Category: Business

Kenyan traders are facing significant challenges amidst civil unrest in Sudan, leading to a steep decline in exports to the country. According to recent data from the Kenya National Bureau of Statistics (KNBS), exports to Sudan plummeted by 73.7% year-on-year up to March 2024. The value of exports dropped to Sh630 million from Sh2.4 billion…

The demand for second-hand clothes, commonly known as mitumba, is on the rise in Kenya as more citizens, particularly those from the informal sector, seek affordable clothing options. According to the latest quarterly data from the Kenya National Bureau of Statistics (KNBS), the value of mitumba imports by traders surged to KSh 27.8 billion in…

Kenya’s trade deficit, the gap between export earnings and import costs, grew by Sh20.7 billion in the first quarter of 2024. Data from the Kenya National Bureau of Statistics (KNBS) reveals that the balance of payments increased from Sh110.5 billion in Q1 2023 to Sh131.2 billion in Q1 2024, driven by higher spending on key…

Direct air travel between Brussels and Nairobi resumed on Monday, with at least 50,000 people booking flights following the relaunch. Belgium’s Minister of Foreign Affairs, Hadja Lahbib, announced the route’s success even before the first flight took off from Zaventem on Monday morning. “This is a win-win for both countries. It forms a bridge between…

President William Ruto has pledged a substantial investment of USD 100 million (Ksh.13.2 billion) over the next three years in Africa’s key multilateral financial institutions. This investment is aimed at increasing Kenya’s shareholding and demonstrating confidence in these institutions. The funds will be allocated to the Africa Development Bank, Afreximbank, and the Trade Development Bank….

Central Bank Governor,Dr. Kamau Thugge, has been honored as the African Central Bank Governor of the Year by the African Banker Magazine. The award was presented to Dr. Thugge at the African Banker Awards event held in Nairobi on Tuesday, May 28, 2024, during the Annual Meetings of the African Development Bank. The African Banker…

A petition has been filed against three counties—Mombasa, Kilifi, and Taita Taveta—for banning the trade and consumption of Muguka. Last week, these counties prohibited the entry, transportation, sale, and use of Muguka and its products. Petitioners Peter Odhiambo Agoro and Michael Mutembe Makarina argue that Muguka is not considered a drug and remains legal in…

DP Gachagua announced on Tuesday that the government will forgive debts owed by coffee farmers’ cooperative societies and unions as part of efforts to rejuvenate the sub-sector. Speaking in Kabare Village, Gichugu Constituency, Kirinyaga County, DP Gachagua revealed that he had discussed the proposal with President Ruto, who endorsed the plan. “The debts of coffee…