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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 …
- The three-year $3 billion programme will support viable trade and related investments in Kenya in both private and public sectors.
- It will be implemented using loans, guarantee facilities, trade services, investment banking and advisory services.
- The financing will also go to the creative arts sector through the Kenyan government’s youth empowerment programme.
The Afreximbank is rolling out a $3 billion program aimed at spurring Kenya’s economic growth. The three-year programme by the African Export-Import Bank will support viable trade and trade-related investments in Kenya’s private and public sectors.
The financing will be implemented using several instruments including loans, guarantee facilities, trade services, investment banking and advisory services.
The memorandum was signed on 2 May 2023 in Nairobi by National Treasury Cabinet Secretary Professor Njuguna Ndungu alongside Afreximbank Chairman Professor Benedict Oramah in the presence of President William Ruto.
Digitise government services
“This programme is a step forward in our economic …
- High inflation due to rising fuel and food costs hurt business confidence in April.
- Stanbic Bank’s Purchasing Manager Index (PMI) shows output and new orders declined sharply.
- Downturn was led by manufacturing and services, contrasting with expansions in agriculture, construction, wholesale and retail.
Kenya’s business confidence dipped to the lowest levels on record in April, the latest PMI survey shows. During the period, high inflation and political unrest led to a sharp fall in customer demand ruffling business confidence.
Activity levels and input purchases also fell sharply, but employment numbers continued to rise, the Purchasing Managers’ Index indicates. On a positive note, input cost pressures showed further signs of having peaked, dropping to their lowest recorded in 2023 so far, though remaining steep.
The headline figure derived from the survey by Stanbic Bank Kenya is the PMI. Readings above 50 signal an improvement in business conditions on the previous month, …
- New standard to guide how Payment Service Providers and institutions regulated by the CBK issue quick response (QR) codes.
- Merchants will be able to receive payments from multiple channels such as banks or mobile wallets.
- CBK says long-term use of standardized QR codes will facilitate the launch of innovative products.
Consumers in Kenya can now make digital payments in an easy, fast, and convenient way through quick response codes. This week, the Central Bank issued the Kenya Quick Response Code Standard 2023, also shortened as KE-QR Code Standard 2023.
The service seeks to boost digital payments, which are offered by multiple financial institutions in the country. Normally, many companies use in-house payments solutions meaning customers can only use vendor-specific channels. Kenya’s financial industry regulator now wants to eliminate that friction through deployment of the new standard.
The regulator said the standard will guide how Payment Service Providers and institutions …
- The funding, Mozilla African Innovation Mradi, promotes ideas based on unique African user needs.
- The program scouts for innovation that produce a meaningful impact on the African internet ecosystem.
- Kenya is a leader in broadband connectivity, ICT infrastructure and is home to over 300 tech start-ups.
Kenyan tech start-ups are jostling for a pie of Mozilla’s $300,000 funding targeting projects solving unique user needs in Africa. The funding, a collaboration between Mozilla Africa Mradi and the Nairobi City County, will supporting tech-based firms in Kenya’s capital.
Dubbed Mozilla African Innovation Mradi, the funding promotes innovation led by and grounded in tackling unique needs of users in Africa.
Africa Innovation Mradi leverages Mozilla’s role as stewards of the open web to promote innovation in African countries.
The program establishes networks of partners and communities exploring and developing new projects and technologies. Winners will produce projects that offer meaningful impact on …
- Swiss authorities say SICPA was “criminally liable” for failing to prevent its staff from bribing foreign officials
- SICPA has been slapped with 91.5 million fine for bribing officials in Brazil, Colombia and Venezuela.
- The Swiss firm has been contracted by the Kenya Revenue Authority to supply tax stamps.
A Swiss firm contracted by Kenya Revenue Authority to supply tax stamps has been fined $91.5 million on graft claims. Security ink company SICPA has been ordered to pay the fine by Swiss Attorney General citing corporate criminal liability.
The Swiss Attorney General identified organisational deficiencies that saw SICPA staff bribe public officials in Brazil, Colombia, and Venezuela.
“Organisational deficiencies were particularly evident in the areas of corporate governance, risk management and compliance,” reads the press release by the Office of the Attorney General of Switzerland (OAG).
Ordered to pay a fine
“With the penalty order issued in accordance with Art. 102 …
- Across the East Africa region, Rwanda posted the strongest performance.
- Uganda’s economy grew by 4.4 percent in 2022 compared to a 6.7 percent uptick in 2021.
- Tanzania’s real GDP expanded by 4.5 percent in 2022 compared to 4.9 percent growth in 2021.
Kenya’s economy recorded a slower growth of 4.8 percent last year as agriculture slumped due to severe drought. In 2021, Kenya posted 7.6 percent growth as the country emerged from Covid-19 induced economic fallout.
Latest data from the Kenya National Bureau of Statistics show that East Africa’s economic powerhouse growth outpaced its neighbours. Kenya saw its nominal GDP increase to $98.24 billion, from $87.98 billion in 2021, retaining its pole position over East African peers.
Uganda’s economy grew by 4.4 percent in 2022 compared to a 6.7 percent growth in 2021. The marginal drop was partly on account of recovery in hospitality and other service sectors as schools …
