- The Daily Brief, by The Kenyan Wall Street
- Posts
- A Sigh of Relief?
A Sigh of Relief?
Kenya's #1 newsletter among business leaders & policy makers
Hello there 👋🏿
It's Brian from The Kenyan Wall Street.
In today's edition of ‘The Daily Brief’, Kenya's credit health, according to Fitch, remains stable but risks persist…
Moreover, the state is under fire over costly electricity connections – particularly in villages and poor regions of Kenya.
This and more stories in this edition…
ECONOMY
Fitch Ratings : How is Kenya's Credit outlook?
Fitch Ratings
A week ago, the African Union (AU) was unhappy with Moody's credit-rating on Kenya. The agency revised Kenya’s outlook to “positive” from “negative” and the continental body reported that last year's rating could have been erroneous. And now the second rating agency has released its perceptions on Kenya's credit health. Global credit ratings agency Fitch Ratings has maintained Kenya’s sovereign rating at “B-” with a Stable Outlook, citing solid growth prospects and a stronger monetary policy. And as Zainab Hafsah explains in this article, outlook remains bleak due to high debt costs, weak governance and a large informal sector that limits government revenue collection.
Today's Poll
Do you believe Africa can effectively rate its own credit health and reduce its reliance on Western-based agencies? |
Yesterday's Poll Results
Do you think the government is capable of sorting out all its pending bills?
🟨⬜️⬜️⬜️⬜️⬜️ Yes (23.81%)
🟩🟩🟩🟩🟩🟩 No (76.19%)
ENERGY
Discrimination in Electricity Connections
Kenya Power engineers
Potential power customers have raised issues with KPLC connection charges, which are sometimes billed at over KSh 2 million, especially where they are located far from existing infrastructure such as transformers. But the government denies such a reality, saying that the Rural Electrification and Renewable Energy Corporation (REREC) and Kenya Power (KPLC) do not discriminate against anyone who needs power connections. The cost, according to Energy CS, Opiyo Wandayi is determined by distance from the existing transformer. Fred Obura explains more in this article…
INVESTMENTS
SACCOs in Limbo
Savings and investments
SACCOs (Savings and Credit Cooperative Societies) that stashed huge sums of cash as deposits in the financially-crippled central finance facility at the Kenya Union of Savings Credit Cooperative Union (KUSCCO) are now making write-off provisions. This follows a directive from the Sacco Societies Regulatory Authority (SASRA) for SACCOs that are financially exposed to KUSCCO’s financial instruments make provisions in their accounts. In November, an internal audit showed the Union had lost KSh 12.5 billion as a result of illegal withdrawals and widespread mismanagement. As Jackson Okoth explains the woes that SACCOs are bound to encounter with KUSCCO’s collapse…
🪙 Also on Investments
AVIATION
Kenya Airways Vs. Nigeria
Kenya Airways (KQ)
Yesterday evening, X (formerly Twitter) was aflame — Nigerians on one side accusing the National Carrier, Kenya Airways, of mistreating them. Kenyans on the other defending a KQ agent against an ‘unruly’ Nigerian passenger. The Nigeria’s Civil Aviation Authority (NCAA) has summoned Kenya Airways’ (KQ) station manager in Lagos over what it says is a “long history of maltreatment” of the country’s passengers by the airline. Amid pledges of boycott and ‘mildly xenophobic’ utterances, all eyes will be in Abuja to see how the allegations play out. In this article, we explain the genesis of this fiasco…
More on the News Desk
▶️ Video of the Day
Nancy Masila - Founder & CEO of Jasiri Network explains how she empowered African professionals in the Diaspora.
Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we’ve got 24 hours each.