Tuesday, June 27, 2017
Add this page to Blinklist Add this page to Del.icoi.us Add this page to Digg Add this page to Facebook Add this page to Furl Add this page to Google Add this page to Ma.Gnolia Add this page to Newsvine Add this page to Reddit Add this page to StumbleUpon Add this page to Technorati Add this page to Yahoo


ideas have consequences

You are here:Home>>Displaying items by tag: Kenya
 
DA Article Expo Module
 
AllAfrica News: Latest
All Africa, All the Time.
  • Africa: Ross Outlines Trump's Commercial Policy Toward Africa
    [allAfrica] Last week in a speech to the U.S.-Africa Business Summit sponsored by the Corporate Council on Africa, Secretary of Commerce Wilbur Ross signaled that there would be continuity in U.S. commercial policy to Africa.
  • Africa: Africa Needs to Act Now to Safeguard the Health of its Youth
    [WHO] Brazzaville -Partnerships and stronger collaboration are critical for better access to quality, affordable healthcare for everyone in Africa. This was a key message at the first Africa Health Forum launched by the World Health Organization in Africa and the Government of Rwanda in Kigali today.
  • Ethiopia: The Country's Fabulous National Parks
    [Ethiopian Herald] Covered in evergreen grasses, forest and flowers, Ethiopia's national parks are the ultimate delights for exploration, picnic and refreshment. It's full of breath taking landscapes and wildlife's. From the incredible green hills, mountains, waterfalls and nearby traditional houses, the parks have unforgettable charm that will stay with you forever.
Saturday, 30 October 2010 05:13

Kenyan Reserve Bank depressing Shilling?

Kenyan shilling may not survive currency war

The Central Bank of Kenya has been levied the accusation of deliberately weakening the value of her national currency shilling in order to make Kenyan agricultural products and tourism more attractive to foreign marketers. The Governor of Central Bank of Kenya (CBK) Njuguna Ndung’u said that the accusation has no basis and no legs to stand on.  Governor Njuguna Ndung’u denied that Kenya was pursuing a weaken currency policy, a paradigm that is becoming chic among ambitious exporting and emerging nations. Kenya may have a reason to depreciate the value of her shillings to counteract the effects of global recession and drums up demands for local products and services.

Kenya has a market economy with few government controlled industries. Most of her foreign currency generated is based on commodity export and attraction of tourists to the famous Kenya wildlife industry. The major export of Kenya is coffee together with tourism are the major sources of foreign revenues.  With the global recession and economic meltdown of many industrial countries, foreign donor nations have drastically cool-off on foreign aids. Therefore many developing nations who were the receivers of foreign aids have to buckle up and compete for attraction of capitals and revenues and Kenya is no exception.

Kenya is not a wealthy country and a large percentage of the population survived with less than one dollar a day. Kenya has a recorded GDP of $30.355 Billion (2008) which has grown significantly from $17.43 billion (2005).  With the relatively peaceful environment emerging from awful political violence a while ago, Kenya is poise for a growth but the world recession has made competition tense for export and attraction of foreign capital. Kenyan government has been intervening in the foreign exchange market and utilized the accumulated revenue from export to buy foreign currency and by so doing weaken its local currency.

“Currency dealers in commercial banks have in recent months pointed to the Central Bank’s intervening hand in the currency markets as the single biggest factor that has kept the shilling weak, even as increased foreign currency inflows from agricultural exports and a rebound in tourism dictated that the shilling should be strengthening.

The dealers have said that CBK appears to be inclined on maintaining a weak shilling by buying from the market dollars and other major world currencies in large quantities whenever the shilling has shown signs of gaining value. The Kenya shilling has weakened from Sh75.5 to the dollar to Sh80.60 since the start of the year — earning exporters more shillings per unit of their produce.”

The tendency to interven becomes inevitable to exporting countries that are afraid of having an appreciating and stronger currency which may depress export by making their products and services expensive to the international buyers. The danger of inflation looms with stronger currency and excessive liquidity in the market. In this case the central banks will moderately increase the benchmark interest rate and up the foreign reserve war chest to protect its currency from foreign predators. Kenya is doing the best she can to keep her head above water and compete in the aggressive international trade and market.

