Author: David Indeje

TechnoServe, an international nonprofit economic development organization, has partnered with the Aspen Network of Development Entrepreneurs (ANDE) to host its 4th Virtual Micro Retail Stakeholder Forum. The forum scheduled for 9th December is themed Adopting Digital Solutions to Overcome Key Micro-Retail Challenges. According to the organisers, micro retailers have been affected by the COVID-19 pandemic and there is a need to build resilience in order to survive.  “While the crisis has created challenges for shopkeepers, it has also highlighted substantial opportunities that will help businesses adapt and survive the crisis,” TechnoServe said in an emailed statement to Khusoko. “However, there…

The number of international passengers arriving at Kenya’s airports declined 72% to 470,971 tourists between January and October compared to 1,718,550 registered last year in the wake of the coronavirus outbreak. As a result, the country lost an estimated Kshs. 110 billion in direct earnings from international visitors during the period. During the period, Kenya earned just Ksh 37 billion against Kshs 147.5 billion the sector that had been projected before the pandemic. Out of the total arrivals, visits to family and friends accounted for 35.32%, business 35.11%, in transit 6.32%, medical 1.53%, and education 1.18%. “The decline in holiday…

Growth in the Kenya private sector softened in November on slower increases in orders, exports, buying levels, and output as the Covid-19 restrictions and resurgence of positive cases, the latest Stanbic Bank-Purchasing Managers’ Index survey indicates. The headline PMI fell sharply to 51.3 points in November from an all-time high of 59.1 points in October. A reading above 50 on the index indicates expansion. “Key to the slowdown were weaker increases in business activity and sales, as firms commented on issues with money circulation and economic stress caused by a rise in local COVID-19 cases. Reintroduced curfew measures meanwhile led…

Kenya’s National Treasury says tax reliefs which took effect in April will end January 1. Treasury Cabinet Secretary Ukur Yatani in a statement issued Friday said the corporate tax rate currently at 25% will revert back to 30% and the Value Added Tax (VAT) will revert back to 16% from 14%. “These are not new taxes but just a return to the prevailing tax rate before the pandemic,” National Treasury said. However, it said it is committed to continuing cushioning low-income earners by retaining the 100% tax exemption for those earning monthly incomes of Ksh 24,000 and below.  Treasury’s announcement…

HF Group PLC, a multi-dimensional financial services provider, expects the coronavirus (COVID-19) crisis to hit its profit in the year ending Dec. 31, 2020.  In a cautionary announcement to investors, the group’s chief executive Robert Kibaara says the duration, severity, and volatility of the pandemic has resulted in a slowdown in the real estate sector credit growth adversely “affected the non-performing loans take out initiatives.” “As a result, HF Group Plc projects that the net earnings for the year ended 31 December 2020 are expected to be substantially lower compared to the earnings reported for the same period  in 2019.”…

Kenya’s headline inflation rate hit a 7-month high of 5.46% from 4.84 in October, the statistics body said on Monday. The Kenya National Bureau of Statistics attributed the increase to higher food costs with year-on-year food inflation standing at 6.09%  in November 2020. “This was a net effect of increase in prices of several food items which outweighed decreases in prices of others. Prices of beef with bones, wheat flour-white and tomatoes increased by 0.99, 0.69, and 0.67 percent, respectively.” Government data also showed that the Housing, Water, Electricity, Gas and Other Fuels’ Index, increased by 0.07 percent in the…