Browsing: Kenya

• Tanzania has embarked on a plan to set up a 22-storey building in Kenya’s capital, Nairobi, to house its embassy staff.
• Tanzania Towers in Nairobi is part of a grand plan to set up embassy buildings in Kigali, Kinshasa, London, New York, and Lusaka cities.
• Once complete, Tanzania projects to earn about $13.75 million (TZS36 billion) per year from real estate investments in foreign capitals.

Stung by rising costs of paying rent in foreign capitals for hundreds of chancery staff and the pressing need to shore up foreign currency receipts, authorities in Tanzania have embarked on a plan to set up a 22-storey building in Kenya’s capital, Nairobi.

The new building, which is set to add more floor space in Nairobi’s business zone, Upperhill area, is an investment by NSSF as well as Tanzania’s Ministry of Foreign Affairs.

The Tanzania Towers, containing residences and offices, and adding beauty to the …

• The UAE, Saudi Arabia, and Qatar, have poured billions into developing airports, airlines, and seaports across Eastern Africa in the last 10 years.
• In the latest development, UAE’s Sharjah Chamber of Commerce and Industry is set to build a new international airport just outside Kidepo National Park, in Uganda.
• These investments are transforming the region into a pivotal stopping ground for global trade, tourism, and travel.

The economic ties between the Gulf Cooperation Council (GCC) countries and Eastern Africa have deepened significantly over the past 10 years, driven by strategic investments in key infrastructure.

The Gulf nations, notably the United Arab Emirates (UAE), Saudi Arabia, and Qatar, have poured billions into developing airports, airlines, and seaports across Eastern Africa.

These investments are transforming the region into a pivotal stopping ground for global trade and travel, enhancing connectivity, and fostering economic growth.

Eastern Africa airports and airlines enhancing connectivity

The UAE …

• The protests, dubbed “occupy parliament,” were coordinated and mobilised on social media in contrast to those led and sponsored by politicians.
• Many were demonstrating for the first time and waved signs such as “Do Not Force the Taxes on Us,” while others chanted: “Ruto must go.”
• Unlike previous political anti-government protests, these demonstrations are not characterised by looting, destruction of property, or stone-throwing.

Social media as a weapon

A bold new generation of young Kenyan protesters has emerged on the streets, forcing the government to back down on several unpopular tax proposals.

What started as anger on TikTok about a controversial finance bill has morphed into a revolt without being organised by political parties.

The government of President William Ruto has managed to do what generations of politicians in the East African nation still need to do unite huge numbers of Kenyans beyond ethnicity and party.

On 18th June 2024, …

• Young people, particularly Generation Z, have taken to the streets of the capital Nairobi, and other cities demanding rejection of new tax proposals.
• Critics argue that these measures will disproportionately affect the lower and middle classes of the economy, further straining an already burdened population.
• President Ruto justifies these measures as necessary steps to alleviate the country’s mounting debt.

For Kenya’s President Ruto and his administration, a confluence of failed promises, high cost of living, and hopelessness among the youth is threatening to tear his government as millions of youth mount widespread civil unrest, protesting an increase in taxes in Finance Bill 2024.

Young people, particularly Generation Z, have taken to the streets of the capital Nairobi, Mombasa, Nakuru, Kisumu, Eldoret, and Nyeri vehemently demanding the rejection of the Bill, which is under debate in Parliament.

The movement, which appears to be spearheaded by vocal activists and amplified by social …

• Kenya’s FY2024/25 budget is the largest in the nation’s history at $31.1 billion.
• It, however, seeks to reduce the budget deficit through contentious tax reforms despite public outcry.
• The budget also seeks to roll out key banking and state corporation reforms.

Kenya’s Treasury Cabinet Secretary, Prof. Njuguna Ndung’u, presented the largest budget in the country’s history for the fiscal year 2024/25, amidst a backdrop of economic challenges and simmering public discontent on punitive tax measures.

The proposed budget of Kes4 trillion ($31.1 billion), up from Kes3.75 trillion in the previous year, aims to spur socio-economic transformation while addressing the budget deficit.

Kenya’s 2024/25 budget is anchored on five pillars and twelve enablers. These pillars include Agricultural Transformation and Inclusive growth, Micro, Small and Medium Enterprises, Housing and Settlement, Healthcare, and Digital and Creative Industry – $2.2 billion (Kes283.5 billion) has been allocated under the five pillars.

