Fiscal Analysis

Why Central Banks Are Turning Back to Gold

Gold is once again at the centre of global reserve management, with central banks around the world increasing their holdings to levels not seen in half a century. The renewed interest reflects a combination of geopolitical uncertainty, rising economic risks, and a broader effort by monetary authorities to diversify away from overreliance on traditional reserve […]...

12 Jun 2026

Insight into Kenya’s FY 2026/27 Budget

The FY 2026/27 Budget Statement, delivered by National Treasury Cabinet Secretary Hon. John Mbadi, reaffirms the Government’s commitment to its core development strategy under the theme “Sustaini...

5 Jun 2026

Taxpayers to Spend KSh2.31T on Debt Repayment, Interests

As Kenyans prepare for another financial year marked by new taxes and spending controls, one figure stands out in the government’s budget plans: KSh2.31 trillion. That is the amount taxpayers are ...

22 May 2026

Infrastructure, Power and Oversight: The Questions Facing Kenya’s NIF

For decades, Kenya’s approach to developing its infrastructure has been the usual one – borrowing money to build roads or power plants. This has led to an increase in the national debt, and the go...

17 Apr 2026

From Middle East Conflict to Domestic Pressure: Kenya’s Export Economy Under Strain

While the country reels from the controversy surrounding the fuel scandal, the long-term effects of disruptions in the Middle East are already taking shape. Vellum Kenya’s “Not Our War, But Still ...

10 Apr 2026

The Budget-Making Cycle: Taking Stock in the Run-up to the Finance Bill, 2026

By the time the Finance Bill reaches Parliament, the most important decisions have already been made. And often, public debate begins when tax proposals are tabled. In reality, Kenya’s fiscal dire...

6 Mar 2026

Navigating Kenya’s Standards Levy: Legal Ruling, Economic Impact, and the Role of Public Input

The High Court of Kenya recently delivered an interim ruling in the petition filed by the Green Thinking Action Party challenging the Standards (Standards Levy) Order, 2025 (Legal Notice No. 136 of 20...

5 Dec 2025

Fortune Favours the Bold: Kenya’s Strategic Turn in Fiscal Governance

There are moments in a nation’s economic journey when circumstance ceases to be negotiable, when the only way forward is through reinvention. Kenya stands precisely at such a juncture. The country�...

28 Nov 2025

The Quiet Emergence of a Domestic Yield Curve: Why Safaricom and EABL Matter More Than Their Numbers

Kenya’s capital markets rarely enjoy the spotlight for structural progress. Too often, they are defined by volatility, political noise, or long periods of stagnation. Yet beneath that surface, real ...

7 Nov 2025

The Promise and Peril of the Kenya Sovereign Wealth Fund Bill, 2025

Kenya’s Draft Sovereign Wealth Fund Bill, 2025, marks a turning point in how the country proposes to manage, invest, and preserve national wealth. Behind its technical clauses lies a profound fiscal...

7 Nov 2025

The Politics Behind Africa’s Sovereign Wealth Funds: Lessons for Kenya

The National Treasury recently published the 2025 Sovereign Wealth Fund (SWF) Bill, sparking considerable discussion among financial and governance analysts. The fund is expected to comprise three mai...

8 Aug 2025

Global Squeeze, Local Strain: Kenya’s Tough Financial Road Ahead

Kenya is operating in a tightly constrained economic space. Debt levels are high. Credit remains tight. Borrowing costs have climbed. And global trade winds are no longer in our favour. In this enviro...

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