Kenya’s commitment to realizing the African Continental Free Trade Area (AfCFTA). Addressing […]

In a recently disclosed stress test, the Central Bank of Kenya (CBK) has unveiled concerns regarding the exposure of commercial banks to their largest borrowers. This test, conducted in May, paints a worrying picture of the banking sector, highlighting vulnerabilities that have gone under the radar until now. The findings reveal that approximately half of […]

In a candid admission, the Central Bank of Kenya governor, Kamau Thugge, addressed a parliamentary committee on Tuesday, highlighting long-standing concerns about the overvaluation of the Kenyan shilling. This announcement comes as the shilling faces a steady decline, recently reaching historic lows, now exchanging at more than 150 against the US dollar. This represents a […]

In a strategic move, the Kenya Revenue Authority (KRA) aims to collect an additional Ksh 282 billion in revenue from large taxpayers in the current fiscal year, supported by simplified processes to enhance compliance. KRA Commissioner-General, Humphrey Wattanga, announced the tax agency’s ambitious goal to collect Ksh 1.1 trillion from this group of taxpayers in […]

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 […]