Allocation to other thematic …

• President Ruto calls for reforms in the IMF to address emerging global challenges and seeks flexible lending instruments, equitable special drawing rights, and debt financing plans.
• He also advocates for governance reforms to better represent the Global South’s economic and demographic contributions.
• These changes are crucial for maintaining the IMF’s relevance and effectiveness in fostering stability and sustainable development.

In a rapidly evolving global economy, the International Monetary Fund (IMF) finds itself at a critical moment as President William Ruto of Kenya articulates in the latest issue of the IMF’s Finance and Development Magazine. With over eight decades of history, the IMF’s journey from supporting the gold standard to promoting flexible exchange rates and development financing mirrors the dynamic changes in the global financial architecture.

President Ruto says that the IMF has to adapt once again, highlighting four key areas for reform: lending instruments, special drawing rights (SDRs), addressing …

• Under a new COMESA programme, farmers in the five East African countries are expected to access quality seeds, and training on how to improve production and distribution.
• The five-year programme is expected to help the countries cut post-harvest losses in horticulture to 40 per cent or lower, from highs of 60 per cent, for instance in Kenya. 
• Agriculture is estimated to contribute on average 27% of the gross domestic product (GDP) in the EAC and accounts for the highest share of employment not only in the region but across Africa.

Agriculture is the backbone of nearly all East Africa region’s economies and the main economic activity for more than 70 per cent of the population. It is estimated to contribute on average 27 per cent of the gross domestic product (GDP) in the EAC and accounts for the highest share of employment not only in the region, but the African.…

• 2024 Economic Survey says employment in the modern and informal sectors, excluding small-scale farming and pastoralist activities, went up from 19.1 million in 2022 to 20 million in 2023.
• The nominal wage bill rose by 7.3 per cent to Sh2.8.6 trillion in 2023.
• According to the 2024 Economic Survey, Real annual average earnings per employee in the private sector declined by 2.5 per cent

At least 848,200 new jobs were generated in Kenya last year despite a tough economy that saw firms resort to retrenchment to cut operating costs. The Kenya Economic Survey 2024 released today by the Kenya National Bureau of Statistics (KNBS) shows the informal sector contributed the majority of the jobs at 720,900 or 85 per cent.

Employment in the modern and informal sectors, excluding small-scale farming and pastoralist activities, went up from 19.1 million in 2022 to 20 million in 2023.

In the year under review, …

• Kenya’s GDP grew by 5.6% in 2023, driven by a rebound in agricultural activities and strong performances in transportation, communication, and hospitality sectors.
• The manufacturing sector saw mixed results with modest growth in food production and significant increases in non-food manufacturing.
• Despite inflation remaining stable and financial indicators showing growth, the Nairobi Securities Exchange saw a decline, highlighting some challenges amid the overall economic recovery.

Kenya’s economy achieved a significant milestone in 2023, recording a robust Gross Domestic Product (GDP) growth of 5.6 percent, official data from the Kenya National Bureau of Statistics showed on Monday. This impressive growth rate, up from a revised 4.9 per cent in 2022, marks a notable recovery driven largely by the agricultural sector’s rebound and a strong performance across various industries.

The 2024 Economic Survey Report paints a comprehensive picture of the factors contributing to this resurgence, highlighting both the successes and challenges faced …

• The Communications Authority of Kenya has finalised Phase I of the cellular mobile infrastructure project which connected 76 sub-locations.
• The authority also targets the expansion of the postal services and digitally empowering the youth.
• The Authority finalised the rollout of Internet connectivity in 886 public secondary schools spread across 47 counties.

The Communications Authority of Kenya will need at least Sh107 billion ($819.9 million) to protect consumers and foster competitive ICT markets in a bid to establish Kenya as a digital superhighway. While unveiling its five-year strategic for 2023-27, CA Director-General David Mugonyi said the authority would prioritise increased broadband penetration, adoption of emerging technologies and improvement of cyber security as a way of powering the government’s Bottom-Up Economic policies.

The authority also targets the expansion of the postal services and digitally empowering the youth, women and people living with disabilities. “The goals are backed by a robust implementation plan …