Kenya’s horticulture industry has demonstrated robust growth, recording a noteworthy 40% increase in export earnings for the third quarter. The Central Bank of Kenya (CBK) unveiled these promising figures in its latest economic report released on Tuesday. Economic Momentum: Key Metrics During the July-September period, Kenya’s horticulture exports fetched 39.3 billion Kenyan shillings, reflecting a […]
In an unexpected development, CovrigAnalytics reported on Monday that the global sugar production deficit for the ongoing 2023/24 crop year has grown to 2.4 million metric tons, surpassing earlier estimates by 200,000 tons. This surprising revelation coincides with China making a substantial cut of 440,000 tons in its sugar demand. Contrary to initial expectations, the […]
Nigeria is bracing for a significant economic challenge, with KPMG’s latest report projecting a rise in inflation to 30% by the close of 2023. The primary driver behind this concerning forecast is the sustained weakness of the national currency, the naira. In September, inflation reached a two-decade high at 26.72%, setting the stage for heightened […]
October witnessed a commendable financial upswing for President William Ruto’s administration, with tax receipts showing a substantial 19.42% growth, totaling Sh170.48 billion compared to the same period last year. The surge can be attributed to the effective implementation of measures backed by the International Monetary Fund (IMF). Under the Finance Act of 2023, the Kenya […]
Moody’s, the esteemed credit rating agency, delivered a sobering update on Friday, shifting its outlook on the United States’ credit rating from ‘stable’ to ‘negative.’ The move was prompted by a notable upswing in debt servicing costs and what the agency identified as “deep-seated political polarization.” In its statement, Moody’s underscored the increasing downside risks […]
Following a 30% devaluation of the kwacha currency against the dollar last week, Malawi is taking steps to regulate foreign currency transactions, aiming to stabilize its economic situation. Finance Minister Simplex Chithyola Banda announced on Monday that the country would impose restrictions on foreign currency transactions and intensify efforts against black market dealers. The devaluation […]
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 […]
The Competition and Markets Authority (CMA) has recently highlighted a notable incongruity between the decreasing wholesale fuel costs and the prices motorists are encountering at the pumps across the UK. This has spurred discussions about the effectiveness of market competition and its ramifications on the ongoing cost of living challenges. According to the CMA’s latest […]
Nigeria, Africa’s leading oil producer, is facing a significant and persistent issue that is taking a toll on its economy: crude oil theft. The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the country lost an estimated 620 million barrels of crude oil valued at $46 billion between 2009 and 2020. This revelation highlights […]
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 agriculture sector — the engine that directly powers 22.5% of the nation's GDP, employs more than 40% of its...
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The clock is ticking louder than the government had hoped. Kenya Pipeline Company's landmark Initial Public Offering — billed as...
