Browsing: Public debt

• Kenya’s economic resurgence in 2024 proving a reality following a notable upturn in recent months, marked by positive indicators across sectors.
• According to CBK, leading indicators point to the continued strong performance of the Kenyan economy in the first quarter of 2024.
• According to the World Bank, Kenya’s economic growth is projected to be 5.2 per cent, boosted by increased investment in the private sector as the government reduces its activities in the domestic credit market.

A strong rebound

Kenya’s economic prospects are looking brighter, attributed to the interventions by the World Bank and the International Monetary Fund, which have played a massive role in easing volatility witnessed less than three months ago.

Major economic indicators in the country show that confidence is slowly creeping back after the government secured the International Monetary Fund’s facility to pay back the Eurobond.

The repayments had triggered volatility in financial markets, including the …

• Despite Ghana’s economic woes, Fitch Solutions maintains a 2.9 per cent GDP growth for 2023. The IMF and the World Bank project growth rates below 2.0 per cent.
• The IMF estimates that public debt will remain at 87.8 per cent of GDP in 2023 and 89.2 per cent of GDP in 2024
• Ghana can enhance downstream value-added activities, stabilise petroleum prices, create jobs in the refining industry.

Ghana, previously known as one of Africa’s fastest-growing economies, has encountered obstacles to its growth trajectory due to the economic downturn caused by falling oil prices and the Covid-19 pandemic. This trend has continued to evolve, with economic growth slowing down to 3.6 per cent of GDP in 2022 amidst the global economic shock resulting from the Russia-Ukraine war.

The International Monetary Fund (IMF) estimates that GDP growth is expected to further decrease to 2.8 percent in 2023 before rebounding to 3.9 percent …

The East African Community (EAC) is regressing with Kenya, Uganda and Tanzania leading the pack.

It is gross discouragement to hardworking East Africans who are seeing their countries’ economies continue on a downward trend despite the much-hailed talk of GDP growth.

Coupled with unfavourable economic conditions globally, the EAC economies are degenerating, leading to chaotic disruptions of livelihoods of the majority poor.

Kenya’s debts, theft of public resources

Kenya is East Africa’s economic hub but with the goings-on lately, it seems like the centre is no longer holding.

A Gallup International annual End of Year Survey released in 2002 showed that Kenyans were the most optimistic people on earth and in 2019 the Global Optimism Outlook Survey found that 70 per cent of Kenyans viewed themselves as optimists.

This average was above the global standing at 56 per cent and continental Africa’s average of 64 per cent.

For a country …