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.
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.
CBK Pairs KSh 40Bn Bond Reopening With Another Switch Auction in April Programme
The Central Bank of Kenya has launched a KSh 60Bn borrowing programme for April, combining a KSh 40Bn bond reopening with a KSh 20Bn switch auction. The reopening covers FXD1/2020/015 (8.9 years to maturity, 12.756% coupon) and FXD1/2018/025 (17.3 years, 13.400% coupon), with the auction on 1 April. The switch targets holders of FXD1/2016/010, maturing August 2026, offering an exchange into FXD1/2018/015 due May 2033. It is the fifth bond switch in Kenya's history and the third in 2026. Net borrowing through reopenings has reached KSh 687.50Bn across 13 auctions since July 2025.Kenya’s Options for Escape from 'Eurobondage'
Kenya needs to explore the issuance of social-linked bonds to ensure greater accountability over domestic and foreign commercial borrowing. Writes Cuba Houghton
The Strait of Hormuz: How Kenyan Businesses Can Navigate Price Shocks
What is critical for leadership teams, lenders and policymakers to acknowledge is that energy price shocks do not create weaknesses in balance sheets. They expose existing ones.
Counties' Health Facility Cash Lifeline Raises Red Flags for Kenya’s Fiscal Planning
Kenya’s devolved governments are increasingly relying on facility-generated health revenues to plug widening budget gaps, raising concerns among policy makersRecovery Gap Widens as Kenyans Take Months to Rebuild After Shocks- Tala Report
New data in a report titled Money March 2026: Financial Resilience, by Tala, Pezesha, CIS and TransUnion shows that recovery from a serious financial setback can take anywhere from less than a month to more than six monthsEthiopia Slashes Current Account Deficit 95% to $289 Mn After FX Reform and Export Surge
Ethiopia’s shift to a market-based exchange rate in July 2024 triggered a major external adjustment. The current account deficit narrowed from $6.2 Bn to $289.3 Mn, while export earnings surged 119.2% and private remittances rose 13%. NBE foreign reserves jumped more than 209%, and the gap between official and parallel exchange rates narrowed to within 15%, shifting foreign exchange activity back into the formal banking system.NCPB to Take Over Maize Seed Subsidy Program After Delays
Parliament has ordered the National Cereals and Produce Board (NCPB) to take over the country’s maize seed subsidy program, removing Kenya Seed Company from its role amid concerns over delayed delivery and financial lossesCBK Raises KSh 18Bn in Bond Switch into 2034 Paper
The Central Bank accepted KSh 18.40Bn in a Treasury bond switch auction after receiving KSh 22.21Bn in bids against a KSh 15Bn offer. Investors exchanged holdings in the FXD1/2021/005 bond, which matures in November 2026, into the longer-dated FXD3/2019/015 bond due July 2034. The operation extends Kenya’s domestic debt maturity profile and eases refinancing pressure ahead of the 2026 redemption cycle.Kenya Raises KSh 61Bn in March Bond Reopening
CBK raised KSh 60.99Bn in its March reopening of the 2039 and 2046 Treasury bonds after receiving KSh 117.43Bn in bids, nearly twice the amount offered. Demand was strongest for the longer 2046 bond, which recorded a 4.15× bid-to-cover ratio, while the 2039 bond saw modest coverage. The auction comes as FY2025/26 bond reopenings reach KSh 807Bn accepted, highlighting continued investor appetite for long-dated government debt.Universities, State Agencies Lead In KSh 468bn Supplier Debt
Kenya’s unpaid government bills are still heavily concentrated in state corporations, with public universities, road authorities, health agencies and energy utilities accounting for much of the supplier debts older than six months.