Governor (CBK) Njuguna Ndung’u Photo/Business Daily

“Kenya’s import bill has grown to Sh438 billion in the first half of 2010, up from Sh245 billion in 2005, compared to exports of Sh196 billion in the first half of this year and Sh120 billion in 2005.The Central Bank accumulates foreign currency reserves for use in paying government debt, paying for imports and supporting foreign missions.”

Governor Njuguna Ndung’u has stood by his words that his country was not pursuing the policy of depressing its currency. The downside is that Kenya does not have adequate resources to wave-off wealthy nations that are competing in globalized market with same interest and motivations. With her minimal economic strength and limited resources Kenya may not sustain a currency war when it becomes imminent.

 

Published in Archive
Thursday, 23 September 2010 02:50

Kenya and Constitutional Referendum

Beyond the Constitutional Referendum

From Mombasa to Nairobi, Kenyans came out in droves to pass and celebrate the new constitutional referendum, the most significant since the country attained her independence from Britain in 1963. The catalyst for the reform was the 2007–2008 Kenyan (political, economic, and humanitarian) crisis that erupted after incumbent PresidentMwai Kibaki was declared the winner of the presidential election. Supporters of Kibaki's opponent, Raila Odinga of the Orange Democratic Movement, alleged electoral manipulation. Both sides were subsequentlyguilty of instigating and participating in the crisis that later took ethnic and religious overtone and sentiments.

 

The referendum was successful with 68.55% of the country voting Yes and 31.45 voting No. The referendum was passed in peaceful nonviolent elections. Key highlights of the reform include:

 

· Reduction of  presidential powers

· Devolves power to regions

· Creates commission to manage public land

· Creates  House of Senate

· Recognises Kadhi (Muslim) courts

The most important question for Kenyans - what does the reform really meant for the daily life of the average citizen? While political freedom and civic exercises are good and well; the key to ending poverty, germinating peace and creating civil society in Kenya is to deliver the dividends of democratic dispensation. It must connote human development, dignity, and the right for self-determination. The major step, if not only solution for providing these benefits lies first and foremost in land reform.

Kenya like most previous settlement colonies struggles with land reform for two major reasons: The acquisition of land was done in an unjust and criminal manner and the return of some land was given to the ruling elite who subsequently took ownership of the land. The repossessed land was never returned back to the rightful owners, who were mostly peasants and subsistence farmers.  Land is more vital in Kenya than most other African countries because she is not blessed with the mineral wealth.

Kenya Land Alliance (an umbrella NGO) reports that more than a half of the arable land in the country is in the hands of only 20 percent of the 30 million Kenyans. It further reported that 13 percent of the population is absolutely landless, while 67 percent on average own less than an acre per person. How can a country achieve political and civic peace without correcting historical wrong and social injustice which has culminated to 60 percent poverty rate in Kenya?

Land reform is the path to peace and development in Kenya, and the single most important issue facing the country since independence.

 

 

Published in Gideon Nyan
2
Next
End
Page 2 of 2

Featured Articles and Reports

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15

Strategic Research and Analysis

  • British Queen Honors Nigerian Nurse  Nneka  Anionwu British Queen Honors Nigerian Nurse Nneka Anionwu
    QUEEN APPOINTS NIGERIAN WOMAN  NNEKA ELIZABETH ANIONWU DAME COMMANDER OF THE ORDER OF THE BRITISH EMPIRE FOR HER SERVICES TO NURSING PROFESSION IN THE UNITED KINGDOM.




    Dame  Nneka   Elizabeth  Anionwu DBE FRCN is a British-born nurse, health expert, tutor, lecturer and medical professor of Irish and Igbo-Nigerian descent. Anionwu contributed to opening the first sickle cell and thalassemia counselling centre in the...
  • Black History Month: Samuel Achilefu  Developed Cancer goggles Black History Month: Samuel Achilefu Developed Cancer goggles
    The  Nigerian Man Who Developed Cancer goggles That Makes Cancer Treatment Easier   Samuel Achilefu, PhD is a Nigerian-born Professor of Radiography and Biomedical engineering at Washington University.  Achilefu  and his team developed cancer goggles that aided  surgeons  to see clearly  and remove cancer cells.


