Kenya in May 2026: the most important developments in economy
In Kenya in May 2026, the economy was shaped mainly by the summit held in Nairobi. Around 12 May the United Nations launched a major expansion of its presence in the city. At the France-Africa summit, Macron announced a 23 billion euro investment in Africa, and multiple reports said France had become Kenya's fourth-largest investor. A French firm announced plans to invest Sh105 billion in upgrading the port of Mombasa to raise trade capacity. Speaking at the summit, President William Ruto called for reform of the global financial system, saying its current structures are outdated and disadvantage African economies. The Financial Times reported that Africa's richest man, Aliko Dangote, was considering Kenya for a new refinery.
Fuel prices were the main pressure at home. A nationwide strike over high fuel prices paralysed transport on 18 May and was called off the next day. The government delayed its fuel price review, and lawmaker Ndindi Nyoro suggested ways to lower prices.
In business, Safaricom reported a record profit of Sh99.7 billion, driven by growth in its M-Pesa mobile money service; the Treasury will wait longer for a Sh244 billion windfall from the company. Sberbank joined M-Pesa. A Microsoft AI data center in Kenya was reported to be consuming half of the country's electricity, which raised concerns about energy allocation and affordability. Kenya also faced grey-listing challenges while pushing for tech expansion across Africa and Europe.
by WorldBrief & Maksim Micheliov | AI-generated summary
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