Kenya fastest growing economy in Sub-Sahara - World Bank

[RV Heavy Hitter!]

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Ugali of 250 shillings, cut to 140! Long way to go but by Year 3-5 GDP will be growing by 8%+

NAIROBI, Dec 29 (Reuters) - Kenya's economy grew 5.9% year-on-year in the third quarter of this year (KEGDPQ=ECI), compared to 4.3% growth in the same quarter of 2022, official data showed on Friday.

"This growth was mainly supported by a rebound in agricultural activities that had contracted in 2022," the Kenya National Bureau of Statistics (KNBS) said in a report.

Thanks to favourable weather conditions in the quarter, agriculture, forestry, and fishing grew by 6.7% compared to a contraction of 1.3% in the third quarter of 2022, the KNBS said.

[Nefertiti]

Kenya Ranked Fastest Growing Economy in Sub-Saharan Africa - World Bank
https://www.kenyans.co.ke/news/96013-kenya-ranked-fastest-growing-economy-sub-saharan-africa-world-bank

[hk]

Growth driven by agriculture output due to above normal rainfall. Tourism due to several conferences and summits. Finances due to increased rates, the downside to this is that credit growth hasn't bulged with banks lending rates at 18% and above. All the government interventions e.g fertilizer subsidy and hustle fund had little impact and added more debt. If agriculture output was driven by increased productivity e.g better plant genetics and breeding, that would be sustainable and worth celebrating.

[Nefertiti]

Proud that Kenya leads Africa in startup capital, securing an impressive $800 million (Ksh 124 billion) in 2023. Our strategic reforms have enhanced the business environment, positioning Kenya as the preferred choice for investors. This achievement reflects our commitment to… pic.twitter.com/m4Gi4VLVss

— William Samoei Ruto, PhD (@WilliamsRuto) January 10, 2024

?t=ohzu3GSi7Qu189kZqBxqGA&s=19

[sema]

https://t.co/NBdFKitUeh">pic.twitter.com/NBdFKitUeh</a></p>&mdash; Robert ALAI, HSC (@RobertAlai) <a href="

Awuoro Nyahururu. You don’t want your blessed government?  pic.twitter.com/NBdFKitUeh

— Robert ALAI, HSC (@RobertAlai) January 11, 2024

?ref_src=twsrc%5Etfw">January 11, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

[Nefertiti]

This Regular Oga says only Senegal, Mauritania, UG and TZ will grow 5%+ in 2024 onwards. Kenya is not even top 10.

https://africa.businessinsider.com/local/markets/10-african-countries-set-to-experience-the-highest-leaps-in-economic-growth/4mzsq19

I disagree - Kenya might not do so well this 2024 - due to debt adjustment shocks - as Ruto wean them out of binge borrowing. Beating addiction is painful.

But Kenya has serious advantages

1. The infra is in place which explains the debt liability. Including new system (CoK2010, devolution, reforms bla) - which is big tick for investment climate. This will pay dividends big time

2. Ruto is visionary. And I mean the man not the coterie of Ndiis, Kurias, Mdvds. The jetset strategy - he is courting FDI - as s only Ruto's forked tongue can do.

3. By this above point 2 I mean Ruto is milking the geoeconomic posture or status quo - Ethiopia is at war, Egypt faces Gaza exodus catastrophe, Sudan is at war, South Sudan is dead, Somalia is in tatters, Tanzanians poor English is big blunder. Literally the only competition is landlocked kingdom of UG and tiny autocratic Rwanda. Or bow-legged, toothless DRC.

The geoeconomic situation favors Kenya and we must ride the wave to Canaan.

Ruto is right to look West - because East has diminishing returns on hard infra as it's strength. The condition strongly favors western MNCs, VCs, etc. South Africa, Namibia are very politically hostile to the west presently - cause Israel - and this is blood in the streets moment for Kenya.

Ignore buffons like Malema and focus singularly on hunting for investors, capital and talent.

[Nefertiti]

EU geoeconomics https://fortune.com/europe/2024/01/21/europe-global-chip-dependency-tech-consulting-capgemini/

[Nefertiti]

Ruto should scratch Jewish oligarchs back like this


Elon Musk pays somber visit to Auschwitz concentration camp during Poland visit
https://www.teslarati.com/elon-musk-visits-auschwitz-concentration-camp/

[Nefertiti]

Kenya's mobile-money growth hits 16-year low following government tax move

Kenya, a trailblazer in mobile money transactions in Africa, experienced the slowest growth in transfers last year since 2007, following the government's decision to raise excise duty on transaction fees, Bloomberg reported.

