Browsing: Kenya

• The World Bank recommends three broad policy pathways to achieve inclusive growth and fight poverty.
• These include connecting the poor to economic growth and strengthening households’ resilience to adverse weather shocks.
• The lender also advocates leveraging fiscal policy programs to support poverty reduction objectives.

Kenya’s economic growth holds the promise of lifting millions out of poverty, even amid challenging economic conditions. According to the World Bank, the secret lies in adopting an inclusive growth strategy that not only enhances economic opportunities and productivity for the poorest but also remains steadfast in pursuing long-term developmental objectives.

This vision is captured in the latest World Bank report titled “Kenya Poverty and Equity Assessment (KPEA) 2023 – From Poverty to Prosperity: Making Growth More Inclusive,” which focuses on the years from 2005 to 2021.

The report underscores that while Kenya has made strides in reducing poverty and improving living standards, the …

• Kenyan and Nigerian stores will soon experience absence of Procter & Gamble (P&G) products, as the American multinational embarks on a phased withdrawal.
• In Kenya, P&G has set its sights on leaving Nairobi by June 2024, citing high cost of doing business, dollar shortages, and dip in sales.
• P&G’s response to these challenges involves increased pricing as a strategy to mitigate currency impacts, but this has seen it lose market share to rivals.

The shelves of Kenyan and Nigerian stores will soon experience a noticeable absence of Procter & Gamble (P&G) products, as the American multinational consumer goods manufacturer embarks on a phased withdrawal from these markets.

The decision stems from the challenging macroeconomic and fiscal conditions prevailing in both countries. Specifically, in Kenya, P&G has set its sights on leaving Nairobi by June 2024, citing a confluence of factors such as the high cost of doing business, dollar shortages, …

• The collaboration seeks to play a significant role in closing the tech skills gap in Africa, fostering job creation, entrepreneurship, and empowering the continent’s youth with in-demand digital skills.
• Through the partnership, Microsoft and Gebeya aim to upskill 300,000 developers across eight countries over the next three years.
• They include Kenya, South Africa, Ethiopia, Democratic Republic of Congo, Lesotho, Nigeria, Egypt and Mozambique.

Microsoft and Gebeya Inc., the leading Pan-African SaaS-enabled tech talent marketplace, have partnered  to launch a new skills and jobs matching platform called Microsoft.Gebeya.com.

The collaboration seeks to play a significant role in closing the tech skills gap in Africa, fostering job creation, entrepreneurship, and empowering the continent’s youth with in-demand digital skills.

Through the partnership, Microsoft and Gebeya aim to upskill 300,000 developers across eight countries over the next three years, including Kenya, South Africa, Ethiopia, Democratic Republic of Congo, Lesotho, Nigeria, Egypt and Mozambique.

Applications …

• 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 …

• The Central Bank of Kenya benchmark rate has gone up to 12.5 per cent from 10.5 per cent.
• Developing economies including Kenya are paying dearly for geopolitical tensions.
• The current US policy rate at 5.25 per cent -5.5 per cent is the highest in 22 years, exerting pressure on economies.

Borrowers in Kenya are facing the prospect of more expensive loans following the country’s central bank’s decision to raise its base lending rate to a near 11-year high of 12.50 per cent. This marks an increase from the 10.50 per cent rate that has been in place since June this year, when it rose from 9.50 per cent due to a rise in non-performing loans in the banking sector.

The hike in rates occurs as Kenya, along with other economies in the region, continues to grapple with the impact of global factors, including elevated interest rates in the United States. …

• Kenya’s online retailer, Sky.Garden has relaunched operations following a $1.6 million buyout by Lipa Later Group. 
• This move has propelled Sky.Garden will revamp its platform, aiming to onboard 100,000 merchants in 2024.
• The revamped platform introduces a suite of new products, including Sky.Tickets, Sky.Logistics, Sky.Commerce, and Sky.Wallet.

Sky.Garden, one of Kenya’s online retail platforms, has relaunched operations in East Africa’s most advanced economy following a $1.6 million buyout by the Lipa Later Group.

This strategic move has propelled Sky.Garden will revamp its platform, introducing innovative features and diversified product offerings, to onboard 100,000 merchants by 2024.

During the launch event, Juliet Wanjiru, the Head of e-commerce at Sky.Garden shared the company’s visionary strides, highlighting the platform’s evolution into a comprehensive e-commerce ecosystem transcending conventional online retail. Wanjiru emphasized.

Sky.Garden unveils a new suite of platforms.

“Today marks a significant milestone in the evolution of Sky. As we embark on a …

• Kenya’s SBM Bank has announced its commitment towards increasing its ESG investment in the country.
• The commitment is aimed at providing sustainable financing for projects that will allow access to clean, reliable, and affordable energy. 
• The move follows a partnership between the Bank and Safer Power in renewable energy in Lukenya that will connect Stoni Athi Resort to off-grid solar power.

ESG investments in East Africa’s most advanced economy are expected to increase as SBM Bank deepens its commitment in Kenya’s sustainability drive. The commitment to prioritise financing projects aligning with Environmental, Social and Governance (ESG) is aimed at providing sustainable investments that optimise in the use of clean, reliable, and affordable energy. 

The announcement follows the partnership between the Bank and Safer Power in renewable energy in Lukenya that plans to connect Stoni Athi Resort to off-grid solar power.

“Our focus through this collaboration is to empower businesses within …

• President William Ruto will lead Kenya at COP28 to showcase the country’s ambitious climate change strategy and advocate for sustainable development and climate resilience in Africa.
• Kenya is pioneering clean energy solutions, notably through biodigesters, which convert organic waste into biogas and organic fertilizer, aligning with the nation’s agricultural profile and enhancing energy independence.
• At COP28, Kenya aims to inspire global action and demonstrate that sustainable development is achievable in emerging economies, contributing significantly to the global climate change dialogue.

As the world convenes in Dubai for COP28, a significant spotlight falls on Kenya. Under President Ruto’s leadership, Kenya goes to this global summit not merely as a participant but as a catalyst for Africa in bridging climate dialogue and action.

At the heart of these discussions lies the country’s ambitious strategy to combat climate change, an approach intrinsically linked to the broader global efforts to mitigate environmental risks and …

Africa has today emerged as a fertile ground for groundbreaking startups. As 2024 approaches, the continent’s startup scene is buzzing with activity, marked by impressive funding rounds and strategic expansions. This trend is a fleeting moment and a testament to African entrepreneurship’s resilient and dynamic spirit.

The Exchange Africa spotlights five startups thriving and redefining the business landscape in their respective sectors. From renewable energy solutions in the Democratic Republic of Congo to digital health platforms in Kenya, these companies embody the ingenuity and potential of Africa’s business ecosystem. They attract significant investment and are poised to substantially impact their communities.…

• Economic experts have a bearish forecast on the US dollar, citing that it is  likely to “consistently weaken” throughout 2024 as the US Federal Reserve winds up its aggressive stance.  
• The prediction comes despite the ongoing big dollar sell off where asset managers are selling the currency at the fastest pace in a year. 
• This is positive news for emerging and frontier markets, as they can start to see global funds and investors redirect capital back to these markets which have been starved of inflows for months. 

Economic experts are making a bearish forecast against the US dollar, predicting that it is likely to “consistently weaken” throughout 2024 as the US Federal Reserve concludes its aggressive interest rate hiking agenda.

Nigel Green, CEO of the DeVere Group, states that this prediction persists despite the ongoing significant dollar sell-off, where asset managers are selling the currency at the fastest …