Liatema Munyu

If you ask anyone who are the richest people in history, the most obvious answer will be King Solomon, Bill Gates, and then maybe banking families and businessmen in Europe.

Most people in Africa and elsewhere will not give a chance to an African to make the list of the top 25 richest people in the history of the world.

A large part of this is down to colonialism with many records and evidence of African culture either shipped abroad of methodically destroyed to destroy the pride, culture and identity of many African communities.

The idea of Africans being inferior to Europeans was so perpetuated that even now unless for a lover of history few can appreciate and understand just how far ahead Africans were at a time when many Europeans were battling disease and famine in their kingdoms.

Celebrity Net worth compiled a list of the 25 richest people in history factoring in inflation.

The list uses the annual 2199.6 per cent rate of inflation to adjust historic fortunes – a formula that means $100 million in 1913 would be equal to £2.299.63 billion today.

According to the list here are the top 10 richest people in the history of the world

10. Cornelius Vanderbilt (industrialist, 1794-1877) $185 billion

9. Henry Ford (Ford Motor Company founder, 1863-1947) $199 billion

8. Muammar Gaddafi (former Libyan leader, 1942-2011) $200 billion

‘After his death in 2011, reports surfaced that Muammar Gaddafi was secretly the wealthiest person in the world with a net worth of $200 billion. In the months surrounding his death nearly $70 billion in cash was seized in foreign bank accounts and real estate’

7. William the Conqueror (King of England, 1028-1087) $229.5 billion

6. Osman Ali Khan, Asaf Jah VII (last ruler of Hyderabad, 1886-1967) $236 billion

5. Tsar Nicholas II of Russia (last Emperor of Russia, 1868-1918) $300 billion

4. Andrew Carnegie (industrialist, 1835-1919) $310 billion

3. John D Rockefeller (industrialist, 1839-1937) $340 billion

2. Rothschild Family (banking dynasty, 1740- ) $350 billion

1. Mansa Musa I, (Ruler of Malian Empire, 1280-1331) $400 billion

The Times describe Mansa Keita Musa I as being as rich beyond description. He was the tenth king of the Mali empire from 1312-1337.

It was during his trip to Mecca that the outside word knew about him and made records about his vast wealth and prestige.

He ruled all (or parts) of modern day Mauritania, Senegal, Gambia, Guinea, Burkina Faso, Mali, Niger, Nigeria, and Chad. He supplied about half of the world’s salt and Gold.

In his trip to Mecca, he would gift the cities he passed through and gave the poor in Egypt so much gold that the price of the metal was devalued for the next 10 years in Egypt.

He was forced on his trip to borrow back much of the gold from dealers to try and rectify the gold market. Mansa Musa built mosques and education centers including a university at Timbuktu where some of the leading scholars from Africa and Arabia resided.

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A top ten list of the richest men ever and not even Bill Gates features and there are two Africans with pretty immense riches. today is an interesting journey down history.

Here the 10 richest men ever in world history featuring two Africans

In September 2016 globally acclaimed Whiskey Brand Chivas launched the 3rd year of The Venture .

This is a $1Million competition supporting the most promising aspiring social entrepreneurs in Kenya who want to succeed while making a positive impact on the lives of others.

Since Chivas - The Venture first launched in 2014, over 3,500 social enterprises have applied for the chance to receive a share of the annual $1 million fund.

Kenya’s very own WEFARM, a farming information platform came 2nd at last year’s finals, and secured $200,000 for their social enterprise.

Chivas Regal has completed the selection of the judges who will oversee the Kenyan chapter of the global competition dubbed The Venture.

The Venture is Chivas’ global search to find and support the next generation of startups that want to succeed whilst making a positive impact on the lives of others.

The panel of judges, as selected by Chivas Regal and partnering agencies, will evaluate the applications submitted by aspiring social entrepreneurs and select the deserving social entrepreneurs to then proceed to the finals of the competition to be held in New York.

