₦airaland Forum

MF Chief Kristalina Georgieva confident about Kenya:

"Countries that are at the point of needing debt restructuring are still a relatively small group. Kenya is definitely not among them. We think Kenya is a case of innocent bystander. It has been hit by external shocks. We do not see Kenya facing difficulties to serve the $2B next year"

I dont think there is still any dispute that Nairobi is now officially the Africa capital

https://www.youtube.com/watch?v=90WIvwRzlZI

Kenya - Mombasa port - one of Africa most efficient port - a dream in West Africa backwaters. Most of containers evacuate and within 24hrs are in Nairobi or Naivasha inland port.

In meantime in Nigeria TinCan or Apapa - trucks disappears for a month in potholes - and reappears in their destination in 2 months if ever.


https://www.youtube.com/watch?v=OTLwddbNX0E

German Chancellor in Kenya - Ruto left him to go to UK - as he tours geothermal power. Kenya has committed to move 100% green energy - we have stopped all oil and coal exploration. Kenya instead will seek to benefit from trillion of dollars in green funding and climate financing.

President @WilliamsRuto
: "Our grid is 92% green, and our commitment is to achieve 100% green energy by 2030. While our current grid is 3 Gigawatts, the potential is huge, and our ambition is to make a quantum leap to 100 Gigawatts by 2040. Germany has been a steadfast partner in our renewable energy journey, and I express my appreciation for their re-affirmed commitment towards increasing the capacity of the Olkaria Geothermal Station."
~Kenya-German Press briefing, State House, Nairobi.

I wish you spend time understanding what ails your country. A zoo. Kenya is one progressive country - a beacon of hope for Africa.

Obaaderemi2:
He is ignorant of most of Kenya's problems. We tell him here then he goes digging and comes back arguing to win cheap arguments.

We went to IMF in 2020 during COVID - with many countries. We are in last review. So which IMF are you talking about. We dont need IMF when we have common sense and Ruto as president.

Ruto will do what IMF could have done - we have debt distress problem - and will fix it in max 2yrs.

We are not going to print our way like a goat Buhari your president. Or wait for IMF to tell us common sense - live within your means. That will leave for Ghana and Zambia.

Obaaderemi2:
Nobody trusts Kenya's GDP figures. It's less than $100bn. Yet your debt is close to $100bn already and growing. This is why you are at the mercy of imf. The imf will force you to reduce salaries and remove all forms of subsidies. By the time they're finished with you, your people will be on the street rioting as it's already happening.
Finally you are going to either default or go on your knees to your creditors. Kenya is hopeless. I really don't know how you are going to get out of this.

Tell me one novel problem that you've discovered about kenya that I didnt know, that I denied, that I didnt acknowedge and that I didnt explain to your satisfaction.

In short you're just a typical zoogeria without any morals or compunction. An animal.

GeneralDae:
But you don't share Kenyan problems here. We tell you.

So typical. Are we here to win useless arguments for argument sake. You're just a goat like Buhari. I will have no qualms sharing kenya problems and success.

GeneralDae:
Of course I knew it existed. You don't expect me to tell you just the way you don't tell me everything about Kenya. It was your job to find out.

Borrowing is still better than printing money.
That is why Naira has weaken to 750 in real black market.

Ideally of course revenues should pay salaries and recurrent expenditure - that is Ruto intention in next 2yrs. That is recurrent budget surplus.

Then you can borrow for development.

Obaaderemi2:
The same way you didn't know Kenya was borrowing to pay salaries until we told you years back only for you to argue against the obvious until this year when Ruto could not pay salaries.

Nobody trust Nigeria GDP figures. Focus on gov revenues. That is what pay taxes. Not GDP. GDP is just a random guesttimate of the size of your economy. It's not money in some bank.
And kenya debt is now close to 85B dollars.
Our economy is close to 120B.
Debt ratio is 65% or about.
But we have no problem - as we will simply outgrow it - gdp is growing at 5% - and our tax revenues by more than 10%.

Obaaderemi2:
It's still 40% of GDP. Kenya's total debt is over 50% of GDP. Your debt is $75bn and growing. You are struggling to pay workers and you are closer to defaulting on your loans than Nigeria.

Why not - Ruto gov intention is cut down on debt - that mean taxes will be need to be collected - and also kenyans will be forced to save.

If housing levy of 6% passes - (3% by employee and 3% by employee) - we will have enough funds to build a million units in five years - and our cities will grow very fast.

