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Kenya’s economic growth rises to 5.6% in 2023

Published

6 months ago

May 21, 2024

With strong output in the agriculture sector, Kenya’s GDP expanded by 5.6% in 2023 compared to a revised 4.9% in the previous year, according to a Monday statement from the head of the statistics office.

The agricultural sector, which accounts for almost a fifth of the country’s yearly GDP, is the main driver of the East African economy. The industry recovered from two years of contractions thanks to heavy rains following years of drought.

“Last year it shot to 7% (growth),” the director general of the statistics office, Macdonald Obudho, stated at a press conference to introduce the report on economic growth for the period.

Another important industry, tourism, saw the increase as well, according to Obudho, with 2.087 million tourists arriving last year, above the pre-pandemic norm of 2.035 million.

A combination of factors including drought, rising commodity prices, and tight global financial conditions caused real GDP growth to drop from 7.5% in 2021 to 5.5% in 2022. Services drove growth on the supply side while household consumption drove growth on the demand side. Food and energy inflation caused inflation to increase from 6.1% in 2021 to 7.6% in 2022.

According to the African Development Bank, Kenya’s GDP is projected to grow 5.6% in 2023 and 6.0% in 2024, driven by services and household consumption. Inflation is projected to rise to 8.6% in 2023 and 5.9% in 2024, driven by food and energy inflation. Monetary policy is expected to remain tight.

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Ivory Coast to create $500 million green financing fund

Published

5 days ago

November 17, 2024

Ifeoluwa Dada

Ivory Coast will establish a $500 million green financing fund to assist sustainable growth, the IMF said.

Africa’s 54 countries have been worst hit by climate change, although emitting less pollution than developed nations. They get only 1% of yearly global climate financing.

The African Green Banks Initiative aims to develop a $1.5 billion ecosystem of green investment facilities by 2030, including Ivory Coast’s new facility.

The Global Environment Facility, the Green Climate Fund, the Ivory Coast government, multilateral development banks, development finance organisations, and possible private sources will all contribute to the facility’s capitalisation.

The leading cocoa-growing country in the world, West Africa, has been drafting new legislation to help other green finance projects, such as a body to regulate carbon credit management.

The consequences of climate change have disproportionately affected Africa, making cyclones, floods, and droughts worse in recent years.

A 30-month, $1.3 billion loan agreement for Ivory Coast under the IMF’s Resilience and Sustainability Facility was authorised by the executive board in March.

According to the IMF, the funding agreement will help the Abidjani administration implement its pledge to lessen the negative consequences of climate change.

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1,172 Nigerians killed, over 1,000 kidnapped in nine months— NHRC

Published

1 week ago

November 14, 2024

Isaac Dachen

The National Human Rights Commission (NHRC) has put the figures of Nigerians killed and kidnapped by non-state actors from January to September 2024, at 1,172 and 1,463 respectively.

A new data released on Wednesday by the organization reveal that the month of May saw the 298 persons killed, making it the highest, while March recorded the highest number of abductions with 499 kidnappings.

These data which was presented at a workshop on the state of human rights in Nigeria by the commission and the European Union, in Abuja, attributed the rise in kidnappings, killings and child abandonment in Nigeria to the negligence and failure of the state to protect its citizens.

While presenting the data, NHRC Senior Human Rights Adviser, Hillary Ogbonna, gave a breakdown of what he described as the alarming rise in human rights abuses, including kidnappings, killings and child abandonment.

“By January 2024, we already had 150 kidnappings and 55 killings associated mainly with non-state actors. What has become the norm is the killing of law enforcement officers,” Ogbonna said.

“We started with seven policemen killed in January. From victims’ perspectives, we had quite a number of victims for human rights violations for January.”

Also speaking at the event, the NHRC Executive Secretary in Nigeria, Tony Ojukwu, said:

“In recent years, we have witnessed alarming trends and threats against those who dare to speak the truth to power.

“It serves as a stark reminder that the protection of human rights is an ongoing struggle that requires continuous vigilance, action and cooperation from all sectors of the society,” Ojukwu said.

A delegation from the EU which also made a presentation, reiterated its commitment to support Nigeria to overcome these challenges, while urging the Federal Government to work with the armed forces to end this trend.

“The European Union will continue to work around the world through diplomacy,” the Head of EU Delegation, Zissimos Vergos, said.h