BY DR PATRICK NJOROGE On September 30, 2019, the withdrawal of the old series Sh1, 000 notes was successfully concluded. This demonetisation commenced on June 1, 2019, following the launch of Kenya’s new generation notes. The new notes symbolize green energy, agriculture, social services, tourism and governance, that are the drivers of a newly reborn and prosperous Kenya. In deciding to withdraw the older series Sh1, 000 notes, the Central Bank of Kenya assessed the grave concern that these notes were being used for illicit transactions and financial flows in Kenya and in the region. More recently, there has also…
Author: NBM CORRESPONDENT
BY NICOLE BEARDSWORTH Although Zimbabwe’s President Mnangagwa is four years away from an election, his position appears insecure and his administration nervous. The economic reforms that his administration appears to be implementing are fomenting a broad popular backlash as the economic crisis deepens and a drought threatens to push millions to the brink of starvation.The country’s economy is rapidly shrinking – with the IMF’s latest forecast suggesting that the economy will contract by 7.1% in 2019. The government has stopped publishing inflation data, but the last announcement by the Zimbabwe Statistical Agency put inflation at 176% in June. The IMF’s assessment suggests that…
BY DENNIS NDIRITU The recent years have witnessed a big slump in the economic sector in the local scene. Despite various reports pointing at the improved ease of doing business, there are still numerous challenges facing the private sector. The government is seen to be hell bent on stifling growth of the private sector instead of creating an enabling environment for entrepreneurship to thrive. Instead of proposing increased taxes in the Income Tax Bill, for example, the Government should focus on helping companies to compete in an environment of practicable and predictable legislation to allow them to grow their earnings.…
Commonwealth finance ministers have recognised the potential of technology to improve debt transparency while urging closer collaboration to resolve tax challenges arising from growing digital commerce. Revenues from tax collection are important for maintaining debt at sustainable levels, yet can often be impaired by the digitalisation of trade in services, as this often results in countries being unable to determine when, how and where taxes on digital transactions should be collected. Ministers have therefore agreed that the Commonwealth should bring its powerful collective voice to discussions at the Organisation for Economic Co-operation and Development (OECD), particularly on behalf of smaller…
BY DENNIS NDIRITU The adoption of a new constitution characterized by devolution of resources and responsibilities to autonomous multi-level governments has been credited as one of the key transformative tenets of the 2010 Constitution geared towards addressing previous, real and perceived, exclusions to bring about equity in development. Among the normative features of the new transformative dispensation is the provision of Devolution engrained under Article 10 of the Constitution and which is a common thread pervading the whole order. A mere glance at Article 6(2) provides the conclusion that in establishing Devolution, as a common thread cutting through the Constitution,…
Does Africa need a regional criminal court? And how can we promote international justice in light of recent criticisms of the International Criminal Court? BY DOMINIQUE MISTRYS The African Union (AU), which replaced the Organisation of African Unity (OAU) in 2002, was founded on a peace and security platform. It was set up with the aim of tackling the continent’s peace and security challenges and to minimise Africa’s reliance on the international community for security support. The AU’s peace building mandate is structured around the Peace and Security Council Protocol, which lays out the African Peace and Security Architecture. The role of this…
BY NBM WRITER What was the inspiration behind Aquavita? Aquavita is an eco-friendly, safe & affordable workplace drinking water solution provider in East Africa. The Inspiration behind it was the need to reduce the impact of carbon emission in the environment brought about in the process of manufacturing, production and transportation of plastic bottles as well as reduce the risk of contamination of drinking water in the workplace by providing a solution that dispenses water right after purification It was also formed with an aim to build a world class company that provides employment opportunities especially to young people in…
BY VICTOR ADAR As business environment gets tough and technology introduces new dimensions, a majority of organizations are now wading into creative ways of financing to ensure that they remain afloat. Scale up funds is one of the options that some experts say might cut the main market challenges especially for start- ups. Business environment is open but for a few, being a winner in this game calls for a calculated approach. In the battle of the sharks, the terrain often turns unfavourable to millions of young disabled innovators who generally end up languishing in unemployment due to lack of…
Even though in recent years Kenya has lost its grip on the title of king of East Africa, the country has continued to retain her position as the most advanced financial market in the East African region. According to the Absa Africa Financial Markets Index 2019, Kenya has retained the same overall ranking of 3rd out of 20 economies as it did in the previous year. Kenya was able to garner a score of 65, with only South Africa and Mauritius above it, with 88 and 75 respectively, leading in the East African region, followed by Tanzania, Rwanda, Uganda and…
Tourism and Wildlife Cabinet Secretary, Najib Balala, has picked Jacinta Mbithi Nzioka as the National Convention Bureau’s acting national co-ordinator to spearhead the push for more global conferences. Established in September, the bureau is expected to enable Kenya to compete with Rwanda, a country that has in recent times successfully used its entity to win major conferences. Besides, it will help the country tighten its grip on Meetings, Incentives, Conferences and Exhibitions (MICE). The director of marketing at the Kenya Tourism Board (KTB) has over 15 years of experience in the tourism field, and has led several initiatives and projects…