Browsing: inflation

• Kenyans in the diaspora increased the money they sent back home for the 12 months ending in December 2023 by $0.16 billion, reaching $4.19 billion.
• Inflows for December 2023 increased by 5 percent to $372.6 million from $355.0 million in November.
• December marked the second month, after July, to record the highest amount sent back home by Kenyans during the year.

Kenyans living and working abroad increased the money they sent back home for the 12 months ending in December 2023 by $0.16 billion, reaching $4.19 billion. This marked a 4.0 percent increase from the $4.03 billion remitted in 2022.

The rise in remittances could be attributed to the weakening shilling, as projected by Western Union. In its inaugural Global Money Transfer Index in March of the previous year, the corporation had anticipated an upswing in remittances, driven by the weakening shilling, which has now surpassed the 160 mark against …

• Kenyans in the diaspora sent home $4.19 billion in 2023 as remittance inflows to the East African country hit an all-time high.
• The high numbers signal that Kenyans living and working in the diaspora defied the inflationary pressures they still experienced to send more money back home.
• Since the height of the COVID-19 pandemic, many Kenyans in the diaspora have had to cut spending to navigate inflationary pressures and afford to send money back home.

Kenyans in the diaspora sent home $4.19 billion in 2023 as remittance inflows to the East African country hit an all-time high, boosting foreign exchange reserves and support for families in the wake of tough economic times.

According to the Central Bank of Kenya (CBK), the figures are up by four per cent compared to the $4.02 billion sent in 2022.

“The inflows were strong in December 2023 at $372.6 million compared to $355.0 million …

• Africa’s economic growth in 2024 is expected to be upward with the real GDP projected to grow by 3.2 per cent, up from 2.6 per cent in 2023.
• East Africa, encompassing Ethiopia, Kenya, Uganda, Rwanda, Tanzania, and the DRC, will again power the continent’s growth prospects.
• Despite the projected continental growth, the intelligence unit faces substantial risks, including security threats, political instability, and debt repayment burdens.

Africa’s economic growth 2024

According to the international research unit, Economic Intelligence, Africa is expected to grow at the second-fastest rate among major regions globally in 2024. The unit ranks behind Asia, which China and India will propel.

Except for Sudan and Equatorial Guinea, whose economies appear destined to decline this year, most African governments are predicted to report good growth stories.

The real African GDP is expected to rise by 3.2 per cent in 2024, up from 2.6 per cent in 2023, …

• With the cost of living ranking done in terms of countries’ major cities, Kenya’s Nairobi has been ranked position 141 out of 173 cities surveyed globally. 
• For the ninth time in the previous eleven years, Singapore continued to hold the top spot in the rankings as the most expensive city in the world.
• Kenya’s inflation for the month of December slightly eased to 6.6 percent, down from 6.8 percent in November.

Kenya’s ranking in the cost of living improved in 2023, a result of the country’s decreased cost of living in the 12 months leading up to September, as indicated in the latest report from the International Research Unit, Economic Intelligence.

During this period, Kenya fell 33 places in the rankings of countries surveyed on the world’s cost of living, with Nairobi securing the 141st position out of 173 cities surveyed globally.

According to Economic Intelligence, this suggests that the …

• Nigeria’s inflation rate has remained high for the past 9 years, way before COVID-19 and the disruptions it imposed.
• Experts have argued that Nigeria’s inflation results from excess money supply in the economic system chasing too few goods.
• Nigeria’s inflation climbed to a new 18-year high in November, matching a record level last seen in 2005.

In 2021, the global economy experienced an inflation surge. This was the first time in many decades that inflation hit double digits in most developed and emerging economies. In the United States, inflation peaked at 9.1 per cent in July 2022, the highest in 40 years.

Such high levels of inflation were unusual and uncomfortable, and the Central Banks in the affected countries tackled it ruthlessly. The applied policy actions paid off and inflation has been moderating fast.

However, what obtains in Nigeria paints a starkly different image from what the rest of the …

• Since ascending to office in September 2022, President Ruto has remained relentless in his bid to boost Kenya’s agricultural productivity.
• Agriculture remains the bedrock of the country’s development and the key to creating equitable and sustainable growth for its citizens.
• President Ruto has focused on implementing policies and programs to enhance productivity, improve farmers’ incomes, and ensure food security.

Agriculture as a bedrock of Kenya’s economic prosperity

Kenya has made impressive economic strides in innovation and entrepreneurship, private sector enterprise, infrastructure, and human skills development. However, agriculture remains the bedrock of the country’s development and the key to creating equitable and sustainable growth for its citizens. The importance of agriculture has been highlighted in Kenya’s Vision 2030

Moreover, research has demonstrated that agriculture remains a major driver of economic prosperity for most African countries. In addition to driving economic growth, agriculture creates jobs for most rural communities and is essential …

Bamburi Cement PLC has announced plans to sell its Ugandan business to Sarrai Group, pending regulatory approvals. The Board of Directors of the cement maker has approved the sale of its stake in Hima Cement Limited, Uganda, amid declining profits.…

A new chapter is being written in the vast expanse of Africa, where ancient civilizations once thrived and folklore has been passed down through generations. This chapter speaks of a financial revolution, a transformative movement that promises to redefine the continent’s economic landscape. At the heart of this transformation is the SRS token, a groundbreaking innovation by the Humanity Protocol poised to usher in an era of decentralized prosperity.…

A considerable gap exists between symbol and substance regarding an African climate change approach. Foreign leaders often nod to how Africa accounts for only four per cent of global emissions but bears the brunt of the devastating climate change effects. Rising temperatures, extreme weather conditions, and ecosystem disruptions threaten millions of Africans’ livelihoods.

For many communities across the continent, the climate threat is already existential. With 18 per cent of the global population, Africa has 16 of the 20 countries most vulnerable to climate change, according to Notre Dame Global Adaptation Initiative.…

Russia’s invasion of Ukraine in February 2022 threw oil and gas markets into disarray. Consequently, the world experienced the first real global energy crisis during the uneven economic recovery from the COVID-19 epidemic. Russia’s inclusion in the OPEC+ group has hampered international attempts to manage the situation. This has made it harder to handle the significant inflationary effects of rising global fuel prices, particularly in developing nations.

Global fuel prices have risen exponentially in the last few months. The rise is hugely significant, as it has seriously aggravated the global cost-of-living crisis. African economies have particularly been on the receiving end. The continent has suffered from disrupted supply chains and a slowdown in the global economic outlook. Thus, rising energy costs complicate matters even further.…