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• A report by the Institute of Public Finance has projected that Kenya’s economy will remain subdued in 2023, growing at a projected 5%
• The growth will be at the back of a persistent rise in commodity prices, global events and a high risk of debt distress
• Support for the agricultural sector and easing of fiscal pressure through budgetary consolidation are among the areas that are likely to shape economic performance during the current budget cycle

A new report has projected that Kenya’s economy will remain subdued in 2023, growing at a projected 5%, owing to a persistent rise in commodity prices, global events and a high risk of debt distress.

According to the Macro-Fiscal Analytic Snapshot 2022/2023, there is an opportunity for Kenya’s economy to register a remarkable upward trend if the government focuses more on fiscal consolidation efforts that include cutting back on non-priority expenditures to increase investment and …

• Kwara has raised a US$3 million seed extension and signed an agreement to acquire a subsidiary of the Kenyan Union Of Savings and Credit Cooperatives (Kuscco)
• Kwara also announced the acquisition of IRNET, a software provider owned Kuscco
• Investors in the round include existing backers DOB Equity, Globivest and One Day Yes and Base Capital

Kenyan startup Kwara has raised a US$3 million seed extension and signed an agreement to acquire a subsidiary of the Kenyan Union Of Savings and Credit Cooperatives (Kuscco).

On January 13, 2022, Kwara announced the acquisition of IRNET, a software provider owned by the national body of credit unions in Kenya – Kuscco.

Investors in the round include existing backers DOB Equity, Globivest and the founder of Kobalt Music. New investors, mainly African VCs, participated as well. They include One Day Yes and Base Capital and fintech executives including Mikko Salovaara, CFO of Revolut.

Kwara …

• A finding by online marketplace Airduka has found that small-scale sellers in Kenya are optimistic that the business environment will remain stable in 2023
• The study found that 75% of small scale sellers expect the trading environment to be calm over the next twelve months now that risks associated with threats such as COVID-19 and the general elections have settled
• As per the finding, 60% of sellers said they expect their revenues to remain steady in the first half of the year, with growth expected in the second half

Small-scale sellers in Kenya are optimistic that the business environment will remain stable in 2023.

A finding by online marketplace Airduka found that 75% of small scale sellers expect the trading environment to be calm over the next twelve months now that risks associated with threats such as COVID-19 and the general elections have settled.

Airduka surveyed a section of sellers …

• American investment bank Goldman Sachs plans to lay off 3,200 employees this week
• Goldman Sachs typically trims about one to five per cent of its employees each year and targets underperforming staff
• The upcoming trim is expected to be deeper than usual in light of the uncertain economic outlook
• Major U.S. banks, manufacturers and tech companies announced significant corporate layoffs in 2022, amid high inflation, and five rounds of interest rate hikes sparked fears of a recession

New data has revealed that American investment bank Goldman Sachs plans to lay off thousands of employees this week.

Multiple sources, including Capital FM, reported that Goldman Sachs would lay off 3,200 people, down from the expected 4,000 revealed in December 2022.

Quoting AFP, the news outlet noted that the American firm typically trims about one to five per cent of its employees each year and targets underperforming staff.

Why Goldman Sachs is

• Kenya’s Cake City has been named East Africa’s leading cake shop in this year’s Pacesetters Awards 
• The Pacesetters Awards is an annual industry leadership recognition programme organised by the Jubilant Stewards of Africa (JSA), a Non-Governmental Organisation
• Cake City emerged as the winner of the hotly contested Pacesetter in Cake Shop of the Year 2022, following an intensive survey conducted by JSA across East Africa 

Kenya’s Cake City has been named East Africa’s leading cake shop in this year’s Pacesetters Awards (PSA).

The Pacesetters Awards is an annual industry leadership recognition programme organised by the Jubilant Stewards of Africa (JSA), a Non-Governmental Organisation.

The awards celebrate SMEs and mid-sized companies across ten African countries, leading in innovation, quality products, and service delivery. It also recognises companies creating jobs and contributing significantly towards an economy.

