He said a timely release of maize
stocks from the government grain reserve will support the
stability of food prices.
Njoroge said the meeting was held against a backdrop of
domestic macroeconomic stability, sustained optimism on the
economic growth prospects, improving weather conditions in most
parts of the country and increased uncertainties in the global
He said the economy recovered strongly in 2018, with real
gross domestic product (GDP) surging 6.3 percent, up from 4.9
percent in 2017.
This, the governor said, reflected a strong recovery in
agriculture, manufacturing, and a buoyant services sector,
particularly trade, information and communication, accommodation
and restaurants, transport and storage, and finance and
"Leading indicators of economic activity show that growth
remained resilient in the first quarter of 2019, despite the
delayed onset of the long rains," he said.
The apex bank said growth in 2019 is expected to be supported
by agricultural production, robust growth of small and
medium-sized enterprises and the service sector, increased
foreign direct investment, and a stable macroeconomic
"Additionally, the continued alignment of government spending
to the Big 4 priority sectors is expected to boost economic
activity in manufacturing, agriculture, construction and real
estate, and health sectors," Njoroge said.
Kenya floats U.S. $2.5
million dollars mobile bond
NAIROBI (Xinhua) --
Kenya on Monday put up for sale mobile bond worth
250 million shillings (about 2.5 million U.S. dollars) as the
Treasury sought to build on the success of two previous
The mobile bond, dubbed M-AKiba, was floated by the Treasury,
the Central Depository and Settlement Corporation (CDSC), and
the Nairobi Securities Exchange (NSE). It came barely two months
since another one was sold, attracting a subscription of 79
"M-Akiba re-open 2 seeks to raise 2.5 million dollars and is
scheduled to run from May 27 to June 7," the three institutions
said in a statement on Monday.
CDSC chief executive Rose Mambo said since inception, the
bond has attracted over 459,586 investors.
"The bond has raised a total of 5.95 million dollars since
"In the March offer alone, we were able to raise 1.97 million
dollars against a target of 2.5 million dollars," she said.
NSE chief executive Geoffrey Odundo said the growth of the
mobile bond is a testament of its ability to enhance financial
inclusion as ordinary Kenyans can buy the security through their
Kenya to weed out tax
evaders and improve cargo clearance
NAIROBI (Xinhua) --
Kenyan President Uhuru Kenyatta said Monday his
government will vet and register all import and export cargo
consolidators to weed out tax evaders.
Kenyatta who made the second impromptu visit to the Inland
Container Depot (ICD) in Nairobi within a span of two days said
only genuine consolidators gazetted after the vetting process
will be allowed to work with the small scale traders in the
import and export business to avoid delays in the clearance of
containers at the ICD.
"There are people who engage in consolidation.
"They bring goods in containers, claiming they are transit
goods while their real motive is to evade paying tax.
"That is not right and we will not allow it," he said in a
statement issued after the visit.
Kenyatta who held a crisis meeting with stakeholders said the
visits follow complaints by traders whose goods have been
He assured small scale traders that their goods will be
cleared on time once they adhere to the laid down procedures.
"Many times our traders operate without knowledge of the
government procedures and we would like all boardroom decisions
disseminated to the traders," President Kenyatta said.
Kenyatta, however warned importers that the government will
not relent in its efforts to stem out the importation of
counterfeit goods into the country.
He said counterfeits were a major hindrance to the
development of local the manufacturing sector thereby denying
millions of young Kenyans employment opportunities.
During his visit on Sunday, Kenyatta made an impromptu
inspection visit of the ICD during which he called for an urgent
stakeholders meeting which was held on Monday to resolve the
cargo impasse at the facility.
During the meeting, it was established that the delay in the
clearing and release of the close to 1,000 containers was
largely due to insufficient paperwork including cargo that is
destined for the local market but was declared as export goods
by deceitful importers in attempts to evade paying requisite
The stakeholder meeting, which brought together all state and
non-state agencies operating at the terminal, resolved to have
the containers processed and released to the owners in the two
to three weeks.
The meeting also agreed to institute reform measures that
will reduce cargo clearance period at the depot to a maximum of