It has been less than a month since the government, through the Energy and Petroleum Regulatory Authority (EPRA), increased the fuel prices, pushing a liter of petrol past the Sh180 mark. The fuel burden on Kenyans is only expected to increase in the near future. Under the proposed bill, the government wants to double the VAT to 16%. If the Finance bill, 2023, passes, as it likely will, it will increase the value added tax (VAT) on fuel. What is more, Saudi Arabia, the world’s top oil exporter, recently announced that it will cut its oil production by another one…
Author: Antony mutunga
Urbanization in Africa has surpassed the rest of the world in the last two decades as population increase has led to increased rural-urban migration. And even though it is having a positive impact on the continent, it has not brought about inclusive growth. Most African cities are comprised of a large number of people living in slums, rising poverty, and inequality. Nairobi is such an example. Despite holding a population of over 4 million and accounting for over 30% of Kenya’s urban residents as of 2019, the capital city of Kenya continues to be absorbed by informal settlements and slums.…
Small businesses are at the risk of incurring an additional expense if the government passes a law that will make it mandatory for all companies to join the Kenya National Chamber of Commerce and Industry (KNCCI). According to Moses Kuria, Investment, Trade and Industry Cabinet Secretary (CS), during the launch of the 3rd Kenya International Investment Conference held between 29th-31st May at Safari Park Hotel, Nairobi, the government is working on a law that would have small businesses pay a minimum Sh5,000 mandatory subscription to the Kenya National Chamber of Commerce and Industry (KNCCI) in a bid to strengthen it.…
Lending rates are the biggest cause of unhappiness amongst Kenyans, according to the Hanke (by Economist Steve Hanke) Annual Misery Index (HAMI) 2022. While the country is reeling from unprecedented economic pressure, with inflation hitting a high of 9.59% in October 2022, runaway lending rates are what cause Kenyans the most misery. In 2022, a majority of banks saw their overall lending rates increase as the government increased the benchmark rate for the first time in about seven years from 7% to 7.5%. for instance, according to data from the Central Bank of Kenya, popular banks such as Equity, KCB…
