Author: David Indeje

The Kenyan economy is expected to expand 6.6 per cent in the financial year 2022/23 (FY22) from an estimated 0.6 percent in 2020. The growth will be supported by the government’s medium-term growth targets. “Kenya’s economic recovery will center on the progress of the vaccination effort, macroeconomic stability, and implementation of the projects under the “Big Four Plan”. We remain hopeful that our economy will rebound to above 6.0 percent over the medium-term from a growth of 0.6 percent in 2020,” National Treasury and Planning Cabinet Secretary Ukur Yatani said. Yatani however, said the coronavirus pandemic and heightened political activity ahead…

Kenya’s private sector confidence improved in July to hit a five-month high, a survey showed on Wednesday, a sign that the economic recovery was broadening besides a fresh wave of coronavirus infections. A third of businesses surveyed provided a positive forecast for output over the coming 12 months.  “Several firms cited plans to open new branches and increase their advertising,” according to the PMI Index survey findings. However, the sector’s growth was at its slowest rate in July as output and new order growth weakened to three-month lows. According to the Purchasing Managers Index (PMI) by Stanbic Bank Kenya, which…

Unga Group Plc says it will partner with Dutch-based Nutreco International in two joint venture deals in Kenya and Uganda. In a cautionary announcement, Unga Group says it shall invest in and form a 50:50 joint venture company in Kenya. In addition, it will transfer Nutreco International’s respective Kenya aquafeed businesses and certain production equipment to the Kenyan joint venture. On the other hand, Nutreco International, a global leader in animal nutrition and aquafeed and Unga Millers, another Unga Group subsidiary, shall invest in and create a joint venture in Uganda. It will also transfer all their respective Uganda animal…

National Bank of Kenya (NBK) has revamped its investment unit, National Trustee and Investment Services Limited (NTISL), to deliver enhanced value to its customers. NBK, a fully-fledged Commercial Bank and a subsidiary of KCB Group has named Victor Odendo, a seasoned investment professional as Principal Officer of NTISL. Odendo will take charge of the revamped unit.   The unit will offer fund management for pension schemes, provident funds and trust funds. It will also offer private wealth management for clients seeking tailor-made investment portfolios; umbrella schemes for small or start-up pension schemes that cannot run on their own. In addition,  personal…

Kenya’s current account deficit widened to 5.4 per cent of Gross domestic product (GDP) in the 12 months to June from 5.2 per cent, primarily on account of a higher trade deficit. The Central Bank of Kenya disclosed that this was highly driven by a higher import bill due to rising oil prices and the continuing recovery of the economy. “The higher deficit was attributed to lower service receipts, which more than offset the increased receipts from exports and remittances,” the Central bank said. “It is at 5.4 per cent in June and we expect that will remain at 5.2…

WPP Scangroup shareholders will wait long after the company says it will delay further publishing its audited financial results for the year ended December 31 2020. The group was expected to release the financials on 31st July. Now, it has been set at the end of August. This is the third time the group is delaying the publication of its audited financial results ended on 31st December 2020. “The audit process has taken longer than anticipated as a result of the extended scope of audit by the external auditors arising from the ongoing investigations…” the Board said in a notice committing…