“The entrepreneurs will have to prove to the judges that their initiative will be the most sustainable and will hold the most significant social impact on the societies. These judges are well recognized in their fields and will hold the key success for the budding entrepreneurs,” added Chivas Brand Manager, Dorcas Njoroge.

The panel consists of seven judges who are well-known investors, venture capitalists and respected members of the social entrepreneurial space in Kenya.

The judges include; Aaron Fu, a managing partner at NEST a Venture capital firm with the head office in Hong Kong;

Sarah Kabira, an engineer and entrepreneur who has worked for big telecommunications companies such as Safaricom and Vodacom UK.

Esther Ndeti who runs ANDE which is a global network of organizations that support entrepreneurship in emerging markets,

Mikul Shah, an entrepreneur with over 10 years’ experience, founder and Managing Director of Eat Out Kenya, Yummy Magazine and the Nairobi Restaurant Week;

Roy Wachira, a serial entrepreneur who runs among other companies the Foundry Africa;

Ivan Mbowa, CEO and Co-Founder of Umati Capital, with vast experience in investment banking and finally Jessica Colaco, a TED fellow and co-founder of Brave Venture Labs-East Africa’s first Network Science lab based in Nairobi and San Francisco.

The Venture seeks to provide support to the next generation of startups whose aim is to succeed while positively impacting on the lives of others.

Since the Venture Launch in 2014 over 3,500 entrepreneurs have applied to take part in this competition whose grand prize is set at 1 million dollars for the final winner.

This year, Kenya will be part of the 32 countries across six continents who will be participating and only the most promising participants from each of the countries will proceed to New York for the final event in July 2017.

The Venture application closed on November 30th and is currently under-review with the selected judges. The Kenyan winner will be announced January 12th, 2017.

<a href="internal:/article/5864882" id="ad590a17-33b5-530e-803c-93da8e3e7a2f">Chivas-The Venture</a>

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The launch of Chivas - The Venture follows a global report that revealed 95% of young professionals are looking for businesses to take more responsibility in solving global problems.

Kenya set for $1 million social enterprise competition after judges selection

With first production due to begin next year at Kenya’s newly developed oilfields in the north, plans are under way to put in place the necessary transport infrastructure to ship the country’s crude to the eastern coast.

As of mid-October UK- and Ireland-listed oil and gas producer Tullow Oil was looking to contract trucking companies to transport the crude oil taken from the South Lokichar Basin in Kenya’s Turkana County.

Currently, the South Lokichar Basin in Turkana County has around 750m barrels of recoverable crude oil in reserves, though further exploratory drilling is scheduled in the adjacent North Lokichar Basin, with estimates that total reserves could rise to at least 1bn barrels of recoverable oil.

The oil blocks located in both basins are held by Tullow Oil and its partners, Canadian oil and gas company Africa Oil Corporation and Denmark’s Maersk Oil.

While the initial flow is expected next year, full production should come on-line by 2020, according to a statement issued by Tullow Oil in early October.

The tanker trucks are only a temporary solution, as Kenya is planning to eventually construct a 865-km pipeline linking the Lokichar Basins in Turkana County to a refinery at Lamu Port as part of the larger Lamu Port-Southern Sudan-Ethiopia Transport (LAPSSET) corridor, a $24.5bn project designed to provide road, rail and pipeline links to countries throughout the region.

A new 32-berth deep water port in Lamu will serve as the anchor of LAPSSET, with an oil export terminal and refinery allowing for the shipping of both crude oil and processed products. Onshore construction work and dredging to deepen Lamu Port’s docking area for ships began in mid-October.

The government has also begun work on the pipeline component. Kenya’s National Land Commission issued a notice of intent in October to acquire just over 3760 ha of land as part of the LAPSSET corridor in the counties of Lamu, Garissa, Laikipia, Meru, Isiolo, Baringo, Turkana and Marsabit.

