Author: Muindi

Kenya has revised its growth rate for 2023, with the Central Bank worried about mounting headwinds and a slowdown in the agriculture sector. On Thursday, the Central Bank Governor, Dr Patrick Njoroge, expected the country’s economy to grow by 5.8% in 2023, down from earlier projections of 6.1%. “We have looked a little carefully at agriculture and the development in the sector in light of the weather conditions that have prevailed in January, February and the first half of March,” CBK Governor Dr Patrick Njoroge said Thursday during a virtual media briefing post-MPC. The Monetary Policy Committee raised its key…

The Kenya Reinsurance Corporation (Kenya Re) reported a 15 per cent increase in profit after tax of Ksh 3.6 billion for the 2022 fiscal year, up from Ksh 3.2 billion a year earlier. The profit was attributed to a 16 per cent increase in net premiums, which grew to Ksh 22.2 billion from Ksh 19 billion reported over the same period in 2021. “These results demonstrate our remarkable success in executing our five-year strategic plan, where we outperformed’ our expectations in all the core measures,” said Michael Mbeshi, Kenya Re Acting Managing Director. “We have significantly scaled our business via…

Kenya plans to scrap the Betting Control and Licensing Board (BCLB) and replace it with a National Lottery if proposals by the Presidential Taskforce are adopted. The draft National Gambling Policy, National Gambling Control Bill, and National Lottery Bill contain a proposal to scrap BCLB. In addition, a Gambling Regulatory Authority will take over from BCLB in the changes that will replace the Betting Lotteries and Gaming Act of 1966. https://twitter.com/MwangoCapital/status/1640220047024050177?s=20 “The sector has for decades been frowned upon as a space that encourages certain immoralities and is tainted with ethical and moral concerns. The proposed policy and legal framework…

Air France plans to add substantially more flights by June 2013, the airline said as it celebrates its fifth anniversary. “Air France has been here for five years, and despite hard times like the Covid-19 period, it is a clear sign that we are here to stay,” General Manager Marius van der Ham said. As of 12 June 2023, Jomo Kenyatta International Airport will receive non-stop service in both directions, with one daily flight to/from Paris-Charles de Gaulle from the current six flights a week. The flights will be operated by a Boeing 787-9. Air France resumed its flights to Kenya…

The Ugandan government is discussing direct flights between Entebbe and Kigali International Airports with Rwanda to ease the movement of goods and people. Uganda’s Minister of Foreign Affairs, JeJe Odongo revealed this during the eleventh Rwanda-Uganda Joint Permanent Commission (JPC) held in Kigali. “Uganda welcomes the acceptance of the designation of our national carrier, Uganda Airlines by Rwandan authorities which will lead to its commencing of direct flights from Entebbe to Kigali,” Odongo said: “This will further boost trade, enhance connectivity, and contribute to strengthening people-to-people exchanges,” Odongo said. https://twitter.com/GenJejeOdongo/status/1639258183024746501?s=20 https://twitter.com/RwandaMFA/status/1639246245410533377?s=20 However, it is still being determined when the Ugandan…

The Energy and Petroleum Regulatory Authority (Epra) has increased base power prices for those consuming less than 30 units by 22.2% to KSh12.22 per unit from KSh10. In addition, customers consuming more than 100 units of electricity will now pay KSh20.97 per unit, up from KSh15.8 currently, a 32% increase. To meet the social policy objective, the Lifeline Tariff band has been reduced from 100 kilowatt hours (kWh) per month to 30 kWh, to cushion and address the needs of low-income households in society, EPRA said. “Accordingly, these consumers will be cross-subsidised by the other consumer categories in order to…