The Central Bank of Kenya (CBK) has introduced a significant change in foreign exchange transactions by requiring Money Remittance Providers (MRPs) to sell any daily foreign exchange currency exceeding $100,000 (equivalent to Sh14.7 million) exclusively to commercial banks. This move is aimed at fostering a “fair and orderly” market, as announced by the CBK. MRPs, […]

Kenya Power has announced its decision to maintain the Sh15,000 connection fee for households situated near transformers. This initiative falls under the third phase of Kenya Power’s subsidized program, aiming to ensure affordable electricity access for more homes across the nation. Starting in September next year, this phase aims to connect approximately 150,000 new homes […]

In an announcement that will significantly impact Kenyan households, the Energy & Petroleum Regulatory Authority (EPRA) has unveiled new maximum retail prices for petroleum products. Effective from September 15, 2023, to October 14, 2023, these adjustments come as a response to global market dynamics and increased import costs. The revised fuel prices for Nairobi are […]

Kenya has reported a notable drop in its import expenditure for the first time since the COVID-19 pandemic, reflecting reduced spending on critical supplies such as factory materials, machinery, and fuel, according to official data. Between January and July this year, traders spent Ksh 1.43 trillion on foreign goods, down from Ksh 1.46 trillion during […]

Encouraging news for Kenya’s economic outlook as the Parliamentary Budget Office releases its report projecting a 5.5 percent growth in the GDP for 2023, up from the 4.8 percent recorded in 2022. The anticipated expansion is driven by several key factors, chiefly the reduced cost of living and a rejuvenated agricultural sector. A significant catalyst […]

Kenya has achieved a significant milestone in its trade relationship with China, successfully exporting its first 52-tonne batch of anchovies, commonly referred to as ‘omena,’ to the Chinese market. This achievement follows a bilateral agreement inked between the two nations early last year. China’s Director-General of the Department of African Affairs, Wu Peng, expressed his […]

In a significant development, the Kenyan Ministry of Labour has unveiled a proposal to introduce a mandatory welfare fund for Kenyan citizens employed abroad. Known as the Kenya Migrant Workers Welfare Fund, this initiative is designed to offer essential support to Kenyan migrant workers, including medical assistance, relief support, and survivor benefits for the families […]

A proposed legislative amendment in Kenya could usher in a new era of opportunities for local businesses. Kiambaa MP John Njuguna Wanjiku has introduced the Public Procurement and Asset Disposal (Amendment) Bill, 2023, which aims to redefine the rules governing public procurement, favoring Kenyan-owned companies for contracts valued below Sh1 billion. The primary focus of […]

As the urgency of climate change grows, African nations aim for a bigger share of the $2-billion carbon credit market, projected to expand fivefold by 2030. Currently, Africa contributes just 11% of global carbon offsets despite its vast carbon-absorbing ecosystems. Kenyan President William Ruto, hosting the Africa Climate Summit, sees Africa’s carbon sinks as an […]

Sugarcane stakeholders hailing from the Nyando sugar belt have vehemently rejected the national government’s proposal to merge Chemelil and Muhoroni sugar companies into a single entity as part of sweeping reforms within the sugar sector. In a decisive stand taken prior to their appearance before the National Assembly committees on finances, national planning, agriculture, and […]