Kenya Users allowed to sue Safaricom over clients’ bank details access The High Court has allowed millions of Safaricom subscribers to join a class action suit against the telecoms operator over a clause in the SIM card registration rules that allows the firm
Kenya State bursts recurrent budget forecast by Sh81.7bn President William Ruto’s administration projects expenditure for the day-to-day running of the government is Sh81.7 billion more than what the previous regime budgeted, pointing to piling spending pressures, including salaries and wages. The Treasury has forecast recurrent
Kenya KRA in dilemma over Ruto directive on seizing property The Kenya Revenue Authority (KRA) faces a legal dilemma in the wake of President William Ruto’s directive to the taxman to go slow on issuing distress orders that trigger asset seizures of suspected tax evaders.
The Center for International Private Enterprise (CIPE) released a policy brief on micro and small enterprises’ participation in Kenya’s digital economy. It explored challenges that MSEs face in the digital economy. The study considered four categories of digital technologies; that is connectivity; digitisation and automation
What will the New Year usher in, in emerging markets and in Kenya? From an economic perspective, the following is expected in emerging markets: GDP Growth Global economic experts appear to be in agreement that there will be an economic growth slowdown but it
PUBLIC SECTOR Appointments: Cabinet Secretary for Interior and National Administration, Kithure Kindiki, has appointed: Silas K. Sachida, Masika M. Mukuyuni, Geoffrey Wanyoike, and Moses Mucheru Hopkins M. Hoyt to be fingerprint experts. Cabinet Secretary for Lands, Public Works, Housing and Urban Development, Zachariah Njeru,
Kenya KRA starts crackdown on hidden employee perks The Kenya Revenue Authority (KRA) has started a crackdown on firms under-declaring their payrolls in what will see thousands of employees pay taxes on items like overtime, leave pay and per diems. The taxman is targeting a
Fractional shareholding allows a person to purchase a piece, or a fraction of a share. For example, if one share costs KSh 500, a person could buy a proportion of that say for KSh 250 while another person buys the remainder for KSh 250. Each
Kenya Equity’s takeover of Spire the best way out, says CBK Equity Bank’s plan to buy struggling Spire Bank is the best deal available in the market, the Central Bank of Kenya told Parliament yesterday. CBK governor Patrick Njoroge told MPs that the deal is
Kenya Court stops law allowing workers to withdraw pension for home purchase A High Court has stopped the implementation of the Retirement Benefits (Mortgage Loans) (Amendment) Regulations, 2020 which allows workers to withdraw part of their pension to buy a home. Justice Anthony Ndung’u said
As part of measures aimed at increasing industry liquidity and relieving the Central Bank of Kenya (CBK) from frequently having to bail out cash-strapped institutions, banks will soon be able to borrow from one another using government debt securities as collateral. The CBK implemented this
There are unique opportunities to use ICT for economic growth, productivity increase, and better service delivery. According to the International Cooperation Development 2019 report on Guidelines and Roadmap for full deployment of e-governance systems in Africa, there are two critical elements of e-governance: digital elements
Kenya Airways (KQ) woes came to head this week with its pilots going on strike and bringing to a halt the operations of one of the largest airlines on the continent. It was not just passengers getting stranded, but the horticultural sector also reported losses
One of the fundamental social and economic rights is housing, which is established in our Constitution. During his inauguration as the fifth President of Kenya, Dr William Ruto, in his speech, outlined specific areas which are a priority for his administration in the next five
What is Adjustment for Inflation? The Excise Duty Act and Miscellaneous Fees and Levies Act provides for the Commissioner-General of the Kenya Revenue Authority, by Gazette Notice, to adjust the specific rate of excise duty every two years to take into account inflation. Recently, the
The Central Bank of Kenya (CBK) recently released the 2021 Financial Stability Report which discusses developments and risks in Kenya’s economy and financial sector in the post-Covid–19 pandemic recovery phase, and details how the financial sector has remained resilient. The report outlines some of the
World leaders assembled in Davos, Switzerland, for the 2022 World Economic Forum annual meeting against a backdrop of deepening global friction and uncertainties. It is against this backdrop that world leaders discussed the most pressing issues at the moment: Ukraine and the future of the
The Kenya National Bureau of Statistics (KNBS) recently released the Economic Survey 2022, detailing how various sectors and job markets performed and offered insight into the post Covid-19 recovery. Kenya’s economy rebounded in 2021 compared to 2020, with most sectors recording significant improvement. According to
