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- AfDB warns of $25 billion drain on Africa with new EU carbon tax
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Browsing: Kenya’s Economy
On 15 May, President William Ruto nominated Kamau Thugge as the new governor of the Central Bank of Kenya (CBK). If the Senate and the National Assembly ratify the appointment, Thugge will begin his first term as the CBK governor in mid-June. He will replace the incumbent Patrick Njoroge who assumed office as CBK governor in 2015.
The nomination of Thugge comes at a pivotal time for the Kenyan economy. Kenya’s inflation remains high at almost 8 per cent. The Kenyan shilling has also hit all-time lows against the US dollar. Thus, the monetary policies from the CBK will most likely come in handy in the coming months. But what makes Thugge the perfect fit for the crucial role of Kenya’s top banker?…
- BuuPass provides its users with a Bus management system for managing their operations, inventory and sales.
- Over the years BuuPass online booking has amassed a total fleet size of 1200 vehicles from over 25 bus companies.
- Africa’s transport service greatly benefits from BuuPass, allowing smooth operations and services.
Africa’s digital economy has opened doors for every kind of innovation. From shopping through your phone to ordering meals, Africa’s digital revolution has taken the world by storm. Buupass is an online ticket booking platform that has steadily taken over as Kenya’s transport service. On February 13th 2023, BuuPass announced its intent to expand as it raised Sh162.8 million($1.3 million). This will essentially expand its operation from Kenya to Uganda.
BuuPass has taken the initiative and steadily used Africa’s Digital Economy and the Mobile Industry in Kenya to stretch its services beyond everyone’s expectations.
For those who love travelling through the roads …
- 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 …
- The economy recorded an average growth of 5.6 percent in the period between January to September 2022
- The Country’s Q3’ 2022 Gross Domestic Product (GDP) hit 4.7 percent.
- The growth was largely driven by the non-agricultural sectors
The Kenyan economy recorded an average growth of 5.6 percent in the period between January to September 2022 according to the latest report by Cytonn Investments.
The annual markets report indicates that the country’s third quarter Q3 Gross Domestic Product (GDP) hit 4.7 percent, adding to the 5.2 percent and 6.8 percent growth recorded in Q2 and Q1 respectively.
The average GDP growth of 5.6 percent marked a decline from the 7.7 percent average growth recorded in a similar period in 2021.
“The growth in Q3 was largely driven by the non-agricultural sectors, with accommodation and food, wholesale and retail trade, professional administrative and support, and finance and insurance sectors recording growths of …
Most African economies have been staring into an economic abyss, besieged by a plethora of daunting challenges that have left many teetering on the edge of a precipice. A glance into Africa’s economic crystal ball for 2023 depicts a mixed bag of fortunes, with some economies set to flourish like a green bay tree, some will find themselves staring down the barrel of a recession whilst others will remain in the doldrums.
According to the International Monetary Fund (IMF), economic growth in Sub-Saharan Africa is expected to reach 3.7 percent in 2023. Slowing global growth, higher external borrowing costs and weaker domestic currencies, are now the dominant factors weighing on Africa’s economies next year. In reiteration, the Economist Intelligence Unit (EIU) predicts that African economies will face turbulent times in 2023, as a range of internal and external shocks undermine growth prospects and threaten stability, but most of countries will…
- Kenya’s next government will be required to work on new strategies to reduce the country’s over-reliance on debt
- The country’s debt stock stood at KSh 8.6 trillion as of May 2022, equivalent to 69.1 per cent of the GDP and 19.1 per cent points above the IMF recommended threshold of 50 per cent for developing nations
- The incoming government could bridge the deficit gap by instituting austerity measures, reducing amounts extended to recurrent expenditure and focusing on developments
Kenya’s next government will be required to work on new strategies to reduce the country’s over-reliance on debt.
According to analysts from Cytonn Investments, the country’s debt stock stood at KSh 8.6 trillion as of May 2022, equivalent to 69.1 per cent of the GDP and 19.1 per cent points above the IMF recommended threshold of 50 per cent for developing nations.
According to the analysts, Kenya’s new president will need to …
Cooking oil prices began to go up in 2020 and the government should have empowered the farmers to grow crops that are used for oil production. Taking into consideration that some of these crops take less than five months to mature, there should never have been a crisis.
Kenya’s case is unique.
While it is not representative of what is happening in other African countries, it shows how poor planning and lack of sound policies can run down a country. As a country, this East African nation is well-endowed with natural resources.
Kenya has adequate arable land and adequate water for irrigation. While rains are not reliable anymore, the country has the capacity to build dams and other water storage infrastructure to ensure that food production can go on unhindered. …
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- Kenya’s economy is expected to expand the fastest in 2022 despite this being an electioneering year
- This is a much better performance than any other since the onset of the multiparty system 20 years ago
- It is estimated and expected that the economy will grow by 5.4 per cent by the time we get to September 2022
A projection of global economists has suggested that Kenya’s economy is expected to expand the fastest in this electioneering year despite not knowing who will win the 2022 election in Kenya.
This growth is more than any other since the onset of the multiparty system 20 years ago shrugging off politics in Kenya 2022.
This increase, they say is supported by increased expenditure and also the need for more human resources to run campaigns with the introduction of features like social media campaigns which also is a way of collecting revenue.…
The annual value of this trade was reported in 2019 to be on average Ksh 18 billion (US$180 million) which is less than 1 per cent of the total country’s imports. The total imports of textiles in Kenya were valued at around Ksh 131 billion (US$1.3 billion) depicting that the second-hand clothes represented 12.5 per cent of the country’s total imports.…
Stanchart released the outlook for the EAC three big economies – Uganda, Kenya and Tanzania.
According to the outlook report, the bank lowered Uganda growth forecasts to 6.0 per cent in 2020 and 6.2 per cent in 2021.
According to the report, although it is difficult to assess the full impact of the regional locust invasion, food prices have already been pressured due to flooding especially in eastern Uganda in December last year.
“We now expect the Bank of Uganda to keep its policy rate on hold at 9.0% throughout 2020 having previously seen scope for more easing,” said part of the report.
The report adds that they project the Bank Of Uganda (BoU) will adopt a tighter policy stand to control inflation given the 2021 elections and the rising caution over the extent of the government’s public financing requirement.
Stanchart’s chief economist for Africa and the Middle East, Razia …