While the development of Lamu Port is continuing apace, the LAPSSET project has seen some potential partners opt out, with Uganda and Ethiopia both striking agreements to ship their oil exports via pipelines passing through Tanzania and Djibouti, respectively, potentially narrowing the scope of the LAPSSET corridor.

Rwanda – another country that has decided to step away from the project – recently announced it was looking to develop rail links through Tanzania to the Indian Ocean, rather than connecting with the Kenyan network and Port Lamu.

Though there have been some withdrawals, both the energy component of the development programme and the broader projects are still commercially viable and progressing, according to Silvester Kasuku, director-general and CEO of the LAPSSET Corridor Development Authority.

“As the pipeline connecting the Lokichar fields to Lamu Port will complement the Djibouti pipeline, Rwanda and Uganda’s pullout of Kenyan infrastructure projects still leaves the LAPSSET Corridor projects very feasible,” he told OBG.

Ultimately, Kenyan authorities hope that the LAPSSET project will benefit from exploration and production efforts elsewhere in the country.

The results of further exploration in northern Kenya, along with the potential for South Sudan to utilise Kenya as an export route, will support the pipeline project and other downstream facilities, Gabriel Negatu, regional director for East Africa at the African Development Bank (ADB), told local media in late September.

However, while initial flow from the Turkana fields is expected in early 2017, global energy prices will need to stabilise before Kenya’s oil exports can be viable in the long term.

The price of oil should be at least $50-$55 per barrel to make the exploitation of Kenya’s reserves profitable, according to data issued by the Ministry of Energy and Petroleum in early October.

In the medium term, with the ADB forecasting oil prices to stabilise at around $60 per barrel next year, Kenya should see its minimum price clear as production ramps up.

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In an advertisement in local media, Tullow Oil said it was seeking to lease 100 tankers with a minimum fluid capacity of 25,000 litres to move the early production to storage facilities in Mombasa operated by Kenya Petroleum Refineries.

Kenya invests in major infrastructure projects to bring oil to market

Winners of the TECNO Mobile ‘Watch Me Grow’ campaign have been rewarded after the campaign came to an end two weeks ago.

The three winners were Brenda Kwamboka, GQ Dancers and Angels of Hope Children's home from Kibera.

Each of the winners was awarded Ksh.200, 000 to boost their efforts in achieving their goals.

The TECNO Mobile  Watch Me Grow ‘initiative was targeted at the less fortunate youths in the society. It was launched from 8th October and roped in a number of top celebrities including popular comedian and radio host Chipukeezy.

Participants were required to tell their stories through text, videos and photos with the three most inspiring stories selected.

Funding for the campaign came through proceeds from the sale of the TECNO Phantom 6. For every phone that was sold Ksh.200 was put aside for the campaign.

The amount raised was to financially support the winners who would share the total sum raised within the campaign period.

Aside from the cash funds, winners received hefty gift packs from the mobile phone making company.

TECNO Mobile has established a strong market in the country and is now engaging in efforts to give back to the community gradually expanding its CSR responsibilities.

Here are the three winners as they were receiving their awards and gifts.

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TECNO Mobile Kenya has announced winners of a campaign it had run to help the less fortunate fulfill their dreams

TECNO Mobile awards Ksh. 200,000 to each of this inspiring winners

There were no fancy beats, no fancy words describing God, no concentrating on dance moves or the usual self obsession with one’s self.  This was a simple gratifying and praising song. One all generations will relate to and enjoy in.

In some interview past, Bahati once talked of his wish to do a song with veteran and revered gospel singer Jemmimah Thiong’o.

This was a meeting of generations a demonstrations that there is nothing new or old about the gospel, and a chance for Bahati to learn from someone whose whole album sounded like a best hits compilation.

It was really refreshing hearing Jemmimah’s voice, the distinct vocal range that at times has a steely feel about it.

