Author: Martin Mwita

Martin Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East African Cooperation markets.

remittances to Kenya
  • Remittance inflows amounted to $385.9 million in February, compared to $309.2 million in February 2023, an increase of 24.8 per cent.
  • The cumulative inflows for the 12 months to February 2024 totaled $4.33 billion compared to $4.03 billion in a similar period in 2023, an increase of 7.5 per cent.
  • The US remained the largest source of remittances to Kenya, accounting for 54 per cent in February 2024.

Remittances to Kenya continued on a growth trajectory in February, latest Central Bank of Kenya (CBK) data shows, as easing inflation in the United States saw the country maintain its position as the leading source of inflows.

This comes amid a positive projection for the year where World Bank has forecast a 2.5 per cent increase on inflows to Sub-Saharan Africa, with Nigeria, Ghana and Kenya as leading recipients in the continent.

Remittance inflows in Kenya amounted to $385.9 million in February, …

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Kenya oil project
  • Tullow’s 2023 operating revenue surpasses expectations with strengthened Group financial position through a cut in debt.
  • British firm has secured long-term capital through a $400 million debt from Glencore Energy.
  • Explorer is projecting a $800 million free cash flow from 2023–2025 and a sustainable revenue flow outlook thereafter.

British exploration firm, Tullow Oil, has singled out Kenya oil project as one of its key areas in production growth for 2024, as it expects to deliver $800 million in operating revenue from 2023 to 2025.

This is captured in its financial results for 2023, where Tullow reiterated the delivery of its plan, which is achieving targeted results and a much-improved business. During the year, Tullow continued to evolve and built a strong and unique foundation to create material value, the company reported.

Several significant milestones were achieved in 2023, including the start-up of Jubilee South East which has given Ghana’s upstream …

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Kenya's business conditions
  • Kenya’s private sector activity and new orders rises for the first time in six months.
  • Selling price inflation hits long-run average as cost burdens ease.
  • However, PMI shows lowest confidence towards future output in the survey’s history.

Kenya’s business conditions improved in February, expanding private sector activity due to a further softening of inflationary pressures supported a fresh increase in new order volumes.

Stanbic Bank Kenya Purchasing Managers Index (PMI) for February registered at 51.3 per cent as lower fuel prices helped to cool input cost inflation to a 26-month low, supporting the softest increase in output prices for one-and-a-half years.

Improving business conditions are said to have led Kenyan companies to expand staffing levels at a faster rate albeit by largely hiring casuals pointing to a cautionary stance towards hiring permanently.

Nevertheless, confidence regarding future activity fell to a survey low, suggesting a broad degree of uncertainty that activity …

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East African Cables
  • East African Cables is a private limited liability company incorporated in mainland Tanzania. It manufactures extensive cables for domestic and industrial lighting and power electricity transmission.
  • The sale is subject to regulatory and shareholders’ approval.
  • Upon completion of the sale, EAC Tanzania will cease being a subsidiary of the company.

Msufini Tanzania Limited (MTL), a chlorine and sodium hydroxide manufacturer, is set to buy a majority stake in East African Cables’s Tanzanian subsidiary if regulators and stakeholders approve an agreed deal between the two firms.

East African Cables, which is listed on the Nairobi Securities Exchange, has entered into a share purchase agreement with Msufini for the sale of 16 218,000 ordinary shares at a value of Tsh10, constituting 51 per cent of the issued share capital of East African Cables (Tanzania) Limited.

East African Cables is a private limited liability company incorporated in mainland Tanzania. It manufactures extensive …

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Eastern Africa Power Pool
  • The Eastern Africa Power Pool has made major inroads in increasing cross-border electrification.
  • The system has the potential to connect 600 million people to clean energy.
  • EAPP member countries are Burundi, Democratic Republic of Congo, Djibouti, Egypt, Ethiopia, Kenya, Libya, Rwanda, Somalia, South Sudan, Sudan, Tanzania, and Uganda.

The Eastern Africa Power Pool (EAPP) is targeting to go live on power auctioning (trading) by December this year, the secretariat now indicates, in what will allow the 13-member countries to sale excess electricity across borders.

This comes as countries continue to build a strong power connection network, amid huge investments in renewable energy mainly solar, wind, hydro and geothermal.

The EAPP member countries are Burundi, DRC, Djibouti, Egypt, Ethiopia, Kenya, Libya, Rwanda, Somalia, South Sudan, Sudan, Tanzania, and Uganda.

