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    Equity land Ksh16.5 billion loan to support MSMEs

    KenGen Plans Direct Selling Of Electricity

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    KPA MD Post to be readvertised after interviewees fail to meet threshold

    10% of Kenyans completely unable to service their loans says report

    Employers continue deducting salaries in 2021 due to Covid-19

    17% of All Food Available at Consumer Levels is Wasted Says UN

    17% of All Food Available at Consumer Levels is Wasted Says UN

    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    World Animal Protection calls for an End to wildlife trade

    World Animal Protection calls for an End to wildlife trade

    Farmers bet on indigenous foods to boost incomes and tackle malnutrition

    Farmers bet on indigenous foods to boost incomes and tackle malnutrition

  • Markets
    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

    Equity land Ksh16.5 billion loan to support MSMEs

    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    World Animal Protection calls for an End to wildlife trade

    World Animal Protection calls for an End to wildlife trade

    JKIA and Moi International Airport named the best in Africa

    JKIA and Moi International Airport named the best in Africa

    tvN – Korea’s top entertainment brand debuts on DSTV

    tvN – Korea’s top entertainment brand debuts on DSTV

    Samsung Named Top Global TV Manufacturer

    Samsung Named Top Global TV Manufacturer

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    Locally assembled Proton Saga saloon car released to the market  

    Hennessy becomes NBA’s first global spirit partner

    Hennessy becomes NBA’s first global spirit partner

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    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

    Developing Countries Set To Lose Sh22 Trillion Due to COVID-19

    Commercial office rents fall 13pc in quarter 3 & 4 of 2020

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    New Construction Technology to help NHC deliver affordable homes

    NCBA partners with Shelter Afrique to finance properties in 5 counties

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    LG’s OLED Honoured at the Technology and Engineering Awards

    LG’s OLED Honoured at the Technology and Engineering Awards

    Kenya’s position as a Digital Media Hub gaining momentum

    Kenya’s position as a Digital Media Hub gaining momentum

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    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    Konza Technopolis, Israel to host Innovation Challenge

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  • World Business
    OPPO Announces Global Partnership with Volkswagen

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    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

    Equity land Ksh16.5 billion loan to support MSMEs

    10% of Kenyans completely unable to service their loans says report

    Employers continue deducting salaries in 2021 due to Covid-19

    17% of All Food Available at Consumer Levels is Wasted Says UN

    17% of All Food Available at Consumer Levels is Wasted Says UN

    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    World Animal Protection calls for an End to wildlife trade

    World Animal Protection calls for an End to wildlife trade

    Farmers bet on indigenous foods to boost incomes and tackle malnutrition

    Farmers bet on indigenous foods to boost incomes and tackle malnutrition

    JKIA and Moi International Airport named the best in Africa

    JKIA and Moi International Airport named the best in Africa

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    Safaricom cracks whip on rogue MPESA agents

    • Agribusiness
    • Banking
      Equity land Ksh16.5 billion loan to support MSMEs

      Equity land Ksh16.5 billion loan to support MSMEs

      Safaricom PLC Announces A 14.4 Per Cent Increase In Half-year Net Profit

      Safaricom cracks whip on rogue MPESA agents

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      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

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      Minet feted Insurance Broker of the Year

      Minet feted Insurance Broker of the Year

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

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    • Manufacturing
    • Opinion
      IoT predictions for 2021: Smarter tech will make better business

      IoT predictions for 2021: Smarter tech will make better business

      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

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Kenyan Business Feed
  • Home
  • News
    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

    Equity land Ksh16.5 billion loan to support MSMEs

    KenGen Plans Direct Selling Of Electricity

    KenGen and Rwanda in discussion over exploration of geothermal resource

    KPA MD Post to be readvertised after interviewees fail to meet threshold

    10% of Kenyans completely unable to service their loans says report

    Employers continue deducting salaries in 2021 due to Covid-19

    17% of All Food Available at Consumer Levels is Wasted Says UN

    17% of All Food Available at Consumer Levels is Wasted Says UN

    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    World Animal Protection calls for an End to wildlife trade

    World Animal Protection calls for an End to wildlife trade

    Farmers bet on indigenous foods to boost incomes and tackle malnutrition

    Farmers bet on indigenous foods to boost incomes and tackle malnutrition

  • Markets
    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

    Equity land Ksh16.5 billion loan to support MSMEs

    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    World Animal Protection calls for an End to wildlife trade