Next was pension fund - there is already doubling of money - as it was increased - this is the money that fund development in countries like South Africa.

In short to get out of debt hole - we have to save more - and of course tax more internally.

We cannot become Buhari who print and print - digging bigger hole - now 170B hole in an economy - that can barely generally 10B dollars in federal taxes.

NIGERIA - how will you repay debt - next year debt servicing ratio will be 150% - more printing - more weakening of naira - more inflation.

GeneralDae:
Kenya’s Government Plans Crypto, Influencer Tax as Cash Sources Dry.

Finance bill introduces 3% tax on transfer of digital assets.

East African government plans to raise $21 billion for 2023-24

Source : Bloomberg.

It's actually Ruto gov policy to export labour. This is not my invention. For first time we have minister of foreign affairs and diaspora affairs. We now have fully fledged department of diaspora affairs.

German chancellor is in Kenya - and we inked 250,000 employment export deal.

We will export to Canada, Australia, Saudis, German as stop gap measure until local investment creates enough jobs and they can comeback.

Obaaderemi2:
Most of the time he doesn't know what he is saying.

You didnt even know it exist. I am one who flagged it when we were trying to figure out how Buhari has survived with 100% debt servicing ratio. Of course he has printed 50B dollars of Naira.

Now it's public debt - and of course it source of Naira inflation & weaking to it's real value of 750 to 1 dollar.

GeneralDae:
I told you we would add it to our public debt.

Now Nigeria debt is 170B dollars - in economy which using black market exchange rate is really 225B dollars.

Soon it will follow Ghana in bankruptcy.

Buhari leaves Nigeria with 50B dollars printing bill - now debt has ballooned by 50% - as it converted into 40yr domestic debt.

That is what happens when you print money to pay salaries. And of course when you elect a goat. Instead of someone like the woman in this picture.

Nearly all Africa states are in some state of failure. Only Zoomalia and Zoogeria are in such state of dysfunctional they are literally a zoo.

South Africa - the most advanced - has 40% unemployment problem - and cant even discuss it - as they are right now in darkness dealing with load shedding.

Shaytun:
😂😂😭😭😭

He’s basically admitting Kenya is a failed state.😂

samorobo:
Is it just me or did this fella just package brain drain to look appealing 😂😂

It's temporary solution to big problem in employment...hopefully they will be back in a decade. If we become hopeless like Nigeria they will never comeback.If we improve the situation they will comeback.

Shaytun:
It’s an extremely sad situation.

It’s an admission from the Kenyan government that they have failed in one of their most important task, which is creating jobs.

of course kenya long failed in creating jobs.south Africa which better economy is even worse.We graduate nearly 200k from universities and maybe only 50k get formally employment. We annually release a million to the job market..nearly 800k get employed in informal sector.150k in formal. 50k idle around. To create employment requires massive investment...capital that we don't have yet.We won't get that capital until Kenyans are able to save money in banks so banks can lend it out to businesses n startups who will create jobs.For now we depend mostly on FDI and debt...which we cannot scale reliably well

AfriqueDuZuid:
Which educated labour are you shifted abroad in particular?

If its nurses, im 100% sure you need them in your country as you lack medical personnel

Unless you speaking of maids and gardeners to saudi arabia and they are not educated..

Most of kenya maids are better educated than you.We import maids from Uganda willing to work for less than 100 dollars and export our educated girls to work for 300 dollars in Saudi.

Yes Kenya is following Philiphines;
When you have excess well educated expensive labour; your cant just shift them to low level manufacturing - sweatjobs.
So for now - we shift them abroad;
Then hopefully bring them back - sooner.
After our economy has take off - in next few years.

Shaytun:
Rvp, what is wrong with this your president😂😂.

Is he encouraging skilled migration from Kenya??

Maybe someone should translate that to Twi for our Ghanian sake.

AfriqueDuZuid:
You have capacity to produce hundred thousand but you produce only 6000

vaxx:
All these KIA vehicles are made in Ghana. Ghana now has one of the biggest KIA assembly plants in Africa, assembling over 30,000 vehicles annually.

Now it's a lot cheaper to buy car in Ghana than to import.

30k annually really nigga.understand installed capacities from actual productions

Ghana - SOuth Africa MOMO has long way to go

Mpesa is now one world busiest payment system - 2,000 tps - 16 billion transactions per year - this year it probably reached 20B plus transaction.