It is a nice give and take collaboration from the artists changing back up and lead roles seamlessly. Bahati really upped his game hear from his vocals to his lyrics and even had an English hook that came off pretty poetic.

If he has been looking for a  mentor he has sure found one as far as music writing and making goes. The R Kay signature of strings enthused beat was classic and made for a great listen.

The different listeners agreed and applauded his effort.

Now atleast Baha this are people you need to work with in your ministry... large up dope chune.

This is what we call gospel ministry..now you are ministering..May God continue granting you divine wisdom..am fully blessed by the song..go go go Bahati. .

bahati tembea na watu kama hawa , u will minister, usirudi kwa ule upuzi,, otherwise ni kali

wow this is what i call true Gospel i love this even dress code is on point thumbs up bro

big up bro, this is now gospel, am soo proud of you....shikilia hapo sasa nauacheujinga

<a href="internal:/article/5849595" id="3a30b004-8110-59a6-b262-c613864b1628">Bahati and Jemmimah - Kwa Moyo Wangu</a>

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He may have said it out of the desire to create publicity, but Bahati sure did keep his promise of doing REAL gospel music uplifting and with content.

Jemmimah Thiong'o takes Bahati back to the basics of gospel music in new hit

Many people in East Africa and even the whole continent may be admiring and engrossed in the life of the Tanzanian power couple but certainly not one Muslim cleric.

Sheikh Alhad Moussa Salum is not impressed at all by the union between the two top showbiz stars in Tanzania and the region.

Diamond and Zari all identify with Islam as their religious faith and are thus expected to adhere to its requirements.

Speaking to a local Tanzania media house Global Publishers, the Sheikh accused the couple of fornication saying they have no formalized their marriage and worse still they are having children out of wedlock which is not only sinful but also places the children at risk of missing out on their parents inheritance according to Islamic traditions.

“Niseme tu kwamba hili si kwa Diamond na Zari tu bali kwa wote wanaofanya zinaa. Dini ya Kiislam inaeleza kuwa, kuzini ni dhambi. Hivyo kitendo cha Diamond kuendelea kuzaa nje ya ndoa hatakuwa na tofauti na wanyama wengine ambao nao wanazaliana bila kufunga ndoa.

(Diamond’s habit of siring children with Zari, without being in a formal union, is wrong. Human beings, unlike animals, are expected to sire or conceive children only after exchanging vows in a ceremony officiated by a religious leader. Otherwise, we would be committing a sin,”)

Sheikh Alhad Salum even offered to officiate the whole ceremony free of charge saying it is not a lengthy or demanding issue.

“Tofauti ya binadamu na wanyama kama mbuzi, ng’ombe au nguruwe ni kwamba, sisi tunatakiwa kuzaliana baada ya kufunga ndoa, kinyume chake tutakuwa tunapata dhambi.

“Halafu sasa tukio la kufunga ndoa wala halichukui muda mwingi na halina gharama kubwa. Ni suala la wahusika kumtafuta tu shehe, anakuja anatia ubani kisha mnaendelea na maisha yenu. Kama ni kutumia pesa itakuwa ni elfu hamsini tu au laki moja.

“Labda niseme tu kwamba, hata mimi kama kweli wamedhamiria kufunga ndoa, niko tayari kuwaozesha bure kabisa, nitaweka gari yangu mafuta kuwafuata popote, wao wajipange tu wakiwa tayari wanitafute.”

Here is the video of the sheikh speaking

<a href="internal:/article/5849459" id="354e4cf0-f881-5d76-827b-ddf7bfceb654">Sheikh Condemns Diamond And Zari Marriage</a>

Sheikh Salum who is a top Muslim leader in Dar es Salaam has instead condemned the two for siring children without formally binding their union as is customary and required by Islamic regulations.

