Author: Joakim Oduor

Inflation in Kenya slightly increased to 6.9 per cent in January after declining for two consecutive months in November and December. Official statistics show that increases in food, energy, and transportation costs, which together account for about 57 per cent of household budgets, drove up inflation in Kenya. Between December 2023 and January 2024, the prices of Irish potatoes, carrots, oranges, and cabbages increased. In January, inflation in Kenya increased marginally to 6.9 per cent, attributed to a rise in food prices. This comes after a consecutive decline in inflation for two months in November and December, easing below the…

The GDP growth projection is based on easing inflation, which is falling faster than expected in most regions. Global headline inflation is expected to decrease to 5.8% in 2024 and 4.4% in 2025, with the 2025 forecast revised down. In sub-Saharan Africa, growth is projected to increase from an estimated 3.3 percent in 2023 to 3.8% in 2024 and 4.1% in 2025. The International Monetary Fund (IMF) projects global GDP growth at 3.1 per cent in 2024 and 3.2 per cent in 2025, with the 2024 forecast being 0.2 percentage points higher than that in October of last year. This…

Unilever’s country heads in Nigeria, Ethiopia, Ghana, Kenya, Francophone Africa, and Uganda are set to report to Kenyan Ben Lang’at. Lang’at aims to focus on driving sustainable growth, fostering innovation, and building resilient businesses with strong brands in both East and West Africa. He has held several key positions at Unilever over the years, including those of financial director in Kenya and Ghana, as well as a leadership role at the Coca-Cola Hellenic Bottling Company in Nigeria. Global fast-moving consumer goods company Unilever has announced the appointment of Ben Lang’at as the Executive Vice President and Head of the recently…

EAGC funding seeks to tackle trade challenges directly by removing trade impediments and building food export capacity in Kenya, Tanzania, and Uganda. This is across export value chains such as Maize, Beans, Millet, Sorghum, and Rice. Further, a core part of this is to increase the ability of grain producers to export both regionally and to the rest of the world. Food export competitiveness in East Africa Through USAID’s Economic Recovery and Reform Activity (ERRA) program, the United States government has awarded a three-year grant worth $2 million to the Eastern Africa Grain Council (EAGC). The funding is geared towards strengthening…

Africa’s low electricity access stresses the need to double more than the efforts to meet SGD 7.1 by 2030. In Kenya, data by the lender shows 71 per cent of the population had access to electricity in 2021, compared to about 14 per cent in 2000. World Bank further identifies a stark divide in global access to electricity between urban and rural areas. Sub-Saharan African states have made tremendous progress in electricity access in the past two decades, with the access rate rising from 25 per cent in 2000 to 48 per cent in 2020. However, according to the World…

The IMF anticipates a peak in interest rates at the beginning of 2024, following a slower climb in 2023 across major economies. This will likely exert pressure on already struggling currencies across Africa. Notably, the US Federal Reserve is expected to witness interest rates reaching around 5.4%, with plans for rate cuts in Third Quarter. Pressure on the weakening local currencies in African economies may persist for much of this year, with further depreciation against major currencies anticipated until the third quarter. According to the International Monetary Fund (IMF), their latest interest rates forecast update for major economies covering the…

Kenyans in the diaspora increased the money they sent back home for the 12 months ending in December 2023 by $0.16 billion, reaching $4.19 billion. Inflows for December 2023 increased by 5 percent to $372.6 million from $355.0 million in November. December marked the second month, after July, to record the highest amount sent back home by Kenyans during the year. Kenyans living and working abroad increased the money they sent back home for the 12 months ending in December 2023 by $0.16 billion, reaching $4.19 billion. This marked a 4.0 percent increase from the $4.03 billion remitted in 2022.…

The World Bank attributes the downgrade to the recent conflict in the Middle East, which has heightened geopolitical risks and raised uncertainty in commodity markets. Growth for Sub-Saharan Africa is projected to accelerate to 3.8 per cent in 2024 and firm further to 4.1 per cent next year. The lender has upgraded Kenya’s GDP growth to 5.2 per cent due to easing inflation. Global growth is projected to slow for the third consecutive year, decreasing from 2.6 per cent last year to 2.4 per cent this year, according to the World Bank. In its January 2024 Global Economic Prospects report,…

Africa’s economic growth in 2024 is expected to be upward with the real GDP projected to grow by 3.2 per cent, up from 2.6 per cent in 2023. East Africa, encompassing Ethiopia, Kenya, Uganda, Rwanda, Tanzania, and the DRC, will again power the continent’s growth prospects. Despite the projected continental growth, the intelligence unit faces substantial risks, including security threats, political instability, and debt repayment burdens. Africa’s economic growth 2024 According to the international research unit, Economic Intelligence, Africa is expected to grow at the second-fastest rate among major regions globally in 2024. The unit ranks behind Asia, which China and India…

Safaricom recognized for its outstanding people strategy, work environment, talent acquisition, learning, diversity and inclusion, and employee well-being. The telco first received the Top Employer certification in 2022 and has retained it for three consecutive years. The certification comes just a few months after the company was ranked the third-best employer in Africa by an American business magazine, Forbes. Kenya’s leading telecommunications company, Safaricom PLC, has, for the third consecutive year, received recognition as a top employer in both the country and across Africa. The most recent certification for the year 2024, awarded by the Top Employers Institute (TEI), underscores…