Likes of VISA worldwide - do 250B transaction volume per year - Safaricom only does 10% of that - in kenya only. UnionPay 200: Master Card 150.


The report shows that M-Pesa processed 2,000 transactions every second in the past financial year, compared to 1,800 transactions per second the previous year.

During the last 12-months it facilitated [b] 15.75 billion transactions via M-Pesa, valued at KES29.55 trillion ($250 billion), a big jump up from 11.68 billion transactions in 2021, valued at KES22.04 trillion ($186 billion). [ /b]

Over the years the telco has also expanded the number of services offered by M-Pesa and evolved beyond just person-to-person money transfers. Now it offers savings and loan products, bill payments, cross border money transfers as well as e-commerce and merchant payments.

There are now over 3.2 million businesses in Kenya accepting payments on M-Pesa, up from 2 million in 2021, and over 492,700 active Lipa na M-Pesa merchants, almost 200,000 more than a year before.

That is p2p - where you need mobile money agents.

https://www.pd.co.ke/business/m-pesas-transactions-hits-sh30-trillion-126812/
Safaricom records show the mobile money platform increased the total value of transactions by 34 per cent last year to hit the Sh29.5 trillion mark for the financial year ended March 2022.

This saw earnings from the platform increase to Sh107.7 billion having grown from Sh82.6 billion in 2021, indicating the increasing importance of M-Pesa to Kenya’s financial sector.

Just40:
another lie (must you always lie?)
What do you gain from it? 🤣😂

Total transaction was 7.9 trillion kshs which is 60 billion dollars

Kenya does twice that - 320-340 billion

One year to march 2022 - a year ago - 29 trillion - that was 300 billion.
Safaricom records show the mobile money platform increased the total value of transactions by 34 per cent last year to hit the Sh29. 5 trillion mark for the financial year ended March 2022. This saw earnings from the platform increase to Sh107

Just40:
Ghana total mobile money transaction for 2022 hit 160 billion dollars

Total Mobile Money transactions in 2022 hit a record ¢1.07 trillion despite the existence of the Electronic Transaction Levy (E-Levy), the January 2022 Summary of Economic and Financial Data by the Bank of Ghana has revealed.

Those are just the value person to person transfers. It doesnt include mobile payment for good and services. Last I checked total mpesa transaction was more than 300B dollars.

GeneralDae:
Your mobile money transfer for 2022 was 68 Billion dollars? I was expecting it to be higher as a power house in mpesa.

South Africa electricity paradox - seem Eskom is sorting it out. 1/3 down since 2006.

Nigeria is hopeless until 2060
Ghana will take off in 2040.
Kenya before 2030.

Some highlights from Kenya economic survey for 2022

1. Exports & Imports
—Value of exports earnings improved from 732B in 2021 to 873B in 2022
—Value of imports increased from 2.1T in 2021 to 2.5T in 2022
—Top exports were Tea with 163B followed by Horticulture with 152B

2. Some other stats:
—Commercial bank loans & advances increased by 12% to 6.2T in 2022
—National government revenues expected to grow from 2.2T in 21/22 to 2.5T in 22/23
—Total mineral earnings by 16.6% to 35.2B
3. On Energy and manufacturing:
—87.5% of electricity generated locally was from renewable sources
—Manufacturing growth of 2.7% in 2022 vs 7.3 in 2021
4. Mobile money transfers increased by 15.1% in 2022 to 7.9 Trillion.
5. Amount of funds to older persons decreased by 1.2% to KES 180B in 22/23.
6. Labour force and manufacturing:
—It grew from 18.3M in 2021 to 19.1M in 2022
—86% of total jobs created in 2022 were in the informal sector (702k jobs in the informal sector)
—Manufacturing grew 2.7% in 2022 vs 7.3 in 2021

The 2023 list of the top 20 fastest-growing companies in Africa includes 4 from Kenya: 6 from Nigeria; Zero from usual communist laggards of Ghana and Tanzania; 2 from dying South Africa.

—Wasoko
—Africa Healthcare Network
—Victory Farms
—Lipa Later

There are 14 Kenyan companies in the top 100.

Kenya economy grew by respectfully 4.8% (roughly 5%) despite a difficult 2022 - due to Ukraine-Russia war & election.

Nigeria 5.6% - really Nigga.

GeneralDae:
Q1 2023. Ghana has improved this year.