The Mzungus are coming.

🛂 Kenya launches digital nomad work permit

Digital professionals are now welcome in Kenya! In an effort to further support Kenya’s tourism industry and spur more economic growth, President Ruto has announced a digital nomad work permit for global professionals working abroad to live and work from Kenya. There was an estimated 40 million digital nomads globally in 2023 and the number is expected to increase to 60 million by 2030; as Kenya’s third largest foreign exchange earner is tourism (following remittances and agriculture), the government believes that the addition of the permit will further support the tourism industry and positively impact the country. Although, some Kenyans don’t seem too excited about the move citing issues around rising living costs, etc. Dive deeper. 

👎 Economic growth slows to 2-year low

Q2 2024 economic growth hit a 2-year low of 4.6%, down from 5.6% a year prior in Q2 2023. The growth, which compares with 5% in the first quarter of 2024, was however tempered by contractions in the mining, quarrying and construction sectors. The second quarter of 2024 was marked by deadly protests against tax hikes which corrupted consumption and output levels. On the upside, the moderating inflation towards the target range coupled with the stable shilling during the period counterbalanced, buoying recovery in the subsectors.  Will the decline continue? 

😭 Sky Foods collapses

Just a few years after acquiring Treetops Juice from Unilever, Sky Foods has been placed under administration effective September 26th. Just 4 years ago, Sky Foods announced the opening of a KShs. 500M factory in Juja with the expectation to employ hundreds and produce 12M liters of juice each year. Sadly, like too many other companies in recent history, the reason for their shutdown has been attributed to the ‘high cost of doing business.’ WTF happened to Sky Foods? 

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