Kenya Kwanza administration wants to collect more revenues, but it might end up collecting very little By Antony Mutunga June 26, 2023 will go down in history as one of the bad days for Kenyans. It is the day that President William Ruto signed into law Finance Bill 2023 soon after it was passed by parliament after a third reading. This is bad news because businesses and workers, will be forced to dig deeper into their pockets to fund the government’s first budget of Sh3.68 trillion, equivalent to 22.6% of GDP, if the Act is implemented. Accordingly, the Bill introduced…
Author: NBM CORRESPONDENT
By Peter Wanyonyi “I contend,” quipped Sir Winston Churchill once, “that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” The Old Lion was not exactly an economist, but his instinct for getting things right – and summing them in a pithy quote – was unequalled. Churchill’s acerbic wit is largely unknown in Kenya today, which is a pity because so many of his observations apply to our country, economy, leadership, and future. President William Ruto was handed a poisoned chalice of…
A majority of Africans believe that Russia’s invasion of Ukraine is against the principles of international law. This is according to a recent study by research company Ipsos which shows that about 76% of those polled believe that the invasion was unjustified. The poll was conducted ahead of the African Peace Initiative visit to Kyiv and Moscow, the upcoming Russia/Africa meetings in St. Petersburg and the BRICS Summit in South Africa in August. Ipsos argues that of those interviewed, a majority felt that the Russian invasion of Ukraine was against the principles of international law, that Russian forces should withdraw from…
By NBM writer Access to reliable, credible and up-to-date economic data has been cited as a challenge facing economic policy makers in their quest to chart favourable development plans in Africa. Speakers at the recent (June 1, 2023) African Econometric Society (AFES) conference led by Kenya’s National Treasury Cabinet Secretary Prof Njuguna Ndung’u and the African Economic Research Consortium (AERC) Executive Director Prof. Théophile Azomahou highlighted the need for reliable economic statistics and related data provided by “econometric” professionals to aid development planning in the continent. Econometrics uses economic theory, mathematics, and statistical inference to quantify economic phenomena; effectively turning theoretical…
The contribution goes towards the annual Kaptagat forest tree planting exercise that kicked off on July 1, 2023 Kenya Reinsurance Corporation (Kenya Re) has donated Sh 1 million and 100,000 avocado seedlings to forest edge communities as a way of incentivising them to embrace environmental conservation as a lifestyle. The donations were made to the Government through the National Environment Trust Fund (NETFUND), and will go towards planting 500,000 indigenous tree seedlings in various sections around Kessup, Sabor, Kaptagat, Pennon and Kipkabus forest blocks that form the Kaptagat Forest ecosystem this year. Kaptagat Forest Station is part of the larger…
The deal is a milestone on cross border regional trade growth opportunities for small and medium-scale enterprises United Bank for Africa (UBA) Plc, has inked a deal with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing for up to Sh844.5 billion ($6.bn) over the next 3 years to small and medium-scale enterprises (SMEs) across Africa. The lender signed the agreement with AfCFTA on the side-lines of the 30th Afreximbank Annual Meeting (AAM) which was held in Accra, Ghana. By this agreement, the parties are to promote the development of tiny players operating in four sectors under the…
Nairobi Bottlers Limited, a subsidiary of Coca-Cola Beverages Africa (CCBA) in Kenya, has changed its name to Coca-Cola Beverages Kenya. The company is set to be the “anchor bottler in each of the 15 markets within its footprint,” as per a statement by CCBA. “The other three Coca-Cola Beverages Africa subsidiaries in Kenya; Crown Beverages Limited, Equator Bottlers Limited, and Almasi Beverages Limited will not be affected,” added the statement. CCBA, which has been the largest Coca-Cola bottling partner on the African continent and has made significant investments in Kenya through its four bottling entities, further clarified that the changes…
The companies assure Kenyan farmers that the implements are designed to enhance efficiency, productivity, and profitability BY SILAS APOLLO A dealership agreement between the Nairobi Securities Exchange listed distributor of agricultural machinery, Car and General (C&G) and Indian-based Udyog Limited will play major role in distribution of Beroni agricultural implements in Kenya. Udyog is the manufacturer of Beroni, a global brand of farm implements that offers a range of agricultural machinery, including ploughs, harrows, seeders, cultivators, and more. “This partnership is aligned with our commitment to providing our customers with the exceptional range of Beroni farm implements to our Kenyan farmers.…
When Edward Mwasi (pictured) took over as CEO of Kenya Yearbook (KYEB) in 2017, the state-owned organization was choking on debt and veering on the brink of collapse. The company, which publishes the Kenya Yearbook and other government-inclined publications, had gone through a rough patch and fallen behind most of its targets despite gobbling millions of taxpayers’ cash. Six years later, after serving two three-year terms, Mr Mwasi looks back at his work and sees a legacy of transformation and restoration. “I am delighted to share that I have successfully led the transformation of the Kenya Yearbook Editorial Board (KYEB)…
By Silas Apollo At least 55 million people in Djibouti, Ethiopia, Kenya, Somalia, South Sudan, Sudan and Uganda are currently facing hunger and starvation, with an estimated 30 million people also expected to face a similar situation by the end of this year. A report by the Intergovernmental Authority on Development (IGAD) shows that more people in countries that make up IGAD, continued to grapple with a severe food crisis in 2022, as many faced acute hunger and poor nutrition. IGAD, in its latest data released from the Regional Focus of the Global Report on Food Crises (GRFC) 2023, says…