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 […]

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 & […]