East Africa Economic Report

The USCJ 's tweet When the Supreme Court of Kenya annulled the election of President Kenyatta three weeks ago, it was a precedent. It was hailed world-wide as a first in Africa, where a Supreme Court Judge had the temerity to invalidate the election of a sitting President.  However, the Chief Justice of the US supreme court has dismissed the ruling as Pedestal... judicial Activism When the President in a fit of anger dismissed the ruling as the “work of thugs promising to fix the Judiciary if re-elected, legal minds in Africa went for his Jugular, “lecturing” him on respect for institutions of governance and especially the judiciary. This is where the legal minds missed the point.  There was an ominous threat in the President’s use of the word wakora - Kiswahili for dishonest people. That word for any student of linguistics was an indication that the President knew more than he said.  While the world was cheering the decision of the Court, some in Ken...

Kenya’s economic growth this year, which was projected to hit 5.9 per cent, has slowed down. It is projected to slow to over 4.0 per cent. Kibera: Home of the wretched of the earth. Raila's constituency for 20 yrs The country was facing a slow-down in economic activity during the political campaigns, which slowdown eased after the results were announced, declaring President Kenyatta the winner.  However, the Ruling on September 1 st , took the country back on the roller coaster.  In a matter of hours, three hours to be precise, the Nairobi Stock Exchange’s capitalization shaved off Kshs 92 billion, and by the end of the second trading day, Monday September4th, the losses had climbed to Kshs 131billion.  In the forex market, the shilling which had been gaining since Uhuru was declared President, was also battered. It shred off 35 cents against the US dollar after the ruling.  It opened at 102/75 buying 102.95 selling Friday morning but slumped to 103....

Mpeketoni in 2014: Was the attack meant  to scuttle the Eurobond? According to an intelligence review seen by this publication, Opposition leader, Raila Odinga’s political strategy involves 4Ds which have put Kenya on the brink of a precipice.  The 4Ds are: Deceive, Defraud, Disrupt, and/or Destroy. The publication says he learned this strategy from agents of the foreign intelligence section of Stasi, the East German secret police of the cold war era. The unit was led by Markus Wolf, the famous man without a face who outsmarted western spy agencies due to his ability to elude being photographed.  According to the publication, Raila was sent to study in East German in the 60s when his father Jaramogi Oginga Odinga, was Vice-President in Kenya.  T he man only qualified for a certificate in the ability to speak German from Herder Institut. The Document, Policy Brief, by the European Council of Foreign Relations authored by its EU intelligence and Situation A...

Kenya's Supreme Court Bench in session  Kenyans, especially Jubilee supporters, saved the Kenyan economy by restraining themselves after the Supreme Court nullified President Kenyatta’s election. The world feared an outbreak of violence and investors quickly rushed for the exit door, offloading Kenyan stocks and other debt instruments in droves. The Kenya shilling felt the pressure, losing 35 cents to the US dollar.   The Nairobi Stock Exchange’s market capitalization shaved off kshs 92 billion in a single day! While the  was shaved off Kshs 357 million in its forex value.  The bourse, a barometers of a country’s economic health, suffered a massive off load with all blue-chip scripts suffering a battering. It had to halt trading for an hour when the battering hit the red line.  In a single five-hour trading day, a total of Shs 1.64 billion was traded. This is, in normal times, the exchange’s turnover in a week. An average of shs 547 million ...