This week, Dr. (Eng.) Joseph Siror this week took charge at the helm of Kenya Power. He says he is on a mission to save Kenya Power from the darkness that has engulfed it for years.
9. Treasury's outstanding overdrafts reached a record high of KES 78.53 B on May 5.
This usually indicates that there are huge cash flow challenges when taxes and borrowing did not flow into the governmentโs main account at a pace that matches expenditure needs.
10. The Energy CS has blamed the lack of cheaper fuel supply in Kenya on insufficient storage capacity.
He added that once storage capacity is increased to enhance economies of scale and demurrage charges are reduced, Kenyans will enjoy lower fuel prices.
11. The University of Nairobi seems to have given up on collecting student debts that have been piling up for 20 years totaling KES 1.1 B.
The vice chancellor has asked the university council to write off KES 876 M of this debt. #MwangoMemes
12. The Kenyan bank's Q1 results so far show that Kenyan banks like Co-op Bank, Equity, and StanChart have cut their holdings of investment in government debt securities as they seek to lend more to customers:
13. President William Ruto intends to allocate about KES 50 B for the construction of dams in the next 3 years. He will prioritize some dams that were already started while excluding others that faced corruption allegations.
โKenya's Treasury CS declined their application for KES 288M in interest and penalties waivers
โA URA review resulted in a Corporation tax assessment with a principal tax of KES 594M & interest of KES 362M.
Quotes from the chat between President Ruto [@WilliamsRuto] & Mo Ibrahim at the Mo Ibrahim Governance Summit [@Mo_IbrahimFdn]:
1. On the AU:
"We seriously need an interrogation of the management of the AU. Today we cannot even support Somalia. We are waiting for the EU to giveโฆ twitter.com/i/web/status/1โฆ
2. The global financial infrastructure needs a relook:
"The current international financial architecture is, to put it bluntly, rigged against those of us in the global south because we cannot meaningfully address our development needs with the financial resources from thisโฆ twitter.com/i/web/status/1โฆ
3. On Africa's contributions toclimate change discussions:
"We do not want to come to the table as victims...we believe we can make a contribution towards sorting out this global challenge. It is affecting us the most we have contributed the least "
The Hass Real Estate Index Q1 2023 Report by @HassConsult:
1. Land prices in Nairobi:
Overall land prices in Nairobi's suburbs remain stable at 0.3% over the quarter, while land prices in the satellite towns price increased by 1.2%.
2. Land as an investment:
โNairobi land prices hit a historic high average of KES 194 M per acre.
โLand prices in 59% of Nairobi suburbs are now above pre-pandemic levels.
โRuaka is the most expensive suburb with the average price per acre now at KES 100 M
3. Property Prices:
โThe overall property prices in Kenya were static at 0.02% in Q1 2023, with different segments showing a varied performance.
โDetached houses now only account for 7.5% of the market down from 28% in 2016.
โTotal: KES 3.6T (22.1% of GDP)
โRecurrent: KES 2.5T (15.2% of GDP)
โDevelopment: KES 689.1B (42% of GDP).
The fiscal deficit is projected at KES 663.5B (4.1% of GDP) vs KES 1.12T in FY 22/23 (6.2% of GDP).
3. County allocations:
"Total allocation to county governments is projected at KES 385.4B (23% of total government revenue of the last audited accounts approved by the National Assembly) shareable revenue Including other conditional grants to a total of KES 429.7B (25.7%)โฆ twitter.com/i/web/status/1โฆ
Here's a highlight of the key numbers from the Safaricom Investor Briefing 2023:
1. Business at a glance:
โ Market Share: 66%
โ Customers: 43.2 million
โM-PESA Customers: 31.2 million
โFiber Optic Footprint: 12,500km
2. Revenue Mix:
โAbsolute Service revenue: +12.3 YoY
โM-PESA Revenue +38.3% YoY in 2022, from +33% YoY in 2021
โVoice revenue growth has consistently declined over 4 years
3. Voice, Data:
โVoice traffic up 60% YoY to 55,131 million in 2022
โData volume up 244% YoY to 545717 terabytes in 2022