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Analysis

Public policy and private investment target Kenyan manufacturing
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Released by the Treasury in June 2018, the 2018/19 budget policy statement (BPS) outlined plans to increase state support for the manufacturing segment’s development, while also setting targets for growth and employment across a range of industrial segments. Objectives include increasing manufacturing’s contribution to GDP from 8.4% in 2017 to 15% by 2022, adding approximately $3bn to the economy…

Analysis

The development of geothermal assets is up for debate in Kenya
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A new Energy Bill – which completed its public consultation phase in February 2018 – may result in a significant shake-up of Kenya’s geothermal segment. Significantly, the draft legislation lays out a royalties schedule. The raft of laws has been passed by the National Assembly but was still awaiting Senate approval as of September 2018. The bill will see geothermal firms pay fees of between…

Analysis

New mining law in Kenya provides clarity to investors and aligns the country with international standards
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Kenya’s first mining laws were promulgated in 1940. The Unwrought Mineral Act and the Diamond Industry Protection Act served as the legislative backbone of the industry for more than 70 years, during which the sector seldom accounted for more than 1% of the nation’s GDP. The slow growth of Kenya’s mining industry was in contrast to its East African neighbours Uganda and Tanzania, both of which…

Analysis

Mobile options increase access to insurance in Kenya
OBG
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As Kenya’s insurers respond to increasing competition by seeking new routes to premium, technology is playing a markedly important role in the market. In 2016 the Association of Kenya Insurers (AKI) remarked upon the rising popularity of so-called insurtech solutions, noting in its annual report that digitalisation is reducing customer friction points, and insurers are increasingly investing in digital…

Analysis

Kenya focuses on the tax framework to boost revenue growth
OBG
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Averaging 5% per year over the past decade, according to the most recent figures from the IMF, Kenya’s economic growth has been impressive. Revenue growth, however, has followed a more volatile trajectory and has often failed to meet government projections. The Kenya Revenue Authority (KRA) collected some KSh656.9bn ($6.4bn) in tax revenue in the second half of 2017, a figure which was nearly 7%…

Analysis

Kenya aims to keep banks' interest rates in line and promote lending
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The government has a long history of intervening in Kenya’s banking industry. Before the financial sector was fully liberalised in the 1990s, state actors maintained a firm grip on credit allocation to various areas of the economy, only granting a greater share of funds to sectors it deemed to be strategically important. This approach, however, took little account of the ability of these industries…

Analysis

Kenya's national trade policy aims to facilitate market access for a wider range of products
OBG
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Kenya has followed an export-oriented trade policy since the mid-1980s, when it shifted from its previous strategy of import substitution. While the efforts of successive governments have met with some success, the trading data for 2017 makes for uncomfortable reading for planners at the Ministry of Industry, Trade and Cooperatives. According to the Kenya National Bureau of Statistics, the trade deficit…

Overview

Tech solutions are driving the evolution of the global banking sector
OBG
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Once reserved for ambitious start-ups and industry-leading tech operators, financial technology ( fintech) has more recently caught the attention of major private sector firms and government planners alike, becoming a regular feature in budget speeches and strategic development plans. As fintech progressively plays a larger part in the lives of consumers, investors have quickly come to recognise its…

Overview

Prospects suggest globalisation is set to continue for the medium term
OBG
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Decades of growth in trade and foreign investment have seen the economies of the world become more interconnected and interdependent than ever before. The production of goods and, increasingly, the provision of services has become fractured across borders as corporations create and integrate into regional and global value chains – a process reinforced by international trade and investment regimes.…

Overview

Extensive reforms aim to strengthen Kenya's legal and political climate
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Kenya’s political system rests heavily on the executive branch of the government, with the president holding significant influence on the configuration and operation of the state. The 2010 constitutional reform has ushered in a number of reforms that have been widely regarded as a positive step towards a more equitable political system. However, discrepancies and clashes experienced during the 2017…