Browsing: Incentives

President Mnangagwa said his Government is convinced that the recent exchange rate movements were driven by negative sentiments by economic agents as opposed to economic fundamentals.

“These negative sentiments have been propagating adverse expectations on future inflation and exchange rate movements, thus giving rise to artificially high demand for foreign currency as economic agents hedge against expected high inflation,” he added.

The Government listed measures that are expected to restore macroeconomic stability, support the current robust economic recovery trajectory, boost economic confidence, increase the appeal of the local currency, preserve value for depositors and investors and deal with market indiscipline.

Kenya is the third-largest travel and tourism economy in Africa after South Africa and Nigeria. 

According to statistics from the country’s Ministry of Tourism and Wildlife, the tourism sector is a major employer since it is inter-industry linked with other sectors such as energy, agriculture and manufacturing. 

Data from the Tourism Research Institute (TRI) show that in 2019, over two million international visitors visited Kenya. This was an increase of 1.2 per cent over the 2018 arrivals.