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Author: Martin Mwita
Martin Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East African Cooperation markets.
- For the first time, the China-Africa Economic and Trade Expo (CAETE) came to Africa, with Nairobi playing host last week.
- According to the Ministry of Commerce of the People’s Republic of China, the forum is expected to spread across the continent, with different countries hosting it in the coming years.
- The Asian country is keen to continue its influence and trade dominance on the African continent.
China has launched a charm offensive on Africa in renewed efforts to tighten its grip on the continent. The West has recently shown growing interest in political and investment corporations, and China is seen as keen to continue its influence on the continent.
For the first time, the China-Africa Economic and Trade Expo (CAETE) came to Africa, with Nairobi playing host last week. According to the Ministry of Commerce of the People’s Republic of China, it is expected to go around the continent, with …
- Kenya’s private sector enjoyed a much more stable business environment in April amid continued job creation in the market, with the country enjoying the lowest inflation in two years.
- Employment growth continues as the country’s economy remains on a growth trajectory.
- The headline PMI registered fractionally above the 50.0 neutral mark at 50.1 in April, up from 49.7 in March.
Kenya’s private sector enjoyed a much more stable business environment in April amid continued job creation in the market, with the country enjoying the lowest inflation in two years.
The latest Purchasing Managers’ Index by Stanbic Bank depicted broadly steady operating conditions across the sector during the month, as order book volumes and output levels have changed little since March.
The 12-month outlook continued to rebound sharply from February’s record low, and employment growth was maintained, as the country’s economy remained on a growth trajectory.
World Bank has projected Kenya’s …
- From January to March, investor confidence improved notably due to the stabilisation of the domestic currency (Kenyan Shilling), according to the Capital Markets Authority (CMA).
- The Capital Markets Soundness Report indicates a more stable shilling, which consequently positively influenced the equity markets, which improved compared to the quarter ending December 2023.
- The four market indices, NSE20, NSE25, NASI, and NSE10, closed at 1752.43, 2975.42, 113.09, and 1155.41 points respectively, an increase from 1,501.16, 2,380.23, 92.11, and 907.51 points.
Kenyan shilling on the rise
Nairobi Securities Exchange (NSE) was among the top African performers in the first quarter of 2024, buoyed by improved investor confidence that reduced outflows.
From January to March, investor confidence improved notably due to the stabilisation of the domestic currency (Kenyan Shilling), according to the Capital Markets Authority (CMA).
The Capital Markets Soundness Report for the period under review indicates a more stable shilling, which consequently positively …
- Remittance inflows for March grew to $407.8 million, up from $385.9 million in February, with the US maintaining its lead as the top source for Kenya’s remittances.
- This was also higher by 14.2 percent compared to the $357.0 million sent in the same month last year (March 2023), according to official data by the Central Bank of Kenya (CBK).
- The cumulative inflows for the 12 months to March 2024 totaled $4.4 billion compared to USD 4 billion in a similar period in 2023, an increase of 10 percent.
Kenyans living and working abroad sent home more money in March, boosting the country’s forex reserves and supporting families and friends.
Remittance inflows for March grew to $407.8 million, up from $385.9 million in February, with the US maintaining its lead as the top source for Kenya’s remittances.
This was also higher by 14.2 per cent compared to the $357.0 million sent …
- East Africa’s economic growth is projected to grow at 5.3 and 5.8 per cent in 2024 and 2025-26, respectively.
- The World Bank projects African economies to grow by 3.4 per cent in 2024.
- However, faster and more equitable growth is needed to reduce poverty.
East Africa’s economic growth to lead the continent
Economies in East Africa are expected to spearhead growth in Sub-Saharan Africa this year amid increased private consumption and declining inflation, which are supporting an economic rebound in the region.
The World Bank’s latest Africa’s Pulse report indicates the East African Community is projected to grow at the fastest pace at 5.3 and 5.8 per cent in 2024 and 2025–2026, respectively, thanks to robust growth in the Democratic Republic of Congo, Kenya, Rwanda, and Uganda.
