ICYMI: Your Weekly Business Roundup

Sunday, October 6, 2024

Kenya's Exports to Africa Hit Five-Year Low: What's Slowing the Growth?

• Kenya's exports to African countries in the first half of 2024 grew at the slowest rate in five years, mainly due to declining demand from key markets like Uganda and Tanzania, which represent nearly half of Kenya's African exports.
• The slowdown in export growth is attributed to trade tensions with Uganda, protectionist policies, and a sharp decline in exports to Somalia, highlighting the need for a long-term export strategy for African markets. — Read more

SK Macharia ordered to wire Sh400m back to Directline

• SK Macharia has been ordered by the court to return KSh 400 million to Directline Assurance, with the judge citing that the funds were unlawfully transferred, which could have caused financial harm to the company.
• A forensic audit of Directline's accounts has been mandated, and an interim joint board has been formed to ensure transparency and safeguard the interests of policyholders and claimants. — Read more

Ketraco rejects law firm’s push for information on Adani deal

• Ketraco has rejected a law firm’s request to disclose information about the deal with Adani Energy Solutions for the construction of transmission lines, citing that the request falls outside the Access to Information Act.
• The Adani deal is part of a broader public-private partnership (PPP) strategy to address Kenya’s power transmission challenges, although concerns have been raised about transparency and public participation in such projects. — Read more

Dan Kwach: ‘Being bullied revealed my success path’

In this insightful piece, Dan Kwach shares how his childhood experiences of being bullied helped define his path to success. — Read more

"Being bullied taught me resilience. It pushed me to work harder and carve out my own path to success." – Dan Kwach

Ex-Wall Street banker’s one regrettable act

In this profile, Patrick Mweheire, a prominent figure in Africa’s banking and financial sector, shares insights from his journey to the top of the industry. — Read more

"To succeed in Africa’s financial sector, you must be adaptable and innovative, while understanding the unique challenges and opportunities the continent presents." – Patrick Mweheire

Safaricom CEO Peter Ndegwa on navigating competition amid Starlink forays

Safaricom CEO Peter Ndegwa discusses the company's approach to dealing with new market entrants like Starlink, emphasizing the importance of innovation and agility. — Read more

"Innovation is not just about technology; it’s about staying close to our customers and understanding their evolving needs." – Peter Ndegwa, Safaricom CEO

Only 10 counties met the own-source revenue target

• Limited Revenue Performance: Only 10 out of Kenya's 47 counties met their own-source revenue targets for the 2022/2023 fiscal year, highlighting significant gaps in local revenue collection and management.
• Declining Trends: Overall, counties collected KSh 34.4 billion, a notable decline from the KSh 35.9 billion in the previous fiscal year, raising concerns about the sustainability of local revenue generation. — Read more

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