The Kenya Revenue Authority (KRA) has received surveillance equipment worth more than US$378,000 (KShs 40 million) to support its trade facilitation initiatives and enhance security at key border points.

In a statement, the Authority says the equipment comprises an X-ray baggage scanner, a patrol boat, patrol vehicles, Raman spectrometers, and field test kits.

The equipment was procured by the United Nations Office for Project Services (UNOPS) from the Government of Japan in partnership with the Japan International Cooperation Agency (JICA) and World Customs Organization (WCO) as part of customs capacity building initiatives in Kenya.

According to KRA, the equipment will be used to detect dangerous or contraband items concealed in luggage, parcels and/or cargo as well as support in monitoring and detection of chemicals and other components used to manufacture improvised explosive devices (IEDs).

The equipment comes amid increasing global threats to security in the region that have prompted the …

Kenya’s Purchasing Managers’ Index (PMI) fell from 51.1 in August to 50.4 in September, signalling an overall improvement in operating conditions.

The PMI survey commissioned by Stanbic Bank indicated that the pace of improvement was marginal and was the weakest seen in the current five-month sequence of growth.

During the month, output and new orders rose, driven by a continued recovery in demand from the strict lockdown earlier in the year.

Exports were also a key source of growth, as foreign orders increased at the fastest rate since October 2020.

Business activities in Uganda continue to rise

Impact of Fuel Hike

The survey found that a rise in living costs had weakened consumer spending, leading to a softer – and only marginal – rate of total sales growth.

Subsequently, the rate at which business activity expanded was the slowest seen since the return to growth
following April’s lockdown-induced decline.

The …

• KRA started the new financial year on an upward trajectory, after surpassing its July 2021 target
• Pay As You Earn (PAYE) registered a performance rate of 104.2%
• Expects the Gross Domestic Product to grow by 6.3% in FY 2021/22 

The Kenya Revenue Authority (KRA) said it had collected KSh 476.646 billion, surpassing the Financial Year 2021-2022, Quarter One (July – September 2021) revenue target of KSh 461.653 billion by KSh 14.992 billion.

In a statement, the Authority said the performance reflected a sustained revenue growth in the first three months of the year, with a performance rate of 103.2% and growth of 30%.

Despite the slow economic growth, KRA said it commenced the new financial year on an upward trajectory, after surpassing its July 2021 revenue target with a surplus of KSh 311 million, after a revenue collection of KSh 152.854 billion against a set target of KSh 152.543 billion, …

• The private sector in the community has been urged to drive the buy and build East Africa initiative
• Foreign Direct Investments (FDI) in the EAC dropped by 43% to USD. 4.9 billion in 2020
• Jobs declined by 2%, wiping out the gains made in previous year

Trade between East Africa Community countries dropped by 5.5% to USD. 5.9 billion in 2020 due to COVID-19 while exports from the bloc to the world hit 16.2 billion in 2020 a 3% boost in comparison to  2019.

This is according to the East Africa Business Council CEO John Bosco Kalisa who urged the private sector in the community to drive the buy East African, build East Africa narrative.

He added that the campaign is central in driving the economic recovery agenda for the EAC bloc amid COVID-19 pandemic.

He spoke during a webinar on EAC Trade & Investment Recovery amidst COVID-19 organized by …

• The cost associated with policy instability and unpredictability is often passed down to consumers
• In 2020, the manufacturing industry in Africa experienced reduced demand and depressed production capacity

The biggest challenge that the manufacturing industry faces in Africa is unpredictable business environments.

This is according to the Chief Executive Officer of Kenya Association of Manufacturers Phyllis Wakianga who says the sector is faced with unpredictable fiscal and regulatory policies that discourage the industry from scaling up their businesses.

She adds that the situation also leads to investors seeking more suitable, predictable and secure markets to relocate their businesses.

“Unfortunately, the cost associated with policy instability and unpredictability is often passed down to consumers, whose spending power has been crippled by the ongoing pandemic,” he says in an exclusive interview.

Wakianga also reveals that such instability is a blow to manufacturers, who are struggling to reduce costs, in a highly uncertain …

If your goal is financial success, then the investment is the vehicle that will get you to that destination. Having said that, many people just do not know the first thing about investing let alone investing in the stock market. Many appreciate the need and the urgency to invest for the future, but they come up short in terms of how to go about the business of investing in a practical manner. Unfortunately, this lack of understanding of this concept has seen many people fall prey to con artists who swindle them of their savings. 

What does it mean to invest? 

Investment basically means to place funds or resources into financial schemes, shares, property, or a commercial venture with the expectation of achieving a profit. Investopedia describes investing and investment as “…the act of allocating resources, usually money, with the expectation of generating an income or profit. You can invest …