Author: Martin Mwita

Usable foreign exchange were recorded at USD 6.56 billion last week, which is equivalent to 3.66 months of import cover. The shilling has continued to weaken against the US Dollar to a record 130 units to a dollar. The country has witnessed a dollar shortage in recent months. The Kenyan government has put in place a number of measures to tame the country’s dwindling forex reserves and a biting dollar shortage that is being witnessed in the market. The East African Community (EAC) economic powerhouse is also grappling with a weakening shilling that has dropped by about 12 per cent…

Kenya’s Cabinet Secretary for Investment, Trade, and Industry Moses Kuria is leading a high-powered government delegation to London for the Economic Partnership Agreement and Investment meeting. Kenya is leveraging on the talks to intensify pitches to investors. This is in an effort to net at least $10 billion in Foreign Direct Investments (FDIs) this year. Kenya’s Cabinet Secretary for Investment, Trade, and Industry Moses Kuria is this week leading a high-powered government delegation to London for the Economic Partnership Agreement and Investment meeting, that Kenya seeks to intensify pitches to investors. The government is aiming to net at least $10…

The survey was conducted by interviewing over 33,000 customers of all member banks of KBA. The results of the survey were released on Wednesday at a media briefing hosted by KBA, at the Sarova Stanley Hotel in Nairobi. This re-affirms the bank’s position as the financial institution offering the most fulfilling customer experience in the industry, Group Managing Director & CEO Dr Gideon Muriuki said. The Co-operative Bank of Kenya has emerged as the overall winner in the Customer Satisfaction Survey conducted by the Kenya Bankers’ Association (KBA). The survey was conducted by interviewing over 33,000 customers of all member…

The sector rebounded in 2022 due to a 70.45% increase in international arrivals. According to official government figures, the number of arrivals increased to 1,483,753 from870,463 in 2021. Rebound attributed to a number of source countries relaxing Covid-19 limitations and opening up travel. The tourist industry in Kenya is prepared for a significant boom this year, following last year’s good performance buoyed by the resumption of the post-pandemic international travel and robust tourism activities. The sector, which offers great investment potential primarily in hotel facilities, tour and travel businesses, and travel agencies, rebounded in 2022 due to a 70.45% increase…

The continent spends over USD60 billion yearly on food imports that it could generate domestically. African countries have allocated large sums to agriculture, but according to experts, this is insufficient. As a result, countries are experiencing deficits even as governments continue to spend billions of dollars bolstering their military defenses, which fuels conflict, displacement, and hunger. In a study utilizing satellite data from NASA’s Landsat, researchers from the universities of Maryland and Texas in the United States cast doubt on the rapid development of cultivated land in Africa. It was previously recorded that Africa’s agricultural area has expanded by more…

The country is considered East Africa’s strongest economy. It is among countries facing a huge challenge of illicit trade, estimated to be valued at above USD6.34 billion (Ksh800 billion). According to official government data, up to 70% of imported goods are counterfeits. Kenya has a domestic market of over 50 million people and is among the leading economies in sub-Saharan Africa. The country is considered East Africa’s strongest economy, with the region having a GDP of about USD163.4 billion (at purchasing power parity, about USD$473 billion), and the average GDP per capita is about USD941 (at purchasing power parity, $2,722).…

They will closely collaborate in trade facilitation and financing in order to grow trade across the continent. The organizations are keen to support implementation of the Africa Continental Free Trade Area (AfCFTA) which became effective in 2021. The AfCFTA aims to create a continent-wide market of USD3.4 trillion and 1.3 billion people. Leading aid for trade organization TradeMark Africa -TMA (formerly TradeMark East Africa), global government advisory organisation, Tony Blair Institute (TBI) and catalytic fund Trade Catalyst Africa (TCA) have come together to support trade in Africa. TCA is a subsidiary of TMA. The three have signed a Memorandum of…

East Africa is anticipated to have the highest performance, surpassing other regions. Central Africa is projected to experience growth of 4.7% in 2022, up from 3.6% in 2021. West Africa’s growth fell to 3.6% in 2022, down from 4.4% in 2021. In the medium term, it is anticipated to increase, hitting 4.1% in 2023. In 2022, growth in Southern Africa is projected to continue modest, falling to 2.5% from 4.3% in 2021. The slowing of Africa’s average growth conceals cross-regional variances, which primarily reflect disparities in the structure of economies, commodity dependency, differential impact of global exogenous shocks, and domestic…

Public-Private Partnerships  have allowed  drilling and geothermal energy production capacity to rise. Combined with hydro, these two sources contribute 65.62 percent of the total, while wind and solar account for 18.69 percent. While Kenya Power has tried to revise energy prices in the country, analysts observe that expanding geothermal investments will provide the country with cheaper power for future expansion. Kenya is the leading producer of geothermal energy in Africa and ranks seventh in the world, behind the United States, Indonesia, the Philippines, Turkey, New Zealand, and Mexico. Ongoing investments, primarily through Public-Private Partnerships (PPPs), have allowed the country’s drilling…

Taifa Gas broke ground at the Dondo Kundu Special Economic Zone next to the Port of Mombasa last Friday The firm supplies LPG for domestic, commercial and industrial use and has been feeding the Kenyan market by road. The company has been given 30 acres in Dongo Kundu to set up a 30,000 metric tonnes gas handling facility. The entry of Taifa Gas into Kenya is expected to shake up the cooking gas retail market in East Africa’s economic power house, which has witnessed rising prices in recent years. Taifa Gas broke ground at the Dongo Kundu Special Economic Zone…