‘Tiffah was born in sin’ Top Sheikh condemns Diamond and Zari's marriage

The KCB Foundation in partnership with the County Government of Mombasa launched the MV Mombasa 00, a first of its kind and locally constructed at a cost of Ksh 15 Million and expected to increase fish harvest in the county to over 40,000 kilograms per month.

KCB Foundation, under the Mifugo Ni Mali program, financed the acquisition of the vessel following a zero percent interest rate loan of Ksh 30 Million extended to the County Government of Mombasa.

Mifugo Ni Mali program is a livestock value chain development programme launched in 2014 by KCB Foundation, targeting livestock keepers in the Arid and Semi-Arid Lands (ASALs).

General (Rtd) Joseph Kibwana, Board Director at the KCB Group said,

“Investing in Kenya’s marine sector is strategic to the economic growth and this will encourage further investments along the fisheries value chain, thus creating a viable and sustainable industry,”

He added that the local fishermen only have access to small, non-motorized boats such as outriggers and dhows that cannot go further than the reef or approximately five nautical miles.

Under the rules of the Exclusive Economic Zone, Kenya’s coastal fishermen are allowed to fish up to 200 nautical miles from the shorelines but fish production from the Indian Ocean has constantly remained low, even with studies higher potential

The low production has led to an increased number of fish imports from China that grew from Ksh259 Million in 2013 to Ksh1Billion in 2015 according to the Kenya National Bureau of Statistics.

Catherine Kola, Chairman, KCB Foundation said “If Kenya best deep-sea fishing spots are exploited well, they can prove beneficial to our economy.

The benefits of this deep sea fishing vessel are immeasurable as they will help generate 10,000 jobs for the local youth.”

She added that the interest shown by foreign fishing vessels in Kenya’s offshore waters indicate that periodically, there are large stocks of pelagic species such as tuna and tuna-like species, signalling the need to expand fishing capacity in the Exclusive Economic Zone.

It is estimated that Kenya’s marine fishery sector has the potential to produce 150,000–300,000 Metric tonnes of fish annually.

However, but only 9,000 Metric tonnes was produced in 2015 as compared to countries like Somalia which produced 132,000 Metric Tonnes the same year.

Mombasa  Governor, Hassan Joho stated that his government is committed to working with the private sector.

This partnership aims to mobilize resources to help in scaling up economic activities in the County, in order to create enabling environments for local entrepreneurs to thrive sustainably.

He added that the Mombasa County Government would provide extension services, give technical support to the local fishermen and support breeding, nutrition, market access and related services to ensure the success of the fish value chain.

At least 4000 youth are poised to benefit directly benefit directly through the commissioning of the deep sea fishing vessel.

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Kenya marine business is set for a major boost following the launch of a new deep sea fishing vessel that is expected to substantially raise harvests and put Mombasa firmer on the global fisheries map.

Mombasa Governor Ali Joho launches 15 million ultra-modern fishing vessel

CIC Insurance group has launched CIC Foundation that will implement CSR agenda, corporate philanthropy through deliberate creation of positive impact on the society.

According to the group, their larger vision is for doing good is the need for social impact, environmental responsibility and the unity of the Kenyan people.

During the launch, Group CEO Tom Gitogo stated that with formation of the Foundation,

“Philanthropy and CSR outreach initiatives by CIC will now be structured and coordinated”. He said.

He added, “CIC Insurance Group had committed 0.5% of its Annual Profit After Tax to fund activities of the Foundation to ensure its sustainability”.

Philip Gichuki, Commissioner of Cooperatives lauded CIC Insurance Group for showing “my brother’s keeper” spirit. He added that the government sees the value corporate social responsibility holds and CIC Foundation work won’t be taken lightly.

Mr. Gichuki also said the government is working to create a greater incentive for companies to take up and invest more in corporate social responsibility.

On his part, CIC Group Chairman Japheth Magomere said CSR has been embraced as a concept unifying companies and the societies within which they operate mainly because corporates have

a role to play in society besides focusing on their bottom-line.

