The Central Bank of Kenya expects that the current account deficit will remain steady at 5 percent of the Gross Domestic Product going forward. “5 percent is a stable thing. It can be completely financed by foreign flows,” said Dr. Patrick Njoroge the Central Bank Governor during the 5the Annual East Africa Investor Conference on Wednesday. Njoroge said this is so because Kenya benefits greatly from the external savings of others. The current account deficit – the gap between export and import earnings – as a fraction of national output (Gross Domestic Product (GDP) narrowed to 4.2 percent in the…
Author: David Indeje
David Indeje
David Indeje is the Community Engagement Editor at Khusoko, East Africa’s leading digital business news platform. He shapes editorial content, drives audience engagement, and amplifies diverse voices. Beyond journalism, he consults on digital strategy across agriculture, governance, technology, and health, while examining AI’s role in the future of media. He also serves as Communications Officer at KICTANet, advancing digital inclusion and policy dialogue.
The sustained capping of commercial banks’ lending rates at 4 percentage points above the Central Bank of Kenya benchmark rate will remain a constraint to the conduct of monetary policy. This is according to Commercial Bank of Africa (CBA) September monthly report after the National Assembly during the second reading of the Banking (Amendment) Bill 2019 were opposed to repealing it. “The cap will remain a constraint to the conduct of monetary policy potentially limiting further adjustments to the policy rate, currently at 9.00%,” Says CBA. “Even then, inflation and growth suggests that the current stance may still be appropriate.…
Andela, tech talent accelerator, is ending its developer training programs in Nigeria, Kenya, and Uganda attributing it to market demand for more senior engineering talent. “Andela’s next phase of growth requires a strategic shift in how we think about talent,” Jeremy Johnson, chief executive and founder of Andela said in a statement, ‘The Future of Andela.’ As a result, the firm said it will it is closing the D0 program in Nigeria, Kenya, and Uganda. In addition, we will be letting go of approximately 250 Andelans in Nigeria and Uganda, with an additional 170 potentially impacted in Kenya, ‘who we…
Tala, a fintech lender that offers small loans to millions of people in emerging markets, has stopped giving credit to its Tanzania customers after it was charged with economic crimes in Dar es Salaam. “We regret to inform you that Tala is no longer offering loans in Tanzania. We thank you for giving us a chance to serve you and wishing our customers success,” Tala said in a Tweet. https://twitter.com/TalaTanzania/status/1169867582851047425 In April, according to The East African, the Vodacom managing director and Tala business operations manager were charged alongside six other company staff with causing the government the loss of…
Kenya’s gig economy is driven by the demand side, especially in urban households’ transport and domestic service uptake.
The government of Kenya may be able to contain its budget deficit to 3.5 per cent of gross domestic product (GDP) in 2022/23 (FY 2020/21) in the Third Medium Term Plan according to the National Treasury. “We expect the budget deficit to reduce to 3.5 per cent of GDP in 2022/23 from a high figure of 7.7 percent of the GDP in 2018/19,” said Amb. Ukur Yatani, Ag. Cabinet Secretary, National Treasury & Planning during the launch of the Fy2020/21 and the Medium-term Budget preparation process on Thursday. The First Medium Term Plan covered the period 2008-2012 The Second Medium…