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Kenya
- A majority of Kenyan workers are disengaged according to the 2024 edition of Gallup employees survey.
- The survey further shows that men are slightly more engaged than their female counterparts.
- More women (50 per cent) were stressed than men (47 per cent). The junior employees recorded higher stress levels than managers.
A new study shows that for every five employed Kenyans, four lack the drive to go above and beyond in their roles at work.
A recent global survey by Gallup says 80 per cent of Kenyan workers are “disengaged” meaning they only do the bare minimum and are only in their current job because they haven’t found a job opening elsewhere.
‘Disengaged from work’ refers to a lack of emotional or psychological connection to one’s job or workplace.
Disengaged employees typically show low levels of motivation, commitment, and enthusiasm for their work.
At 80 percent, the rate of disengagement …
- Kenya’s $168Bn plundered development loans were taken over 11 year period between 2010 and 2021
- In one instance, the OAG raised an issue with the missing drawdowns for three loans from BELFIUS Bank and Unicredit totaling €29,510,462 (Sh4.1billion).
- The audit examined how 39 commercial loans valued at $168billiom (Sh1.36 trillion) during the time were used, and whether they were borrowed legally.
The Office of the Auditor General has opened a can of worms on the possible diversion of loans and plunder of funds disbursed to Kenya for development over the past 10 years.
A Special Audit by Auditor General Nancy Gathungu, on loans Kenya took between 2010 & 2021 shows that the country received $ 167.7 billion (Sh1.13 trillion) in the consolidated funds accounts however, the accountability of the funds is in question.
The revelations come at a time when President William Ruto has already gazetted the Presidential Taskforce on …
- Kenya’s Political Instability has seen calls for President Ruto’s impeachment, a demand likely to persist soon.
- Reduced capital inflows suggest limited foreign exchange reserves at the central bank’s disposal to support the currency in the near term.
- The analysist say tensions will likely de-escalate in the coming weeks, but expect market sentiments towards Kenya to remain bearish
The Kenyan shilling is expected to face pressure in July due to anticipated declines in capital inflows caused by political instability experts have warned.
The analysist from pan African market insights firm Stears are now saying that following the protests from June 18 to June 27, the currency depreciated by 0.29 per cent slightly dimming economic outlook.
This downward trend is likely to continue amid uncertainties surrounding the President’s push to step down and an upcoming IMF review.
Reduced capital inflows suggest limited foreign exchange reserves at the central bank’s disposal to support …
- Kenyan Shilling drop to Sh100 against the dollar will mirror the pre-2020 levels
- A weak shilling means costly imports and the burden is often passed to the consumers.
- The exchange rate affects how much we earn from exports.
Kenya Shilling strengthening against the US dollar to the pre-2020 level of about 101 can only be realised sometime in September, according to market analysts.
The latest monetary update by the international research body, Economic Intelligence Unit (EIU), shows the US dollar will remain bullish against the local currencies for much longer amid the high Fed rate which will be maintained for much longer.
“The Fed cuts will come later than we previously expected,” the report reads.
“We have pushed the forecast for the date that the Fed will begin reducing its policy rate to September, from June previously, and now expect a 50-basis-point reduction before year end (from 75 basis points …
- Sustainable Agriculture Farming Practices have been identified as the only way to ensure food security in the future
- Crop Life International launched its flagship commitment, the Sustainable Pesticide Management Framework (SPMF) program in 2021
- Kenya has made significant strides in pesticide management by integrating global best practices into its new pesticide law.
Kenya is among the nine countries in the world undertaking a $13 million (Sh1.7 billion) agriculture funding program over the next five years. The funding is aimed at supporting sustainable agriculture farming practices in the selected member states mostly targeted towards reducing harm caused by pesticides.
According to Crop Life International, Kenya is among the countries that have done well in Integrating global best practices into the new pesticide law, enhancing the national poison control center, and establishing an industry-wide pesticide container management scheme with 310 collection sites.
In its latest Annual Report for its Sustainable Pesticide …
- Kenya has already enlisted over 107,831 community health workers through the Ministry of Health.
- The target cohort of 25,000 will be trained in the first phase, according to the Resilient and Empowered African Community Health (REACH) initiative.
- REACH will be implemented in phases, aiming to boost skills of the 107,831 community health workers employed by the Government.
Kenya has launched a community health initiative supported by the African Union geared to boosting primary health care at the grassroots, targeting under-served populations.
The programme, under the auspices of the African Union (AU) Member States, is known as Resilient and Empowered African Community Health (REACH) and is geared towards increasing Community Health Workers (CHWs) to over two million in the continent by 2029.
Under the first phase of the initiative, over 25,000 CHWs newly recruited in Kenya will be trained on community health and on the use of Community Health Promotion (CHP) …
On July 1, 2023, Kenya’s government announced a milestone change in the taxation setting by increasing the existing 7.5% tax to 12.5%.
Recent History of Kenya’s Stake Taxation
Njuguna Ndungu, National Treasury Cabinet Secretary, explained that the financial maneuver focuses on fighting against underage betting among Kenyan students. He also spent a speech on the addictiveness of gaming and betting and their detrimental social consequences on families and, in general, on the country’s youth. This stake tax decision has been controversial for the government, which decided to double the tax rate from 10% to 20% in 2019.
On the other hand, this decision provoked a decrease in tax revenue, partially resulting from a market exit trend. Thus, the National Treasury CS Ukur Yatani reintroduced the tax in 2021. The same year, the government fixed the excise duty at 20% of the income from stakes and betting activities.
However, the Finance …
Safaricom has partnered with the Kenya Water Institute (KEWI) to deploy Smart Water System in the water sector. Through the partnership, Safaricom will deploy the system at the KEWI’s Nairobi and Kitui campuses to facilitate practical training. The giant telco will additionally co-create and run a Smart Water Management curriculum for students at the institution.…
- An IMF team was in Nairobi from May 9 – 22, 2023, for the fifth review of Kenya’s economic program.
- After engagements, Kenya secured a $544.3 million loan from the International Monetary Fund.
- The parties also agreed to extend the duration of the EFF/ECF arrangements by 10 months to April 2025.
Kenya has secured about $544.3 million loan from the International Monetary Fund (IMF) representing 75 percent of the country’s quota. The deal follows staff-level agreement between IMF staff and the Kenyan authorities on economic policies and reforms. It marks conclusion of the fifth reviews of Kenya’s Extended Credit Facility and Extended Fund Facility arrangements.
In the deal, Kenya secured an extension of the program and augmentation of access under those arrangements. The credit is also anchored on a set of reforms under a 20-month Resilience and Sustainability Facility.
Kenya’s economy, the largest in East Africa, has been strained by …
