Author: David Indeje

The economy of Kenya has suffered an estimated loss of Ksh 560 billion in revenue in 2020 due to the coronavirus pandemic. President Uhuru Kenyatta on Friday during a televised address that announced the extension of a nationwide overnight COVID-19 curfew for 60 days, revealed that the pandemic had greatly affected the economy. “Last year, fellow Kenyans, the Kenyan economy was projected to grow by 6.2%, but it only grew by 0.6% because of the COVID-19 pandemic,” Kenyatta said, adding that further, projections indicate that, despite the COVID plunge, our economy is likely to bounce back and grow 7 per…

Kenya’s foreign exchange reserves are now at the same level as the East African Community (EAC) criteria for import cover. The reserves have fallen by Ksh 27.8 billion (about 254 million U.S. dollars) since the start of March.  Currently, the forex stands at USD 7.4 bn (equivalent to 4.5-months of import cover), which is above the statutory requirement of maintaining at least 4.0-months of import cover, and the EAC region’s convergence criteria of 4.5-months of import cover. In the reporting week, according to weekly data released by the Central Bank of Kenya, the reserves declined from 7.605 billion dollars at…

US fast-food chain operator KFC, has opened a new branch in Mombasa, along Nkuruma road. This is the first branch by KFC in the county to bring its total count to 24.  Kuku Foods East Africa Holdings, the owner of KFC franchises in East Africa says the new outlet occupies 220 square metres with a maximum seating capacity of 50 people. Mombasa hoye! ?? Tumewasili na matamu yaliyoje. Serving perfectly cooked chicken, ? that’s hotter than the weather ?…. Posted by KFC on Sunday, March 14, 2021 https://twitter.com/RashidFawz/status/1371439023256920064?s=20 In 2019, the Competition Authority of Kenya said the fast-food business is…

Petrol price in Kenya continues to surge with the recovery in crude oil prices, super petrol, diesel and kerosene shot by Ksh7.63, Ksh5.75 and Ksh5.41 per litre, respectively in the latest review by the Energy and Petroleum Regulatory Authority (EPRA). EPRA attributed the rise to the recovery in crude oil prices, which increased the cost of imported refined fuel, from $55.27 a barrel to $61.61 and low $17.64 in April last year.  “The changes in this month’s prices are as a consequence of the average landed cost of imported super petrol increasing by 14.97 per cent from $391.24 per cubic…

The Index aims to enable data-driven decision making for health and reveals correlations between economic strength and health system sustainability Kenya has been ranked 7th out of 18 African countries in the Africa Sustainability Index, a first-of-its-kind, online policy tool that provides a unique overview of the current status of 18 health systems across Africa. The Africa Sustainability Index launched by the FutureProofing Healthcare initiative at the 2021 Africa Health Agenda International Conference, AHAIC, revealed that Kenya has a comparatively high epidemic detection rate ranking second compared to other African countries, positioning it well to prevent the spread of epidemics…

Flutterwave secures $170 million in capital injections from investors African fintech company Flutterwave an online payment solution says it has raised $170 million in Series C funding, valuing the company at over $1 billion. The company said It will invest the new capital to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products. “The fundraise brings the total investment in Flutterwave to USD $225 million and is one of only a very small number of African fintech companies to have raised significant funds in a period of widespread disruption and economic uncertainty,” the statement…