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 […]
Global debt has reached a remarkable $307 trillion during the second quarter, marking a significant $47 trillion increase from its pre-pandemic levels. This surge in debt is primarily attributed to the ongoing adjustment to rapid monetary policy tightening by central banks, a phenomenon outlined in a report by the Institute of International Finance (IIF). Despite […]
Ghana has once again secured its position as Africa’s foremost borrower from the International Monetary Fund (IMF), according to data revealed in the IMF’s Quarterly Finances report for July-end 2023. Ghana’s debt to the IMF has surged by a significant 35.55% during the period under review, underscoring the nation’s growing financial reliance on the IMF. […]
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 […]
Argentina is facing an unprecedented economic challenge as its annual inflation rate skyrocketed to a staggering 124.4% in August, marking its highest level since 1991. This inflation surge is exacerbating an already critical cost-of-living crisis, with profound implications for the country’s economy and its people. In August alone, the inflation rate reached 12.4%, a figure […]
The International Monetary Fund (IMF) has offered a pragmatic solution to address the mounting debt crisis in developing economies, particularly Malawi. The IMF’s recommendation comes after observing a concerning trend of escalating public debt in these nations over the last decade. In response to this growing crisis, the IMF has proposed a set of targeted […]
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 […]
The Organisation for Economic Development (OECD) has released its updated global economic growth outlook, revealing a complex tapestry of shifting dynamics. In a surprising turn, the OECD has upwardly revised its 2023 global Gross Domestic Product (GDP) growth forecast to 3.0%, up from the earlier 2.7% estimate provided in June. This unexpected boost is primarily […]
The African Development Bank (AfDB) and the South Korean Government have solidified their commitment to African development with a $28.6 million financial partnership. This collaboration is an extension of the Korea-Africa Energy Investment Framework, initiated in 2021, which has already provided $600 million in co-financing to bolster African nations’ human capacity and energy sectors. In […]
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 […]
In a pivotal moment for Kenya's economic trajectory, President William Ruto has officially assented to three critical National Assembly Bills:...
In a significant pronouncement that reverberates through the burgeoning digital asset landscape, the Bank for International Settlements (BIS), often referred...
The Coca-Cola Company, a global beverage giant, has unveiled a groundbreaking study highlighting its monumental socio-economic impact across the African...
A transformative era has dawned for chilli farmers in Kenya's coastal region with the official commissioning of a state-of-the-art Sh250...