    When dye is injected into a patient’s tumor, cancerous cells glow when viewed with the goggles and infrared light....
  • President Trump Call with President Muhammadu Buhari President Trump Call with President Muhammadu Buhari
      The White House
    Office of the Press Secretary
    For Immediate Release
    February 15, 2017     Readout of the President’s Call with President Muhammadu Buhari of Nigeria  
    President Donald J. Trump spoke this week with President Muhammadu Buhari of Nigeria to discuss the strong cooperation between the United States and Nigeria, including on shared security, economic, and governance priorities.  President Trump...
  • Governor Ifeanyi Okowa: How To Attract Foreign Investments Governor Ifeanyi Okowa: How To Attract Foreign Investments
    RE: Governor Okowa begs western countries to invest in the Niger delta
    “Attracting this money isn't easy. Capital is a coward. It flees from corruption and bad policies, conflict and unpredictability. It shuns ignorance, disease and illiteracy. Capital goes where it is welcomed and where investors can be confident of a return on the resources they have put at risk. It goes to countries where women can work, children can read, and entrepreneurs...
  •  Ex-President Jonathan Meets with the Nigerian-American Leadership Council (NAL) Ex-President Jonathan Meets with the Nigerian-American Leadership Council (NAL)
    February 10, 2017       Washington, DC Ex-President Dr. Goodluck Jonathan Meets with the “Nigerian-American Leadership Council (NAL Council)”, in Washington, DC

    On Thursday February 2, 2017, Nigeria’s former President, Dr. Goodluck Jonathan, met with executives of the Washington-based NAL Council at the US Congress, Washington, DC.
    Dr. Jonathan was in Washington to address members of the US Congress’s Africa...
  • Martin Ifedi:  Nigerian American playing  in the NFL Super Bowl 2017 Martin Ifedi: Nigerian American playing in the NFL Super Bowl 2017
    Nigerian immigrants in America have its largest population in Houston, Texas and that is where the super bowl 2017 is taking place.  And the son of Nigerian immigrant, Martin Ndubuisi Ifedi will be playing in the super bowl representing Houston, his city of birth, Nigeria and Africa.



    One can say without equivocation that the most important date in the National football league (NFL) calendar is the boisterous super bowl. “The...
  • NIGERIA VENTURING INTO NUCLEAR AGE: PRECAUTIONARY MEASURES ARE NECESSARY NIGERIA VENTURING INTO NUCLEAR AGE: PRECAUTIONARY MEASURES ARE NECESSARY

    Nuclear energy and nuclear technology can be of great aid to Nigeria in her endeavor to supply steady, reliable and clean energy for her domestic electric consumption. Without doubt Nigeria at this stage of her industrial stage must do something about the paucity of electricity to power her industries and residential homes. Nuclear technology with its entire prospect has its challenges that must be appreciated and be given the requisite attention...
  • Goodluck Ebele Jonathan writes to President Trump Goodluck Ebele Jonathan writes to President Trump
    Dear Donald J. Trump,

    By the grace of God, President of the United States of America.



    As the United States of America opens a new chapter today, many around the world, myself inclusive, are optimistic that the success you have achieved in your career as one of the world's foremost entrepreneurs will be translated to your life as a public servant and custodian of the trust of the American people.

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
HOUSTON °F
ABUJA °F
LAGOS °F
JOHANNESBURG °F
    Ferienhaus Ostsee
1 DOW 21,377.51
-32.04 (-0.15%)    
2 S&P 2,426.35
-12.72 (-0.52%)    
3 NASDAQ 6,172.62
-74.53 (-1.19%)    

Want to Submit an Article?

Or would you like to contact us?

Find more info here>>