    World Animal Protection calls for an End to wildlife trade

    JKIA and Moi International Airport named the best in Africa

    JKIA and Moi International Airport named the best in Africa

    tvN – Korea’s top entertainment brand debuts on DSTV

    tvN – Korea’s top entertainment brand debuts on DSTV

    Samsung Named Top Global TV Manufacturer

    Samsung Named Top Global TV Manufacturer

    Locally assembled Proton Saga saloon car released to the market  

    Locally assembled Proton Saga saloon car released to the market  

    Hennessy becomes NBA’s first global spirit partner

    Hennessy becomes NBA’s first global spirit partner

  • Real Estate
    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

    Developing Countries Set To Lose Sh22 Trillion Due to COVID-19

    Commercial office rents fall 13pc in quarter 3 & 4 of 2020

    New Construction Technology to help NHC deliver affordable homes

    New Construction Technology to help NHC deliver affordable homes

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    New Ksh350Million Commercial centre to be constructed in Athi River

    New Ksh350Million Commercial centre to be constructed in Athi River

    Greenpark Estate injects Ksh15M to its development

    Greenpark Estate injects Ksh15M to its development

    LG’s OLED Honoured at the Technology and Engineering Awards

    LG’s OLED Honoured at the Technology and Engineering Awards

    Kenya’s position as a Digital Media Hub gaining momentum

    Kenya’s position as a Digital Media Hub gaining momentum

  • Tech
    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    Konza Technopolis, Israel to host Innovation Challenge

    Konza Technopolis, Israel to host Innovation Challenge

    TikTok releases H2 2020 Global Transparency Report

    TikTok releases H2 2020 Global Transparency Report

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    2 Kenyans selected to create African Inspired stickers for New Chat App

    2 Kenyans selected to create African Inspired stickers for New Chat App

    Mobile Phones contribute to the realisation of UN SDGs – 2020 GSMA report says

    realme awards fans to Valentines through DaretoLove Campaign

    realme awards fans to Valentines through DaretoLove Campaign

    Opera launch its new Chat App to rival WhatsApp

    Opera launch its new Chat App to rival WhatsApp

    IoT predictions for 2021: Smarter tech will make better business

    IoT predictions for 2021: Smarter tech will make better business

  • World Business
    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    World Engineering Day to Be Celebrated in Kenya

    World Engineering Day to Be Celebrated in Kenya

    How NASA Technology Can Help Save The World’s Largest Shark

    How NASA Technology Can Help Save The World’s Largest Shark

    After fight with US Authorities Huawei CEO now want talks with Biden

    After fight with US Authorities Huawei CEO now want talks with Biden

    Ford Vehicles to be powered by Android and Google apps in new deal

    Ford Vehicles to be powered by Android and Google apps in new deal

    Columbia Africa banks on primary and preventive healthcare to grow market share

    Columbia Africa banks on primary and preventive healthcare to grow market share

    DHL Express Named Best Employer in The World

    DHL Express Named Best Employer in The World

    Meet the founder of Safari Doctors Umra Omar

    Meet the founder of Safari Doctors Umra Omar

    Kenya to receive Ksh 1 billion from Google for economic recovery

    Kenya to receive Ksh 1 billion from Google for economic recovery

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

    Equity land Ksh16.5 billion loan to support MSMEs

    10% of Kenyans completely unable to service their loans says report

    Employers continue deducting salaries in 2021 due to Covid-19

    17% of All Food Available at Consumer Levels is Wasted Says UN

    17% of All Food Available at Consumer Levels is Wasted Says UN

    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    World Animal Protection calls for an End to wildlife trade

    World Animal Protection calls for an End to wildlife trade

    Farmers bet on indigenous foods to boost incomes and tackle malnutrition

    Farmers bet on indigenous foods to boost incomes and tackle malnutrition

    JKIA and Moi International Airport named the best in Africa

    JKIA and Moi International Airport named the best in Africa

    Safaricom PLC Announces A 14.4 Per Cent Increase In Half-year Net Profit

    Safaricom cracks whip on rogue MPESA agents

    • Agribusiness
    • Banking
      Equity land Ksh16.5 billion loan to support MSMEs

      Equity land Ksh16.5 billion loan to support MSMEs

      Safaricom PLC Announces A 14.4 Per Cent Increase In Half-year Net Profit

      Safaricom cracks whip on rogue MPESA agents

      Bill in parliament seeks to have CBK regulate Mobile lenders

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      DTB Bank set to shut down 6 branches