Cake City emerged as the winner of the hotly contested Pacesetter in Cake Shop of the …

• A survey by the European Investment Bank has revealed that most Kenyans believe climate change and environmental damage have affected their income or source of livelihood
• Losses associated with climate change in Kenya include severe drought, rising sea levels or coastal erosion, or extreme weather events such as floods or hurricanes
• The survey also found that most Kenyans, at 81%, said that investing in renewable energy should be prioritised

A new survey now shows that most Kenyans, at 97%, say climate change is already affecting their everyday lives.

The first edition of the European Investment Bank’s 2022 Climate Survey found that 76% of Kenyans believe that climate change and environmental damage have affected their income or source of livelihood.

The survey aimed to inform the broader debate on attitudes and expectations regarding climate action and sampled over 6,000 respondents, including 1 000 Kenyans aged 15 and over, from 10 African …

• Visa policies in Africa have improved, with Africans now being able to travel more easily across countries than it was before the COVID-19 pandemic
• Three countries, namely, Benin, The Gambia and Seychelles, offer visa-free entry to Africans from all other countries this year. In 2016 and 2017, only one country did so
• The vast majority of African countries – 48 out of 54 – now offer visa-free travel to the nationals of at least one other African country

A new report has shown that visa policies in Africa have improved, with Africans now being able to travel more easily across countries than it was before the COVId-19 pandemic.

The 2022 Africa Visa Openness Index (AVOI) report noted that African countries have been making progress in their freedom of travel policies, most of which had been severely curtailed by the Covid-19 crisis.

Visa polices in Africa improve significantly post COVID

In …

• KCB Group Plc has acquired Trust Merchant Bank SA (TMB) after receiving all the regulatory approvals
• The regional lender now owns 85% stake in the Democratic Republic of Congo (DRC) based lender
• The acquisition of TMB would positively contribute towards KCB’s increased scale of operations by establishing its presence in new markets

KCB Group Plc has acquired Trust Merchant Bank SA (TMB) after receiving all the regulatory approvals. The regional lender now owns 85% stake in the Democratic Republic of Congo (DRC) based lender.

KCB Group obtained the regulatory green light in Kenya, the Democratic Republic of Congo and COMESA Competition Commission, setting the stage for the Group to acquire the 85% of the shares in TMB.

Why KCB has acquired TMB

KCB Group CEO Paul Russo said the acquisition of TMB would positively contribute towards the group’s increased scale of operations by establishing its presence in new markets and …

• Kenya’s economic growth will average 5.2% in 2023 and 2024, notwithstanding current global and domestic shocks
• The World Bank said the baseline assumes a robust growth of credit to the private sector, continued low COVID-19 infection rates and a near-term recovery in agricultural production
• The report also noted that the country’s economy continued to rebound from the pandemic in 2022, with the real gross domestic product (GDP) increasing by 6% year-on-year in the first half of 2022

A new report has revealed that Kenya’s economic growth will average 5.2% in 2023 and 2024, notwithstanding current global and domestic shocks.

In its latest finding on the East African nation, the World Bank said the baseline assumes a robust growth of credit to the private sector, continued low COVID-19 infection rates, a near-term recovery in agricultural production, and high commodity prices favourable to Kenyan exports.

“We expect these developments to catalyse private …

• Four feasible value chains, namely pharmaceuticals, cars, cotton apparel and baby food, could drive intra-Africa trade
• A new report said the four areas link at least five African countries from different regions and have the potential to add value, reduce imports, lift trade and diversify economies for women and youth
• Despite the potential, several challenges stand in the way of using the four areas to boost intra-Africa trade, including lack of trust in product quality 

New research has shortlisted four feasible value chains that could drive intra-Africa trade out of more than 415 possibilities.

According to the ‘Made by Africa: creating value through integration’ report, the four areas are pharmaceuticals, cars, cotton apparel and baby food.

What can Africa do to boost the value of intra-Africa trade?

The report said the four areas link at least five African countries from different regions and have the potential to add value, reduce …