The good news from the Budget Statement was that fuel would be spared the proposed 10 per cent increase in Excise Duty that the Treasury has asked the National Assembly to impose on Kenyans when the Finance Bill is passed. The bad news, according to
Rubis Energy recently released its reviewed prices of liquefied petroleum gas refills. Customers refilling a 13kg gas cylinder would have to part with Kshs 3,340 from the current price of Kshs 3,113 being an increase of over Kshs 200. Pricing of cooking gas is unregulated
Kenya’s economy has been on a path to recovery in 2021 following the easing of Covid-19 containment restrictions. As the economy rebounds, the country heads into an election year. Against this background, the Parliamentary Budget Office recently released the 13th edition of the Budget Options
Kenya’s economy has been on a path to recovery in 2021 following the slump in 2021 occasioned by the negative effects of the Covid-19 pandemic. It is against this recovery background that Kenya’s 2022 Budget Policy Statement (BPS) is based upon. Kenya’s economy rebounded strongly
The KEPSA Senate Speaker’s Roundtable is a high level platform between the business community led by KEPSA and the Senate, to facilitate a joint review of the policy and legislative environment in the country, identifies crucial legislations to private sector that need to be reviewed
President Uhuru Kenyatta took advantage of Mashujaa Day celebrations on Wednesday, October 20, 2021, to announce a raft of economic measures and interventions his government seeks to make to reinvigorate the economy which is reeling from effects of the Covid-19 pandemic. President Kenyatta announced a
The African Forum and Network on Debt and Development (AFRODAD) in collaboration with its Pan-African Civil Society Organisations, and national and international partners, is organising an inaugural African Conference on Debt and Development (AfCoDD). The forum will be held on 25th– 27th August, 2021. AfCoDD
Countries that have successfully made the transition to high-value economies share common policies and traits. One of the most important and least discussed is that an open and inclusive society that creates a welcoming environment for investment, talent, and inclusive growth. In particular, LGBT+ inclusion
INTRODUCTION Aptly themed, this year’s Kshs. 3 Trillion budget aims to focus on economic recovery in the wake of the Covid19 Pandemic which has occasioned increased poverty and vulnerability levels across the country. In his speech, CS (Amb.) Ukur Yatani noted that the main focus
The Kenya National Treasury has invited members of the public to contribute to the final Budget Statement for the FY 2021/2022 which will be delivered in Parliament on 10th June, 2021. In this respect, the public is invited to share their proposals via email at:
The Kenyan economy is currently facing significant challenges as a result of the COVID-19 (C19) exacerbating an already grim situation. Despite having attained a lower middle income status in 2014, Kenya has failed to adequately address institutional and structural inadequacies that have continued to hinder
KENYA NATIONAL BUDGET The current state of engagement between the state and the public on matters related to budget allocations, expenditures, and actual service delivery outcomes is mostly focused on printed and actual figures and narratives already approved for execution. There is limited engagement at
The National Treasury has finalized the Draft 2021 Budget Policy Statement for the MTEF FY 2021/22 -2023/24 budget which is available at the National Treasury website www.treasury.go.ke. and it invites comments on it.
The National Treasury and Planning State Department for Planning this week presented highlights of a Post-Covid 19 economic recovery strategy (ERS) including: Macroeconomic Objectives of ERS Increasing diaspora remittances and investments from Kshs.280 billion 2020 to Kshs.500 billion per year; • Increasing private sector financing
In his key note at the opening of the opening of the public Hearings on the FY 2021/22 and the medium-term Budget proposals at the Kenyatta International Convention Center on 25th November 2020, CS Ukur Yatani addressed the public on various elements of financial planning
Growth in broad money supply, M3, improved to 10.7
percent in the year to September 2020 compared to a
growth of 6.5 percent in the year to September 2019.
The outbreak of the Covid-19 pandemic in 2019 has caused the most severe global economic setback. Its impact to our economy includes:
-Loss of lives
-Decline in demand of Kenya’s goods and services,
-Decline in household earnings,
-Heavy public expenditures towards health sector and social
-Decline in revenue due to subdued economic activities.
Kenya’s GDP is projected to decline to 2.5 % in 2020 compared to a growth of 5.8 % in 2019.
As we walk the path to economic recovery, we need to work towards resuscitating the evening
economy while keeping safe.