      DTB Bank set to shut down 6 branches

      Secure your future by saving with Metropolitan National Sacco

      Housing Finance launches new money transfer service

      Housing Finance launches new money transfer service

      Businesses to benefit from Ksh1.6 Billion in Aid from DTB

      Businesses to benefit from Ksh1.6 Billion in Aid from DTB

      Leak: 53 Kenyan banks, individuals Named in FinCEN Files For Illegal Sh6 Trillion Transactions

      Impending layoffs at Absa Bank Kenya Plc

    • Insurance
      AAR Insurance embrace paperless model with new mobile app

      AAR Insurance embrace paperless model with new mobile app

      Minet feted Insurance Broker of the Year

      Minet feted Insurance Broker of the Year

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      Pension Schemes Maintain Positive Performance in Q4 of 2020

      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      ICEA Lion Life appoints a new CEO

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      Exposed: Insurance Company on The Spot for Fruatrating clients

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      Octagon feted in 2020 World Pension Summit Innovation Awards

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      What do you need to know before purchasing car insurance?

      What do you need to know before purchasing car insurance?

    • Manufacturing
    • Opinion
      IoT predictions for 2021: Smarter tech will make better business

      IoT predictions for 2021: Smarter tech will make better business

      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

      Why Digital Services Tax is a retrogressive policy

      How Citizen TV Became The Most Watched in Kenya

      How Citizen TV Became The Most Watched in Kenya

      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

      After fuliza, Safaricom introduces another way to borrow money

      OPINION: Why Safaricom’s Fuliza is a rip off!

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      Crisis as young Kenyans now embrace Crime as lifestyle

      Crisis as young Kenyans now embrace Crime as lifestyle

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Home KBF Agribusiness

Dwindling agricultural Exports to slow Kenyas GDP growth, Report

by Neymar
April 20, 2020
in Agribusiness, KBF, Markets, News, Reports & Analysis
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Kenya’s Growth Domestic Product (GDP) is expected to decelerate to 3.5 % in 2020, According to a report by Agusto & Company Limited.

The decline will be due to pressure on agricultural export, tourism activities, locust invasion, and COVID-19 pandemic says a credit rating report.

The Pan-African credit rating agency has given Kenya a “B+” sovereign credit rating, citing persistent fiscal slippages by the Government leading to expanded external borrowing, rising budget deficit to GDP ratio, high-risk debt distress owing to the adverse effect of locust invasion and COVID-19 pandemic and a worsening balance of trade deficit due to low demand for the country’s exports.  

According to Ikechukwu Iheagwam, Country Manager, Agusto & Company Limited, Kenya has consistently missed its revenue target by at least 8% since 2014/15 fiscal year, and the expectation is that the country’s fiscal deficit for the 2019/20 budget cycle to remain well above the Government’s 5.1% target and the East African Community convergence benchmark of 3%.

“Fueled with these economic factors, we expect Kenya’s debt-service to revenue in 2020 to be twice the recommended 30% threshold by the International Monetary Fund (IMF) which will put a strain on planned development expenditure and the country’s ability to fight COVID-19 should there be a widespread outbreak in the country,” noted Mr. Ikechukwu Iheagwam, Country Manager, Agusto & Company Limited.

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Mr. Iheagwam added that there was an expected strain on agricultural exports and tourism activities, sectors that have been key contributors to the Kenyan economy. He also noted that the Country’s 2019 US $8.7 billion foreign reserves which represented 5.5 months import were expected to remain at about the same level as receipts of foreign currency loans from international lenders is likely to have a cushioning effect.

The negative outlook for 2020 is based on expanded external borrowings, a rising budget deficit to GDP ratio, low demand of the country’s exports and a high risk of debt distress resulting from an expected decline in government receipt from agricultural exports, foreign remittances and tourist activities due to the locust invasion and the COVID-19 pandemic.

The rating agency notes that the expansionary monetary policy and the repealed interest capping by The Central Bank of Kenya is likely to have a positive impact on the country’s credit market and estimates that a stronger private sector-led credit growth will be necessary to sustain high economic expansion.

The rating reflects Kenya’s resilient macroeconomic fundamentals, a diversified economy, a relatively stable local currency against major international currencies, a comfortable foreign exchange reserve buffer against short-term external shocks and Kenya’s position as the leading business hub within the EAC.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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