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Overview

Conditions for economic growth have improved in Kenya, but challenges remain
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After the costly drought and political uncertainty of 2017, in 2018 the Kenyan economy appears to have stabilised on an upward trajectory, with most forecasts seeing a more robust expansion of economic activity. However, a structural fiscal deficit and ballooning public debt continue to pose significant challenges. Consequently, an increased sense of urgency surrounds the process of economic reform…

Overview

The trend towards lower corporate taxes impacts both developed and developing economies
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Recent decades have seen a downward trend in corporate taxation, with headline corporate tax rates falling by 20 percentage points since the early 1980s. The average for advanced economies dipped to 22% in 2015, and investment incentives have further reduced effective rates for transnational corporations. After the 2007-08 global financial crisis, many countries had to slash spending and raise revenue…
Interview

Libérat Mfumukeko, Secretary-General, EAC : Interview
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Interview :Libérat Mfumukeko Where are infrastructure developments most needed to foster regional industrialisation? LIBÉRAT MFUMUKEKO: While some progress has been achieved in the promotion and maintenance of industrial development in the EAC, there are challenges that still must be overcome, especially in terms of energy supply and transportation. The region possesses natural resources…
Interview

Patrick Ngugi Njoroge, Governor, Central Bank of Kenya (CBK) : Interview
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Interview :Patrick Ngugi Njoroge How can the banking sector help to support the goals of the Big Four agenda? PATRICK NGUGI NJOROGE: Banks are well positioned to fund the agenda’s priorities through credit extension, targeted products and incentives. In housing, banks can boost supply and demand by providing syndicated loans to contractors, as well as mortgage and asset financing options.…
Interview

Jeremy Awori, CEO, Barclays Kenya : Interview
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Interview :Jeremy Awori What are the challenges of shifting to the ninth International Financial Reporting Standard (IFRS 9)? JEREMY AWORI: The shift to IFRS 9 will have a very broad impact on regulations. This is a global accounting standard, and compliance is not optional. Building models on expected credit losses has been relevant, and international banks have taken the lead on that front.…
Interview

President Uhuru Kenyatta : Interview
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Interview :Uhuru Kenyatta What are the key parts of the Big Four agenda? UHURU KENYATTA: Once we had time to reflect on our conversations with Kenyans, it became clear that we needed a new strategy to meet the expectations of our citizens. And so the Big Four agenda – our plan to transform our manufacturing, housing, agriculture and health care sectors – was born. We have set a series of…
Interview

Kenneth Kaniu, CEO, Britam Asset Managers : Interview
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Interview :Kenneth Kaniu How can retail investor participation in Kenya’s equity and fixed-income markets be encouraged? KENNETH KANIU: We already have a good level of awareness as far as the equity markets are concerned. If we look at the initial public offerings (IPOs) since 2003-08, we can see very strong and positive retail participation. Also, we have seen the number of Central Depository…
Interview

Geoffrey Gangla, CEO, Genghis Capital : Interview
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Interview :Geoffrey Gangla What factors will be driving the performance of Nairobi Stock Exchange (NSE) in the coming year? GEOFFREY GANGLA: Overall market sentiment is looking favourable after the easing of political tensions, and more activity is expected. In 2018 increased public and private spending as a result of improved investor confidence will have a noticeable impact on economy activity.…
Interview

Joshua Oigara, CEO and Managing Director, KCB Group : Interview
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Interview : Joshua Oigara What is the outlook for Kenya’s banking sector, and how should it look to finance key industries? JOSHUA OIGARA: The sector is committed to funding key infrastructure projects, and we are using annuity financing as part of the public-private partnership (PPP) model to do this. In agriculture, one of the main challenges is to expand the use of aggregator models for producers.…
Interview

Geoffrey Odundo, CEO, Nairobi Securities Exchange (NSE) : Interview
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Interview :Geoffrey Odundo What are the impacts of monetary policy on the performance of the stock exchange? GEOFFREY ODUNDO: The bourse has established a number of tax incentives to stimulate participation in the market. For instance, our exchange does not enforce a tax on capital gains realised from share sales, and we are advocating for additional benefits that will encourage more firms…