This is higher than the compounded growth for Sub-Sahara Africa, which, albeit rebounding from a low of 2.6 per cent in 2023, is …
- Kenya’s business conditions weakened slightly in March despite easing inflation.
- Kenyan firms reduced their purchases of inputs in line with weaker sales.
- Most businesses remain optimistic about their workforce size and revenue growth in the year’s second quarter (April-June).
The latest Stanbic Bank Kenya Purchasing Managers’ Index indicates that Kenya’s business conditions weakened slightly in March despite easing inflation.
The deterioration in operating conditions was witnessed across the private sector as order book volumes and output levels contracted. The downturn contrasted with February, which saw an improvement in the private sector for the first time in six months.
Despite the decline, the survey data provided some positive signals for Kenyan businesses. Staffing and inventories showed further growth, indicating potential expansion opportunities.
Additionally, input cost inflation slowed to its lowest level in over three years amid a recovery in the shilling against the US dollar and other major currencies, including those …
- International arrivals increased from 1.48 million in 2022 to 1.95 million as the sector turned around from lows of 569,848 at the peak of the Covid-19 pandemic in 2020.
- Last year’s strong performance saw the country record the highest earnings in tourism receipts, which went up to $2.7 billion, up from $2 billion.
- The US remained the single largest market source even as Africa accounted for the lion’s share of total arrivals during the year, with the East African region remaining key.
Kenya’s tourist arrivals grew 31.5 per cent last year, official government data indicates, as the tourism sector recovered to pre-pandemic levels not only in the country but globally.
International arrivals increased from 1.48 million in 2022 to 1.95 million as the sector turned around from lows of 569,848 at the peak of the Covid-19 pandemic in 2020.
Last year’s strong performance saw the country record the highest earnings …
- Kenya is keen on extending its pipeline to Malaba (Kenya-Uganda border), with Uganda expected to construct a link line to Kampala.
- According to the Shippers Council of Eastern Africa (SCEA), Mombasa used to command up to 70% of transit business, but this has decreased to 60 per cent.
- Uganda imports an average of 2.5 billion litres of petroleum annually, valued at about $2 billion, with KPC handling at least 90 per cent of the volumes.
Kenya is courting Uganda in a fresh bid to retain and possibly increase petroleum exports amid increased competition from neighbouring Tanzania. In recent months, East Africa’s economic powerhouse has come under pressure from Tanzania, which is eyeing to tap more transit markets for imports and exports into the hinterland through the Dar es Salaam Port.
In the latest developments, Tanzania has offered to license Uganda National Oil Company (UNOC) to import petroleum products through Dar …
- The Kenyan lender with subsidiaries in Tanzania, Rwanda, and Uganda saw customer deposits close at $4.4 billion, 15.3 per cent, year-on-year.
- Assets grew to $5.5 billion, 18.6 per cent up year-on-year.
- During the year that ended December 31, 2023, NCBA’s loan book grew to $2.5 billion, up from $2.1 billion the previous year, signalling continued demand for credit.
Nairobi Security Exchange-listed bank–NCBA Group PLC has posted a profit after tax of $162.3 million in its full-year 2023, driven by positive operating income and a decline in loan impairment charges.
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This was a 56 per cent increase compared to $104.2 million reported by the regional lender during a similar period …
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- With operations in Kenya, Rwanda, Tanzania, Uganda and Mauritius, I&M Bank has attributed 15 per cent profit growth to an increase in its operating income.
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Its loan portfolio grew by 30 per cent to $2.4 billion, partly attributed to the extension of retail lending through digital platforms.
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Customer deposits closed at $3.2 billion, a 33% increase year-on-year, attributed mainly to growth in current and savings accounts.
Nairobi Securities Exchange-listed lender I&M Group PLC has recorded a profit after tax of $101.5 million for the year ended December 31, 2023, up from $88.5 million, as it continued with its regional expansion.
The financial services provider, which operates in …