Author: Martin Mwita

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

Central Bank of Kenya’s Monetary Policy Committee has lowered the Central Bank Rate to 8.50 per cent from 9.00 per cent, despite the removal of interest rate capping in the country.

Borrowers in Kenya should now expect interest rates as high as 30 per cent following the repeal of the interest rate cap law. Parliament failed to raise the required quorum to defend the rate cap law which came into place in September 2016. There has been a push by bankers, mainly through their lobby group-Kenya Bankers Association (KBA) to have controls on rate cap revised. READ:Kenyan Banks begin feeling the interest rates cap effects The law which has been in place for the last four years has controlled lending rates by commercial banks at four percentage points above the Central…

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Kenya’s population has grown by 9.9 million people over the last ten years to reach 47.6 million this year, latest official government data has revealed. According to the 2019 ‘Kenya Population and Housing Census’ results presented to President Uhuru Kenyatta this week at State House Nairobi, the total population enumerated during the census exercise conducted in August this year was 47,564,296 persons. https://www.knbs.or.ke/?p=5621 The results indicate that the female population which stands at 24,014,716 accounts for 50.5 per cent of the total population while the male population is 23,548,056 persons. The 2019 census report, presented to the Head of State…

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The Saudi Fund for Development (SFD) has agreed to invest in Kenya’s Big Four projects, a boost to President Uhuru Kenyatta’s ambitious plan. Investment by the fund will go a long way in helping realization of the Big 4 which incorporates revamping manufacturing sector, providing affordable housing, universal health care and food security for Kenyans. READ ALSO:World Bank affirms support for Kenya’s Big 4  The SFD has undertaken to rally similar organisations in the Middle East to invest in Kenya’s economy. The announcement was made in a meeting between Treasury Cabinet Secretary Ukur Yattani and the Vice President and Managing…

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Kenya and Jordan are in talks on deepening trade and bilateral ties, in the latest of President Uhuru Kenyatta’s charm offensive to attract investments to the East African nation. Kenyatta on Tuesday held talks with His Majesty King Abdullah II of Jordan where the two leaders discussed the progress in trade and bilateral relations between the two countries. The leaders, who want their two countries to establish special status relations, directed their respective ministries to fast track the implementation of bilateral trade agreements. READ ALSO:Kenya signs 8 treaties spreading wings to remote territories President Kenyatta and King Abdullah II also…

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Industries and households in Kenya could soon be out of frequent power interruptions and outages as Kenya Power kicks off live maintenance of power lines. The programme launched on Monday this week is meant to reduce planned electricity shutdowns, enhance stability of power supply and improve revenue generation. READ ALSO:How Kenya Power plans to manage electricity tariffs The launch follows the completion of the pilot phase where more than 70 staff were trained to carry out maintenance of live power lines. During the pilot phase, eight insulated trucks and three digger derricks were also acquired. Following the success of the pilot phase, the World Bank has…

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The Kenya Power Board of Directors has appointed Bernard Ngugi as the Managing Director & Chief Executive Officer of the Company. This brings to an end to the short-term leadership of outgoing acting managing director Jared Othieno who has been at the helm of the company since July last year, when he temporarily took over to replace former graft embattled MD Ken Tarus. READ ALSO:Kenya Power appoints interim management team after arrest of top bosses Prior to his appointment, Mr Ngugi was the company’s general manager in charge of Supply chain. The appointment now places a substantial boss in the…

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Kenya is on the right path in the fight against corruption, The International Monetary Fund has said. IMF Director for African Department Abebe Selassie has commended President Uhuru Kenyatta for spearheading the war against corruption, saying the country was well. According to Abebe, the IMF is satisfied with the stable economic growth that averages between 5.5 per cent and 6.0 per cent as a result of the ongoing fiscal reforms that the Kenyan Government is implementing to ensure macroeconomic stability. READ ALSO:Kenya whets investor appetite with Special Economic Zone “Because of this, Kenya is a leading light in terms of…

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The Kenyan government is considering a Ksh1.6 billion ($15.4million) financing option for smallholder tea farmers across the country to help them diversify their products. Agriculture Cabinet Secretary Mwangi Kiunjuri has said that the proposal, which is now before the Head of Public Service, Joseph Kinyua, and the Cabinet for consideration, involves a financing model for smallholder tea factories to set up black orthodox tea production units. READ ALSO:Kenyan tea farmers capture World Bank’s climate change deal Black orthodox Tea is loose tea which is produced using the traditional method of tea production:plucking, withering, rolling, oxidation and drying. It has an…

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UK headquartered manufacturer–Unilever Overseas Holdings B.V has gotten a major boost in its quest to expand its portfolio in Kenya and the East Africa region. This follows the approval by the Competition Authority of Kenya (CAK) to acquire a majority stake (90%) in Chemi & Cotex Kenya Limited, a subsidiary of Tanzania’s Chemi and Cotex Industries Limited. The firm is involved in the distribution of cosmetics, beauty, hair, oral care products and food products, one of East Africa’s leading fast moving consumer goods companies Unilever Overseas Holdings B.V (Unilever B.V) on the other hand, is a wholly owned subsidiary of…

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The Competition Authority of Kenya has approved the acquisition of a controlling stake in Almasi Beverages Limited by Coca-Cola Sabco (East Africa) Limited, in one of the latest mergers in the country. The proposed transaction involves acquisition of a 53.95 per cent stake (issued share capital) of Almasi from Centum Investment Company (Plc) by Coca-Cola Beverages Africa Proprietary Limited (CCBA). Coca-Cola Sabco (East Africa) Limited (CCSEA), the acquiring undertaking is a wholly owned subsidiary of Coca-Cola Beverages Africa Proprietary Limited, a private company established in South Africa and a subsidiary of giant global beverages firm-Coca Cola. READ ALSO:Coca-Cola to retain…

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