The number of mobile wallets also saw a 6% rise, reaching 77.3 million by the end of 2023.

The 0.5% growth in the value of transactions in 2023 represents the slowest pace since the introduction of the service in March 2007. This deceleration is a result of the increase in excise duty on transaction fees, which rose to 15% last year from the previous 12%, as reported by the Kenya Revenue Authority.

https://africa.businessinsider.com/local/markets/kenyas-mobile-money-growth-hits-16-year-low-following-government-tax-move/he3n6xf

[Nefertiti]

If Ruto manage to scale this $800m to $10B - I will dump senile Raila. Bottom-up, etc - is nonsense - this is the solid stuff. Dimwits like Noway and Kadudu obviously don't get it.

Proud that Kenya leads Africa in startup capital, securing an impressive $800 million (Ksh 124 billion) in 2023. Our strategic reforms have enhanced the business environment, positioning Kenya as the preferred choice for investors. This achievement reflects our commitment to… pic.twitter.com/m4Gi4VLVss

— William Samoei Ruto, PhD (@WilliamsRuto) January 10, 2024

?t=ohzu3GSi7Qu189kZqBxqGA&s=19

[Kadudu]

What are boda boda and mama mbogas saying on the ground? That is all that counts. Hata dimwits can think for themselves.

If Ruto manage to scale this $800m to $10B - I will dump senile Raila. Bottom-up, etc - is nonsense - this is the solid stuff. Dimwits like Noway and Kadudu obviously don't get it.

[Nefertiti]

  I knew you couldn't resist

What are boda boda and mama mbogas saying on the ground? That is all that counts. Hata dimwits can think for themselves.

If Ruto manage to scale this $800m to $10B - I will dump senile Raila. Bottom-up, etc - is nonsense - this is the solid stuff. Dimwits like Noway and Kadudu obviously don't get it.

[Kadudu]

Just answer my question.

I knew you couldn't resist

[Nefertiti]

Kadush the pain is temporary as Ruto shifts gear from debt-driven growth to abit self-reliant. Kenya tax to GDP ratio is 18% - like most of Third world. You should aim to be in 20s territory of South Africa, Mexico, Turkey, Bangladesh.

Advanced economies have 30-40%. Generally it goes up as per capita rises - and is an indicator of economic efficiency. Or how sustainable the economic growth is. Basically debt-driven growth is bad - which is why tax collection should be very efficient to reduce borrowing.

Countries with high tax-to-GDP can equally borrow more - and still live within their means.

I believe Ruto digitized tax collection will squeeze evaders and is big milestone. That and affordable housing which outright increases taxes and immediately put them to use - VERY EFFICIENT... the results will out in a few years.

To summarize the lecture above - Kenya has been living above its means on debt - you need to live within your means - which explains the temporary pain.

[Nefertiti]

Kadudu what Ruto is doing - at least in my eyes from my very cosy cottage - by housing scheme, digital services, jetsetting - ticks many boxes

Reign in debt - optimize tax yield - invest new tax in housing  - hunt for foreign capital. Smart moves - and FDI at scale is what you need the most - cause it's inward capital flow thru investment not borrowing.

Pain is obviously exacerbated by rising interest rates last 2 years in US and developed world to beat inflation - which affects KSh value vs dollar etc - and will level back as inflation and rates here come down.

[Nefertiti]

And of course I don't really think Kadudu or Nowayhaha are dimwits  that was said in jest.

[Nefertiti]

KSh will level back in time


Shilling in rare upturn, records biggest gain in three years
https://www.businessdailyafrica.com/bd/markets/currencies/shilling-in-rare-upturn-records-biggest-gain-in-three-years--4502644

[Nefertiti]

Seem Naivasha SEZ is off to a good start with 6 companies pumping in 30B in steel, glass, logistics, fragrances or perfumes, EV assembly or manufacturing[?]


15 January 2024 - 19:08

https://www.the-star.co.ke/news/2024-01-15-naivasha-economic-zone-to-create-100000-jobs-cs-miano/

[Nefertiti]

Jetset Ruto is off to Japan straight from wining & dining Poland investors. He need to apply his forked tongue all over to court investors. This jetset agenda will pay big as he aggressively markets SEZs.

AV Kenya has been on the runway for years it just needs a proper talent to take off.


Ruto to leave for Japan tonight on a State visit



https://www.the-star.co.ke/news/2024-02-05-ruto-to-leave-for-japan-tonight-on-a-state-visit/

[Nefertiti]

Ruto to Polish investors: Why you should invest in Kenya



https://www.the-star.co.ke/news/2024-02-05-why-you-should-invest-in-kenya-ruto-to-polish-investors/