Japtheth Magomere, CIC Insurance Group Chairman observed CSR had the potential of uplifting the living standards of communities”.

The group said education transforms and empower people hence the key pillar of the foundation.

CIC Foundation Chairman Jonah Mutuku concluded that when a bright needy child is given a chance to education, she or he in turn transforms and empowers the community.

The group also said other intervention areas of the Foundation include Youth and Women development, Public Risk Awareness and are partnering with Usalama Watch Initiative, Kenya Police, KCDF, New Life Home Trust and Positive Life Africa on the project.

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Corporate Social Responsibility has become a big deal across the private sector ad many organizations are coming up with different ways to give back to the communities they operate in.

Insurer sets aside 0.5% of its profits for

The praise reached a crescendo yesterday following the surprise announcing of the KCPE results.

The record time the exams were announced and their credibility have seen KOT run several #trends on him the most recent one being #IfMatiangiwasPresident. It is<a href="http://www.ghafla.co.ke/opinion-blogs/man-of-the-year-2016-education-cs-fred-matiangi-earns-praise-as-kenyans-now-want-him-as-president-id5838885.html" id="11f4910c-fb6c-57a1-8cfb-add2f7d1a0f2"> all well deserved praise</a>

As usual, KOT was at it creative and satirical best as they toasted to the CS exemplary work.

Key highlights from the announcement included;

There was a decline in the number of students who scored 400 marks and above which dropped from last years 7,560 to 5,190 in 2016.

There was also no student who had cancelled examination results which was the first case for a very long time.

In total there were only 21 cases of malpractices reported which were all attempted cases dealt with and did not interfere with the exams integrity.

The Cabinet CS also announced new policies for next year’s exams as he said the government will now be paying the examination fees for students in both private and public schools.

He also banned the use of private examination centers usually preferred by older students announcing all private candidates will be required to sit for exams in the Ministry of Education institutions to curb cases of impersonation.

These measures and performance led to a number of hilarious tweets including;

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Education Cabinet Secretary Dr. Fred Matiangi has long earned plaudits for his work ethic and consistency in delivering results.

The most hilarious tweets about Matiangi and things Kenyans want him to solve

The LoC extended will spur regional trade and promote regional integration through expanding capacity of Tanzania’s port and airport, which will also stimulate tourism in the region.

Speaking at the signing ceremony, Mr. Gabriel Negatu, who was recently appointed the AfDB Director General, Eastern Africa Regional Development and Business Delivery Office (RDBDO), said poor infrastructure has been a major constraint for the region growth.

“Tanzania plays a key role in regional trade in terms of opening different countries to the world. This calls for faster development of its ports and airport to make East Africa more competitive in doing business,” Mr. Negatu said during the signing held at AfDB’s regional Headquarters in Nairobi.

Mr. Negatu added that the facility is also intended for onward lending to Small enterprises and women who have in the past been excluded from formal financial services.

This is in line with AfDB’s Hi-5 Priorities and 10-Year Strategy of deepening the financial markets and promoting inclusive growth.

Among the SMEs targetted includes those agriculture, construction, manufacturing, education and services sectors.CRDB, is Tanzania’s largest commercial bank with 120 branches in the country and footprint in Burundi.

It supports various sectors including power, manufacturing, agriculture and SMEs.

In 2008, AfDB provided a risk-sharing facility to CRDB aimed at promoting SMEs in the agriculture sector, through which more than 270 SMEs have benefited.

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The African Development Bank (AfDB) has today signed a USD 120 million Line of Credit (LOC) with Tanzania’s CRDB Bank Plc (“CRDB”) for onward lending to support Infrastructure development and SMEs in East Africa.

Tanzanian bank gets USD120 million line of credit from African Development Bank

Sidian Bank recorded a net profit of Ksh. 220 million after tax, for the third quarter of 2016.This is against Ksh. 281 million recorded during the same period last year, denoting a 22 per cent drop.