Council of Ministers and the EAPP Steering Committee met in Nairobi this week to deliberate on the future of the power pool …

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Mining of precious metals
  • Since 2014, AFC has invested over $1 billion in Africa’s mining of precious metals and critical minerals across several countries.
  • The latest partnerships will further strengthen the sector by driving significant capital flow into the continent. 
  • According to the United Nations Conference on Trade and Development (UNCTAD), two-thirds of developing countries depend on commodities.

Boosting the mining of precious metals in Africa

Africa’s mining sector is poised for significant developments as the Africa Finance Corporation (AFC) throws its weight behind the industry, a key driver of economicjordan air force 1 castelli gabba yeezy shoes under 1000 jordan proto max 720 yeezy boost 350 v2 hyperspace durex intense vibrations ring air jordan 1 element brock purdy jersey dallas cowboys slippers mens custom kings jersey custom dallas stars jersey air jordan 1 element uberlube luxury lubricant air jordan 1 low flyease custom dallas stars jersey growth in commodity-dependent countries.

AFC, the …

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AfDB | fastest growing economies 2024
  • According to the African Development Bank’s Macroeconomic report, Africa will dominate the world’s 20 fastest growing economies 2024.
  • According to the report, the medium-term growth outlook for the continent’s five regions is slowly improving.
  • The report forecasts more substantial growth for Africa in 2024, outpacing the projected global average; the continent is the second-fastest-growing region after Asia.

Fastest Growing Economies 2024

The African Development Bank Group’s latest Macroeconomic Performance and Outlook (MEO) indicates real Gross Domestic Product (GDP) growth for the continecustom nfl football jerseys decathlon bmx luvme human hair wigs bouncing putty egg custom kings jersey dallas cowboys slippers mens johnny manziel jersey custom kings jersey custom youth hockey jerseys brock bowers jersey luvme human hair wigs black friday wig sale college football jerseys decathlon bmx uberlube luxury lubricant nt is expected to average 3.8 per cent and 4.2 per cent in 2024 and 2025, respectively.

The report …

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Diaspora remittances to Kenya
  • Official data shows that diaspora remittances to Kenya increased to $412.4 million in January 2024, compared to $372.6 million in December 2023.
  • This represents an 18% jump compared to similar month in 2022 as well as 10.7% month-on-month increase in inflows.
  • The cumulative inflows for the 12 months to January 2024 totalled $4.3 billion compared to $4 billion in the same period in 2023, an increase of 5.3 per cent.

Kenyans in the diaspora sent home more money in January compared to December, as the strong start of the year signals easing inflationary pressures, mainly in key sourcejock strap brock bowers jersey jordan max aura 4 nike air jordan 1 elevate low oregon football jerseys black friday wig sale best human hair wigs for black females latex hood custom stitched nfl jersey sit top kayak nike air max 90 futura jock strap jock strap air max 270 women alpinestars

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Kenyan Shilling
  • The Kenyan shilling has made a strong turnaround against the US dollar this week,
  • Last Tuesday, Kenya successfully raised $1.5 billion from its Eurobonds buyback offer initiated on February 7, reducing the chance of defaulting payment on its $2-billion-dollar debt due in June.
  • East Africa’s most robust economy plans to use the funds to repay its debut Eurobond issued in 2014.

The Kenyan shilling has made a strong turnaround against the Ubest human hair wigs for black females jordan air force 1 latex hood sac eastpak nike air jordan 1 elevate low smith and soul johnny manziel jersey jordan max aura 4 dallas cowboys slippers mens johnny manziel jersey bouncing putty egg adidas yeezy boost 350 turtle dove luvme human hair wigs jordan proto max 720 uberlube luxury lubricant S dollar this week, moving towards the most potent levels since March last year, mainly on investor confidence and increased …

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Kenya’s capital markets is showing a sign of recovery this year with the Nairobi Securities Exchange (NSE) recording a gain in January, albeit minimal, as large stocks pay investors.
  • The latest Nairobi Securities Exchange monthly Barometer shows month-on-month growth comparing January this year and December last year, with prospects looking much better after a bear run last year.
  • Market capitalisation increased by 0.08 per cent in January to $9.11 billion from $9.05 billion in December 2023.
  • The NSE 20 and NSE 25 Share Index recorded increases in activity of 0.89 per cent and 1.32 per cent, respectively, while the All-Share Index experienced a 0.08 per cent increase.

Nairobi Securities Exchange showing recovery signs

Kenya’s capital market is showing a sign of recovery this year, with the Nairobi Securities Exchange (NSE) recording a gain in January, albeit minimal, as large stocks pay investors.

This is despite interest rates in advanced economies remaining high into 2024, a trend that has seen foreign investors focus on home markets, mainly the United States.

The latest NSE monthly Barometer shows month-on-month growth comparing January …

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