Browsing: Uhuru Kenyatta

The US government in Kenya is working to counter the growing influence of China locally and regionally by developing grassroots-based initiatives that will spur US business investments and address slow growth rates in rural areas.

The initiative is in line with a bigger agenda by the US government to instill dominance in key global locations mainly in Asia, Africa and Latin America where China has made significant inroads in socio-political and economic development.

The US ambassador to Kenya Kyle McCarter announced that his government through Prosper initiative that was announced by US President Donald Trump last year will work with 8 pilot counties dubbed ‘Prosper Counties’ to spur growth. These counties selected on the basis of high economic potential, effective governance practices, and a commitment in creating an enabling environment for business growth.

“We’re going to put forth projects that have meaning to Kenyans. Our shared goal is to pave …

Kenyan government’s move  to introduce new currency has brought ripple effects, in the neighbouring countries.

On June, 7^th 2019, the Tanzanian government suspended the conversion as well as the extradition of Kenyan bank notes in a bid to combat counterfeited money.

“CBK has suspended currency conversion and repatriation of all Kenyan currency to restrict illicit financial flows and counterfeits into the Republic of Kenya, and will not accept Kenyan currency with immediate effect,” read the official statement.

The Bank of Tanzania also received a directive to immediately freeze the Currency Collection Account of the CBK even as the government amplifies efforts to stop illicit financial flows (IFF) in the country.

Factors that prompted demonetisation

The increase in cases of money laundering and other forms of corruption in the recent times countrywide has reached an alarming level. It therefore came as a great relief when the CBK issued new currency …