On September 30, 2014, Kenya achieved lower middle-income status effectively joining the ranks of middle-income countries, sixteen years ahead of its Vision 2030 goals.
Kenya is the ninth largest African country with a GDP of $55.2 billion. A World Bank Group analysis attributes Kenya’s growth to aggregate demand fueled by strong consumption and investment.
According to the World Bank’s Enterprise Surveys 2013 data, the top three business environment constraints experienced by private sector firms in Kenya are practices of the informal sector, corruption, and electricity.
According to Heritage Foundation’s 2015 Index of Economic Freedom Kenya’s economic score is down 1.5 points from last year to 55.6 making its economy the 122 freest (out of 186) in the 2015 index. There was an improvement in freedom from corruption outweighed by declines in five of the 10 economic freedoms, including trade freedom, business freedom and the control of government spending. Kenya is ranked 23rd out of 46 countries in sub-Saharan Africa.
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Published on February 20, 2017
A regional grain body and a US aid agency are working with millers and traders to import cheap maize from Ethiopia to ease the current shortage of the commodity that has hit the country.
East African Grain Council (EAGC) and the USAID trade hub want to link Kenyan buyers to Ethiopian sellers to import the grain into the country.
Last week, EAGC executive director Gerald Masila was in Ethiopia to discuss the trade deal while the Ethiopian delegation will be in the country this week for negotiation with millers. Ethiopia has a surplus of 1.5 million bags that they are willing to sell to Kenya. Read more. Source | Business Daily
Published on February 16, 2017
Kenya has created a unit that will market beads in foreign capitals in the quest to sell unique breast plates, earrings and bracelets to US and European consumers.
The Tourism ministry has established the Ushanga Kenya Initiative to be manned by an independent executive to research the bead-making industry and explore new markets for products.
The main market for the beads remains Kenya, but now beading is selling at higher prices to a small clique of European designers. Read more. Source | Business Daily
Published on February 13, 2017
Over 200 innovators, researchers and individuals from Tanzania, Kenya, Uganda, Rwanda and Burundi are expected to showcase technologies to curb post-harvest food losses in Nairobi, Kenya on May.
The Inter Region Economic Network (IREN), Chief Executive Officer (CEO), James Shikwati said the exhibition has been organised to address challenges in the post-harvest management of food-crop commodities and enhance labor.
The competition will enable organisers to identify a range of technologies to ultimately mitigate post-harvest losses in East Africa. Read more. Source | Daily News
Published on February 02, 2017
Kenya is putting in place policy reforms to boost local textile production, including by encouraging domestic sales, a senior official said Friday.
Minister of Industry, Trade and Cooperatives Adan Mohamed told a media briefing that the measures include allowing textile firms in the Export Promotion Zones to sell up to 20 percent of their produce locally without paying duties.“This will allow textile firms to take advantage of growing demand for apparel products by the growing middle class and hence boost the sector,” Mohamed said.
“We want to make sure our citizens have access to the high quality export products that are sold to overseas market,” he said during the launch of the Progress Report on Textile and Apparel Industry. Read more. Source | Coast Week
Published on February 02, 2017
Pius Mitei, a small-scale farmer in Rift Valley, tried his hand at agribusiness in 2015 for the first time. He bought 200 chickens, but lack of quality inputs and limited knowledge of the poultry business saw him record losses.
Short of new capital to inject into the venture, he abandoned it and took up an informal job in the transport industry.Then mid last year he came across FarmDrive, a local IT firm driving the financial inclusion agenda for farmers.
He sat through a training session conducted by the firm at Kampi ya Moto and got to learn how to access credit to start off his poultry venture afresh. After signing up with FarmDrive, Mitei got his first loan the same month, enabling him to buy new stock and feeds. Read more. Source | Daily Nation
Published on January 31, 2017
A Kenyan fresh-produce exporter is among six Africa-based businesses set to battle it out for the Africa Finance and Investment Forum (AFIF) Entrepreneurship Award 2017 in Nairobi next week.
EuroFresh Exotics, a company that exports fresh fruits and vegetables, was nominated based on its potential for growth and job creation as well as for its social, economic and ecological impact.
The firm exports mainly snow peas, sugar snaps, passion fruits, avocados, French beans and bird’s-eye chillies. Read more. Source | Business Daily
Published on January 27, 2017
The City of Johannesburg is raring to host the upcoming Global Entrepreneurship Congress (GEC 2017), which will be held at the Sandton Convention Centre from 13–16 March 2017. The GEC, which is the largest gathering of entrepreneurs, investors, researchers and policymakers, is being held on the African continent for the first time.
With a few weeks remaining before the official opening, a South African delegation is journeying to Nairobi, Kenya, in an effort to raise awareness as well as drive participation from the Kenyan community for GEC 2017.
The delegation has partnered with WECREATE Kenya and the Global Entrepreneurship Network (GEN) Kenya to meet with a variety of key stakeholders and entrepreneurs in Nairobi from 25–26 January. WECREATE serves as an entrepreneurial community center for women interested in starting or expanding an existing business. The Center provides mentoring, business connections, specialized training, connections to the community, media attention, access to markets and capital, along with the technical tools and resources necessary for taking any business to the next level. Read more. Source | Kenya Buzz
Published on January 27, 2017
Kenya is Africa’s second country in attracting investment funding for tech startups in 2016 according to a new report.
The report indicates that 26 Kenyan tech startups raised funding of about $10 million over passing Nigeria putting the country 2nd behind South Africa a 50 percent shoot from the previous year.This was up almost 50 per cent on previous year.
The overall amount for Kenya’s startup funding however went down by 80 per cent to about $80 million.
According to the report by Disrupt Africa, South Africa, Nigeria and Kenya shared the lion’s share of funding in 2016.The three countries shared 80 percent of the $129 million total funding that flowed to 146 startups in the continent representing a 17 percent increase from 2015. Read more. Source | The Exchange