Private equity firm Fusion Capital Limited has entered into a strategic partnership with property developer Optiven Group, that will see them deliver a semi-serviced gated community, west of Thika Municipality in Murang’a County. Fusion chief executive Mr. Daniel Kamau stated that the partnership with Optiven is informed by the fact that homeownership is generally a process in Kenya. “We have about 25,000 mortgages in Kenya and as such, not many Kenyans will be able to buy ready properties. Kenyans will buy land, pay off the loan and source a fresh facility to do their own construction which ends up saving…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
President Uhuru Kenya has appointed Mr. Ukur Yatani as acting National Treasury and Planning Secretary, replacing Mr Henry Rotich who is currently facing corruption charges. Also, the Principal Secretary in the State Department for planning, Dr. Julius Muia has been moved to replace Dr. Kamau Thugge as the principal secretary. Thugge is also facing corruption charges. State House Spokesperson Kanze Dena-Mararo said the appointments were made “in order to ensure smooth operations and continuity at the National Treasury and in line Ministries following the Court Order affecting Mr. Rotich and Dr. Kamau Thugge..” According to Yatani, he will help President…
The Central Bank of Kenya’s Monetary Policy Committee on Wednesday held its benchmark lending rate at 9.0% for the sixth time in a row on the backdrop of inflation expectations being within the target range. “However, there is need to be vigilant on the possible effects of the recent increases in fuel prices, the ongoing demonetisation, and the increased uncertainties in the external environment,” Dr, Patrick Njoroge, Chairman of the MPC said in a statement. Treasury Tells Central Bank of Kenya to Maintain Inflation Range at 5% Until 2022 The bank indicated that the current account deficit is expected to…
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…