Ethiopian lawmakers have passed legislation allowing foreign banks to operate within the country, a crucial step in the government’s efforts to attract foreign investment. Ethiopia, home to over 120 million people and boasting one of sub-Saharan Africa’s largest economies, has gradually opened its tightly controlled economy since Prime Minister Abiy Ahmed assumed power in 2018. The new law, enacted by Parliament on Tuesday, grants foreign lenders the authority to: Establish subsidiaries Open branches or representative offices Acquire shares in domestic banks. However, the law imposes a 40% cap on foreign strategic investors’ ownership in any local bank. The state-owned Commercial…
Author: David Indeje
David Indeje
David Indeje serves as the community engagement editor at Khusoko, a digital platform covering East African business news. He manages editorial content, engages audiences, and amplifies diverse voices while consulting on digital strategy for brands in agriculture, governance, technology, and health. Indeje explores AI’s impact on journalism and works as a communications officer at KICTANet.
The Kenya Veterinary Association (KVA) calls for the postponement of the planned nationwide livestock vaccination, citing concerns over inadequate public awareness, insufficient resources, and the politicisation of the campaign. In a statement released on Tuesday, December 17th, the KVA emphasised the need for more time for public sensitization to address concerns and ensure the active participation of livestock keepers. They argued that the current lack of transparency and stakeholder involvement undermines the credibility of the exercise. “The government should pause the current exercise to allow time for adequate public sensitization and to address concerns from Kenyans. This will help ensure…
Gilbey’s, Kenya’s leading gin brand, recently hosted the “Real Gilbey’s Hangout” at Mass House, an electrifying in-bar experience that brought the brand’s “Made for Real Moments” life campaign to life. The event transformed Mass House into a vibrant hub of fun, flavour, and friendship. Guests indulged in expertly crafted Gilbey’s cocktails, showcasing the brand’s renowned quality, smooth taste, and versatility. Engaging games like checkers and Jenga fostered connections and encouraged guests to savour shared moments with friends. A highlight of the evening was a thrilling cocktail-making competition, where participants showcased their creativity in crafting unique Gilbey’s concoctions. Winners of the…
Kenyan consumers remain concerned about rising food and non-alcoholic beverage prices, creating a sense of market jitters. This is despite easing inflation trends throughout much of 2024. A Central Bank of Kenya (CBK) market perception survey reveals a nuanced understanding of these price increases. While 43% of surveyed banks and non-banking institutions attribute the rising food and beverage costs to seasonal festive demand, data from the Kenya National Bureau of Statistics (KNBS) provides a more granular picture. The Consumer Price Index (CPI) shows a 0.6% increase in the Food and Non-Alcoholic Beverages Index between October and November 2024. Notably, prices…
The World Bank has downgraded its economic growth forecast for Kenya to 4.7% from an initial 5.0%, citing the impact of floods, anti-government protests, and faltering fiscal consolidation efforts. In its latest Kenya Economic Update report, the international financial institution acknowledged Kenya’s progress in stabilizing the exchange rate, boosting foreign exchange reserves, and lowering inflation. However, the report highlighted the persistent risk of debt distress. “Debt vulnerabilities, including elevated debt servicing costs, accumulated pending bills, and missed revenue targets, remain key challenges,” the bank stated. While the revised growth estimate for 2024 is lower than last year’s 5.6%, it is…
The air crackled with excitement as Dusit Princess Hotel Residences Nairobi officially ushered in the holiday season with its annual tree lighting ceremony. It was an evening brimming with warmth, joy, and community spirit, where magic truly came alive. The highlight of the evening was undoubtedly the heartwarming performance by talented children from Mogra Children’s Home. Their voices filled the air with beautiful Christmas carols, reminding us of the true meaning of the season: giving, hope, and sharing joy. Guests were captivated by their performance, capturing the moment with smiles and laughter. “As we illuminate our space with holiday cheer,”…