Author: David Indeje

Sun Africa Hotels Group,  a regional hotel group with a collection of the Extraordinary properties, plans to invest an estimated Ksh1 billion to develop luxury serviced apartments in Hurlingham, Kilimani. “Nairobi is East Africa’s business and commercial hub and we don’t want to miss out on the opportunities it provides,” Sun Africa Group Managing Director Middle East and Africa, Rahul Sood said in a communiqué. The group owns Keekorok Lodge(Masai Mara), Nyali Sun Africa Beach Hotel and Spa(Mombasa) Sovereign Suites(Nairobi), Kibiko Luxury Camp(Naivasha) and Lake Naivasha Country Club. “Serviced apartments have continued to gain traction in Kenya especially for use…

The Global Climate Strike, the third in a worldwide series of climate rallies organized by school students, and led by 16-year-old Greta Thunberg took place on Friday. In Kenya, various organizations joined thousands of citizens in Nairobi for the #ClimateAction march from Uhuru Park to the Ministry of Environment and Forestry where they presented a  petition on Climate Action as a matter of emergency. According to the petition, it is demanding that the government should Declare Climate Emergency as a way to educate the public; end all financing and support of fossil fuels and climate destruction; allow renewable energy to…

Dr. Patrick Njoroge, Kenya’s Central Bank governor has maintained that caps on commercial lending rates would eventually be removed, terming them a ‘temporary deviation’ even as Members of Parliament on Wednesday opposed repealing sections of the Banking (Amendment) Bill 2019. “This is only a matter of time,” said Dr. Njoroge at the Renaissance Capital’s 5th Annual East Africa Investor Conference held in Nairobi. “Our view is, do not get fixated with interest rate caps. Be assured that with time, as soon as possible, that will be removed…in general terms, that is a temporary deviation,” he added. In March, the Kenyan…

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…

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…