Author: Khusoko

Kenya’s overall inflation is expected to remain within the government’s target range of 5.0% according to the National Treasury’s advisory to the Central Bank of Kenya on Price Stability Target and Economic Policy. Treasury says this is line with the macroeconomic developments and targets underlying the FY 2019/20 budget and medium-term expenditure priorities for the period 2019/20 – FY 2021/22 being the the eighth consecutive year that it has maintained the average.  Treasury says the 5.0% average for the 2019/2020 and 2021/2022 financial years will be measured by the 12-month increase in Consumer Price Index.  “The Central bank of Kenya…

South African retailer Shoprite is opening its third store at City Mall in Mombasa in August. “The City Mall store will carry an extensive range of locally produced products with some imported items from around the world. It will be the first Shoprite outlet with a seating area inside where customers can enjoy foods prepared in the store’s fresh foods departments,” Shoprite Kenya general manager Andrew Mweemba said in a statement. Its first store was unveiled at Westgate in 2018 and the second at Garden City Mall in March. Shoprite has also announced plans to accelerate the number of stores…

Henry Rotich, Kenya’s National Treasury Cabinet Secretary and Principal Secretary Kamau Thugge pleaded not guilty to corruption charges on Tuesday relating to the Ksh 63 billion Arror and Kimwarer dams scandal. Chief Magistrate Douglas Ogoti granted the duo bail on a cash surety of Ksh 15 million and Ksh 50 million bond and ordered them to stay out of their offices during the entire period of their case, following an application by Special Counsel Taib Ali Taib who is prosecuting the case for the Director of Public Prosecutions. “The places of work of the accused persons is considered a scene…

Henry Rotich, Kenya’s National Treasury Cabinet Secretary was arrested on Monday on allegations of financial misconduct related to the KSh63 billion construction of Kimwarer and Arror dams. Rotich will be charged along with 27 other people, including Italian Paolo Porcelli, the director of CMC di Ravenna and Treasury Principal Secretary Kamau Thugge. The charges to be preferred against Rotich include: “conspiracy to defraud”, “abuse of office”, “financial misconduct”, “engaging in a project without proper planning” and “willful failure to comply with procurement laws.” Noordin Haji, the Director of Public Prosecutions on Monday said, “The persons we are charging today were…

Kenya’s National Treasury Cabinet Secretary Henry Rotich and Principal Secretary Kamau Thugge are set to face charges over alleged irregular advance payments for the construction of Kimwarer and Arror dams. According to the Director of Public Prosecutions, Noordin Haji, “The persons we are charging today were mandated with safeguarding our public interest and deliberately breached this trust and not only bound Kenya to a loan but they ensured that the funds did not come into the consolidated fund, in effect guaranteeing that no one was oversighting its use, they broke the law on public finance management, under the guise of…

Diaspora remittances from Kenyans living and working abroad soared to an all-time high of KSh30.3 billion in June according to the Central Bank of Kenya weekly bulletin data. This was an increase of 21% from KSh24.7 billion of diaspora remittances recorded in May. As a result, the 12-month cumulative inflows hit KSh282.3 billion representing a growth of 13.6%, up from Ksh248.6 billion recorded in June last year. “The remittance inflows rose to an all-time high in June 2019 amounting to $295 million compared to $243 million in May,’’ CBK said. North America, Europe and the Rest of the world accounted…