Kenya’s current account deficit remains high, the Central Bank of Kenya (CBK) said on Friday. Data from the Central Bank of Kenya (CBK) shows the deficit, measured as a percentage of the gross domestic product, stood at 5.4 per cent in the 12 months to July 2021 compared to 4.9 per cent of GDP in the corresponding year. The country’s current account deficit has been a key parameter for the CBK while setting monetary policy. “The higher deficit was attributed to lower service receipts as well as high imports, which more than offset increased receipts from agricultural exports and remittances,”…
Author: David Indeje
David Indeje
David Indeje is the community engagement editor at Khusoko, a leading digital platform for East African business news. He oversees editorial content, drives audience engagement, and amplifies diverse voices. Indeje also consults on digital strategy for brands in agriculture, governance, technology, and health, while exploring AI’s impact on journalism. In addition, he serves as a communications officer at KICTANet, advancing digital inclusion and policy dialogue.
The global smartphone market is set to hit a record high of 1.37 billion units in 2021, growing at 7.4 per cent year-on-year, according to the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker report. This will be followed by 3.4 per cent growth in 2022 and 2023, respectively, it said. The report notes that the market has been experiencing strong consumer demand with a 13.8 per cent growth from iOS devices combined with 6.2 per cent growth from Android. The top markets for 5G phones in the world are China with a 47.1 per cent market share, followed…
Agricultural firm Kakuzi PLC is bullish on the long-term growth prospects of its products. Wilson Odio, the Kakuzi assistant general manager in charge of corporate affairs, told Khusoko that the company is looking for profitable growth and will expand its diversified agricultural product portfolio. The Nairobi Securities Exchange-listed Kakuzi firm revealed its plans as an indication that it has resolved alleged human rights abuse issues that cost it KSh1.1 billion in legal fees and payments to the victims in Kenya and Malawi. In 2020, UK supermarket giant Tesco suspended the supply of avocados from the company over alleged systemic human…
Africa has a long way to go in terms of Cyber Security Liquid Intelligent Technologies said in its report launched Wednesday. The 2021 cyber security report for Kenya, South Africa and Zimbabwe said Africa needs to bolster its defences in the face of rising cyber attacks after employees began working from home. It notes that businesses in Africa are vulnerable to cybercrime, with more than half of the countries in Africa having inadequate Cyber Security laws and regulations, making it a haven for cybercriminals. “The rapid move to cloud utilisation has only heightened the risk of both systems and data…
Massmart Holdings Ltd, one of the South African retailers has decided to discontinue its businesses in Kenya. It was operating the retail business as The Game Stores. In Kenya, the company has stores in Garden City Mall, the Waterfront Mall in Karen and Mega City Mall in Kisumu. Massmart’s exit dents its expansion plans which had been dubbed ‘Grow Africa” between 2019 and 2021. Massmart opened its flagship Game store in Nairobi in 2016. Kenya is one of the 14 Game stores in East and West Africa – Nigeria, Ghana, Tanzania and Uganda- that have been put up for sale.…
WPP Scangroup, a full-service creative transformation company, posted a loss of Ksh 382.8 million for the financial year ended December 31, 2020. This is a decrease of Ksh 105 million compared to the fiscal year 2019. Its revenue also declined by 20 per cent to KSh 2,239 million. The group had reported a 20 per cent drop in net profit of KSh491.4 million in the year ended December 2019 compared to KSh612.2 million in 2018.