However, Sidian Bank registered an overall growth in its business, with the balance sheet growing by 19 per cent, largely buoyed by growth in customer deposits and the loan book.

Total assets closed at Ksh.21 billion, against Ksh.17 billion for the comparable period last year.

In tandem with the overall growth tangent, customer deposits increased to Ksh14 billion, against Ksh12 billion for the third quarter of 2015, while loans and advances closed the period under review at Sh2.1 billion, compared to Sh1.7 billion previously.

Operating increased expenses to Ksh1.7 billion for the quarter, against Ksh1.3 billion for the corresponding period last year. This was attributed to costs associated with re-branding early in the year, as well as provision for bad loans.

While the bank increased provisions by Ksh 75 million, the cumulative provisions dropped by Ksh. 129 million following a Ksh. 300 million write-off of provisions relating to fully provided for bad debts in the first half of the year.

CEO Titus Karanja expressed confidence in the banks strategy.

“These results demonstrate that our transformation program is bearing fruit. Despite the one-off hits from re-structuring costs, which was expected, we are glad to note that we were able to grow our core business in an increasingly competitive environment. "

Sidian Bank’s interest income rise by 25 per cent to Sh2.4 billion, against Sh1.95 billion recorded during the same period last year.

A significant increase in customer deposits saw interest expense grow to Sh911 million for the quarter compared to Sh726 million which was recorded for the same quarter last year.

Overall, customer deposits for the bank grew to Sh723 million from the Sh613 million recorded the previous comparable period.

The Bank partnered with online taxi hailing service Uber and medical equipment financier Medical Credit Fund.

These partnerships, respectively, provide access to finance for taxi entrepreneurs and purchase of medical equipment by hospitals

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The high uptake of the bank’s loan products, largely bolstered by aggressive marketing and strategic partnerships.

Bank records overall business growth even as profits take a dip

Barclays sees maintained Kenyan growth on the back of strengthened agricultural output and increased investment in infrastructure

While addressing leading corporates during the Barclays Africa Forum held in Nairobi, Barclays Africa Group Limited (BAGL) Chief Economist Jeff Gable cautioned that the “politics of rage” being experienced in advanced economies, as witnessed in the outcome of the Brexit and the US election, are set to put further pressure on Africa’s economic growth.

However, strong agricultural output and surging infrastructure spend look likely to maintain Kenya on its current growth trajectory, despite these external setbacks, he said.

“With tourism arrivals having shown significant recovery during 2016 from the lows of 2015, the Brexit vote may now dampen that recovery in the short to mid-term,” he said.

Barclays is confident however that higher levels of infrastructure and oil investment, and strengthening agricultural output, mean GDP growth is likely to remain strong over the long term.

Moreover, the country’s growth has created hundreds of thousands of new formal and informal sector jobs since 2011, in contrast to other African nations where GDP growth has not always been accompanied by job creation.

Kenya’s relative insulation from falling commodity prices, as a buyer rather than a supplier of many of the world’s fuels and minerals, sees the country’s economy now growing faster than the average for Sub Saharan Africa, and running markedly ahead of the world’s average GDP growth.

Against this backdrop, the country’s government and balance of payments deficits continue to be a “cause for concern”, with interest payments on government debt this year consuming some 20 per cent of the country’s tax revenues.

However, “strong economic growth and better oversight bode well,” said Gable.

Nonetheless, “we expect a continued depreciation of the shilling into 2017, with the biggest risks related to elections and dollar strength,” said Gable.

Beyond the political risk, there is a real possibility of further market setbacks.

“With more than a quarter of the bonds in major indices currently offering negative yields, global funds have moved into risk assets, notably gold and emerging markets.

Strengthening of the dollar, rising finance costs, and lower capital flows were also highlighted as factors set to dampen the region’s growth, alongside reduced tourism spending and lower remittances.