Author: Martin Mwita

Africa is home to nearly all the valuable minerals that are essential to generating wealth, producing commodities, and advancing technology. Approximately 30 per cent of the world’s mineral reserves are in Africa, but most mineral-rich countries remain poor with little to celebrate. Some of the key minerals found in Africa include oil, diamonds, gold, silver, copper, cobalt, coal, iron ore, uranium, and platinum.

Output and new orders increase slightly. Employment growth quickens amid improved outlook. Inflationary pressures remain at historic highs. Business conditions in Kenya improved for the first time since January, the latest Purchasing Managers’ Index (PMI) indicates. August Stanbic Bank Kenya PMI pointed to a slight improvement in the health of the private sector for the first time in seven months, as output and new orders returned to expansion territory amid greater political stability. Job creation accelerated and purchasing activity picked up, whilst firms grew more confident about their output prospects. That said, the improvement in business conditions was only mild, and continued…

Kenya’s petroleum products distributor, Kenya Pipeline Company (KPC), is set to take over defunct Kenya Petroleum Refineries Limited. It will utilize the infrastructure for the storage of super petrol, diesel, kerosene and the latest now being development of a bulk LPG (cooking gas) reserve. The Kenya Petroleum Refineries Limited was originally set up by Shell and British Petroleum Company BP to serve the East African region in the supply of a wide variety of oil products. Kenya plans to fully turn its defunct oil refinery into a storage center for imported products, as the dream of refining its own crude…

According to the Agriculture and Food Authority (AFA) there are 15 sugar factories in the country. Despite these investments, self-sufficiency in sugar has remained elusive over the years as consumption continues to outstrip supply. The deficit is met through imports mainly from COMESA states. President William Ruto of Kenya has declared war on sugar cartels, who have been blamed for causing a collapse of state-owned factories, as private players flourish in the country. This, even as imports continue to dominate the market, which has over years struggled with a shortage of the sweetener, owing to a low production capacity by…

Businesses in Kenya are facing the impact of tightened monetary policy that is resulting in high lending rates. The government is under increasing pressure from investors to settle huge pending bills. At the same time, the Kenya Shilling is steadily losing ground against major world currencies, piling pressure on external debt obligations. In the second half of the year, business optimism for companies and sectoral growth prospects in Kenya appears to be subdued, largely influenced by the dual challenges of high taxes and a weakening Shilling. The government’s task of balancing rising debt levels with tax revenue generation is taking…

International tourist arrivals grew 32 per cent in the half-year to June, closing at 847,810 as Kenya’s tourism sector growth continued post-Covid-19. This was up from 642,861 arrivals recorded in the same period last year, as official data from the Ministry of Tourism indicates.
The performance represents a 92 per cent recovery compared to the same period in 2019. The increased numbers came with higher earnings for the country and the sector.

Investment and trade between the two countries was valued at more than $600 million last year. Kenya’s exports last year increased to $7.9 million from $6.3 million in 2021, the country’s Economic Survey 2023 indicates. Imports from Indonesia were valued at $187.7 million having dropped from $307.5 million the previous year. Kenya is now keen to increase trade volumes mainly exports to the Asean market, with its renewed ties with Indonesia. President William Ruto said investment scope will also be broadened to bring about a balance of trade that is currently in favour of the Southeast Asian country. “We will seize…

Central Africa’s economic performance was powered by the DRC, which grew at a jaw-dropping 8.5% in 2022. Central Africa growth rate was higher than the African average, which is estimated at 3.8% in 2022, down from 4.8% in 2021. The region id projected to settle at 4.9% in 2023 and 4.6% in 2024. Central Africa achieved real GDP growth of 5.0 per cent in 2022 compared with 3.4 per cent in 2021, as the region posted the strongest performance compared to other regions in the continent. This was in terms of growth, inflation and budget deficit, a new report by…

In Kenya, political protests accelerated the downturn, leading to a sharp dip in output that was the fastest since August last year. Forex woes and reports of rising fuel prices and taxes equally pushed up business costs in July. In Uganda, data shows output and new orders are edging up steadily on a monthly basis in the past one year. Kenya’s private sector activity suffered a further drop in demand at the start of the third quarter of the year, latest statistics show, as customers continued to limit spending amid steep inflation. Kenya’s poor data came even as neighbouring Uganda…

Initiative comes as players prepare for a significant tourism boom this year. Kenya’s tourism is picking up from a strong performance in 2022 when global travel resumed. The partnership with local media was initiated on Wednesday during a meeting hosted by Tourism minister Peninah Malonza. The Kenyan government and local media houses have partnered to market tourism offerings in the country, in a renewed effort to drive up international numbers. This comes as industry players prepare for a significant boom this year. Tourism in Kenya is picking up from a strong performance in 2022 when global travel resumed post the…