Businesses in Nairobi Counting Losses as CBK Forecasts Slow Economic Growth

Businesses in Nairobi’s Central Business District (CBD) were on Thursday, August 8, forced to close down as security agencies attempted to control anti-government protesters participating in the demonstration dubbed the Nane Nane march. 

Majority of the businesses closed down voluntarily - out of fear that their premises would be attacked in the clash between police officers and demonstrators. 

However, from around mid-day, police officers forced traders to close down their shops and ordered motorists to drive their cars out of the CBD. 

Grill fabricators and steel doors businesses reported a boom in orders as business owners in CBD secured their premises fearing looters breaching and taking advantage of the demonstrations that have been pushing for better governance.

Police officers dealt with small groups of protestors who tried to march through several important city streets by mid-morning. Police set up barricades on all main roads, limiting access to Nairobi's downtown area and ejected traders and public transportation vehicles that had earlier entered the Nairobi CBD, leaving the streets deserted.

Kenya’s Economy to Grow at Slower Pace – CBK

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The Central Bank of Kenya (CBK) has announced that the country's economy will grow by 5.4% in 2024, a decrease from the 5.6% growth seen in the previous year. 

This is despite strong activities expected in the services sector, sustained performance in agriculture, and improved exports.

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Experts warn that risks such as geopolitical tensions—primarily the conflict between Israel and Palestine, the war between Russia and Ukraine, and the Houthi Rebels' attacks on vessels in the Red Sea—will have a significant impact on the world economy.

Worries about the recent protests' effect on business operations and the high cost of doing business are also major factors that will cause the slower growth pace.

Jubilee Asset Managers Launch USD MMF

Jubilee Asset Management Limited (JAML) has launched a market fund to cater for investors seeking stable and predictable US Dollar-denominated returns.

According to JAML, the fund focuses on capital preservation and liquidity while providing competitive dollar returns on investments over the short to medium term. The high liquidity will also allow investors to withdraw funds with ease, providing quick access to funds when needed.

Julius Kipngetich, the CEO of Jubilee Holdings Group, said the new fund will give investors a variety of investment options so they can reach their financial objectives. 

Dominic Kiarie, the CEO of Jubilee Asset Management Limited, added that they hoped the new offering would give investors a "opportunity" to invest in US dollars in hard currency and that it will yield diversified and improved returns.

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