BBB- to Default: S&P and Fitch Rate Five African Nations
S&P Global Ratings downgraded Senegal's local currency sovereign rating four notches to CCC+ on March 27, 2026, citing gross financing needs of 26% of GDP, a suspended IMF program, and government debt estimated at 131% of GDP. In the same 48-hour window, S&P affirmed Morocco at investment-grade BBB- and Ghana at B-, while Fitch affirmed Tanzania at B+ Stable. Mozambique's selective default local currency rating was also affirmed alongside a CCC+ foreign currency rating with Negative outlook. The five actions were shaped by the Middle East war, IMF program access, and commodity exposure.
NSE Suffers Worst Week Since Covid 19 Week, Oil Shock Wipes KSh 231Bn From Market
The Nairobi Securities Exchange recorded its worst week since COVID-19, erasing KSh 231.17Bn across five consecutive losing sessions in the second largest weekly decline since 2008. The Banking Index fell 8.03%, posting its worst day since launch on Thursday. The NSE 10 lost 9.02%, also a record worst week. ABSA dropped 14.5%, KCB shed 10.5%, and Equity fell 9.8%. Brent crude closed above $106 after Iran rejected US peace talks, with Kenya facing a fuel price shock at the April 15 EPRA review. Foreign investors were net sellers at KSh 503.76M. Market cap fell to KSh 3,241Bn. YTD gains narrowed from 12.24% to 4.76%.Treasury CS Mbadi Rules Out New Taxes In Finance Bill 2026
Treasury is betting that tighter enforcement, digital tax collection and broader compliance can raise enough revenue to support the next budget.
Women, Older Kenyans and Low-Income Earners Most Anxious Over Debt-Old Mutual Report
Findings from the Old Mutual Financial Wellness Monitor 2025 indicate that about 40% of working Kenyans worry about their debt, a notable improvement from 53% a year earlier.Unlocking Kenya’s Economic Growth Through Competition Reform- OECD Peer Review Report
Kenya’s US$ 132 billion economy is dynamic but constrained by a restrictive regulatory environment and heavy state participation, which limit private sector growth. The 2026 OECD review finds that targeted competition reforms could unlock significant gains- boosting GDP and jobs- highlighting the need for stronger, more independent enforcement by the Competition Authority of Kenya.SHA Survives Constitutional Test, but Transition Flaws Persist
Although the judgment acknowledged weaknesses and irregularities in the process, it concluded they were not strong enough to invalidate the contract itself.Kenya Railways Posts KSh 28 Bn Loss on SGR Loan Costs
Kenya Railways Corporation narrowed its operating loss by 65% to KSh 581.5 Mn for the year ended 30 June 2025 as freight haulage hit a record 8.16 million tonnes and total revenue climbed 18.6% to KSh 30.52 Bn. SGR revenues grew 9.1% to KSh 19.42 Bn. The gains were absorbed by KSh 25.97 Bn in interest on the GoK on-lent SGR loan (originally China Exim Bank), leaving a net loss of KSh 28.17 Bn. The loan balance grew 4.0% to KSh 672.04 Bn. Negative equity widened to KSh 121.08 Bn. The Auditor-General issued a qualified opinion on six grounds including unsupported land and revenue inaccuracies.Kenya is Winning the Electric Mobility Race- M-KOPA Mobility GM
What stands out about Kenya's e-mobility reality and potential is not any single intervention, but the alignment between policy, infrastructure, and financing.
Nairobi Ranks 6th in Sub-Saharan Africa, 56th Globally, in New Attractiveness Index
Nairobi has been ranked 56th globally and sixth in Sub-Saharan Africa in a new Global Attractiveness Index, reflecting a mixed profile of economic strength alongside persistent infrastructure and social constraints.Kakuzi Returns to Profit on KSh 1.07 Bn on Avocado, Macadamia Haul
Kakuzi Plc posted a pre-tax profit of KSh 568.4 Mn for FY2025 after a KSh 166.7 Mn loss in FY2024. Revenue rose 12% to KSh 5.37 Bn, the second-highest in the company's 32-year record. Avocado profit nearly doubled to KSh 709 Mn on 23% higher production despite lower European prices. Macadamia surged to KSh 365 Mn from KSh 69 Mn on a 30% kernel price recovery. Tea swung to a KSh 53 Mn loss. Blueberries turned profitable for the first time. Selling costs surged 47% on Red Sea disruptions, compressing the pre-tax margin to 10.6%. Dividend doubled to KSh 16.NSE Loses KSh 96Bn in 7th Biggest Daily Drop Since 2008
The Nairobi Securities Exchange recorded its 7th largest single-day loss since 2008 on March 23, 2026, with KSh 96.02Bn in market value wiped out. Safaricom alone shed KSh 54Bn, accounting for over half the decline. The selloff, driven by the Iran war and Strait of Hormuz closure, hit a market that had rallied from KSh 2.94Tn to above KSh 3.5Tn on domestic capital alone, with foreign investors net sellers throughout. The launch of Ziidi Trader in February amplified retail participation but left the market exposed when institutional holders distributed into the rally. Market cap fell to KSh 3.38Tn but remains up 14.69% YTD.KRA Proposes to Scrap KSh 5mn VAT Threshold
KRA is proposing to remove the KSh 5 million VAT registration threshold, requiring all businesses to charge and remit 16% VAT. The move aims to expand revenue collection but could increase costs for small traders and consumers.
