Kenya Business Outlook

Kenya’s Economic Outlook

The Kenyan economy is projected to grow at 6% this year with inflation levels expected to be at 5.9%. The shilling has significantly strengthened in the last few weeks, with further indications of stabilisation in the near future.
Importers have been adversely affected by the shilling depreciation as it has resulted in the cost of goods going up and a squeeze on sales. This coupled with the cost of borrowing from banks going up has slowed down business activities.
Where we had previously observed an Extended Import Credit Facility supporting businesses in the country, this has significantly slowed down due to uncertainty in the exchange rates following the collapse of the hedging market.
As a result, businesses have opted to pay for their goods upfront to avoid incurring substantial losses on deferred payment terms.
Recently the government has paid part of the due amount for the $2Bn Euro bond, which matures in June this year by raising another bond and currently the outstanding amount is $600M.
The World Bank and IMF have continued to support the Kenyan government to shore up its liquidity and meet its financial obligations and have committed to continued support for the government.
We expect this to increase investors’ confidence in Kenya, which in the long run will support the shilling through dollar inflows in the form of direct investments. This will in turn spur the economy to grow at the projected levels.
More information about Kenya economic situation is also available in Axendo – PangeaRisk report 2023.
If you’re keen on discovering more about other African countries, the Business Outlook is also accessible for Senegal, Ghana and Nigeria.

Nigeria Business Outlook

The Nigerian economy and the future of Trade Finance

The Nigerian economy has been in a dismal state since 1999. The country’s foreign currency reserves have not grown as aggressively as projected and the economy is yet to diversify its foreign currency generation sources from its 100% reliance on crude oil proceeds. The country is still grappling with large external debt and has maintained a very poor debt to revenue ratio in recent years. The World Bank reported that in 2022, Nigeria spent 96.3% of revenue on debt servicing, this was a rise from 83.2% in 2021. However, the Nigerian Bureau of Statistics (NBS) issued its 2023 figure showing a debt to revenue drop to 66.9%, largely driven by Government’s reforms introduced in May 2023.

Axendo team had the privilege to attend GTR MENA

What a fantastic turnout at GTR MENA this week!
Our Axendo team, including Bulut Bakla, Daniyar Abdimoldayev, Richard Kovacs, Yuliya Tsoy and Bilal Ahmed Vohra had the privilege of attending the conference in Dubai.

With discussions covering critical market insights and the invaluable support of leading financial institutions, this year’s GTR MENA provided an eagerly awaited opportunity to network and engage with industry leaders, peers and potential clients.

The event showcased the thriving nature of the Middle East, and we anticipate witnessing dynamic growth within the region’s trade, commodity and trade credit sectors.

It was truly rewarding to reconnect with numerous representatives from the region, including Alicia Ellmann and Carmichael Chui from Nedbank, Zahed Ali Mohammed from The Access Bank UK Limited and Joaquin Esteves Eliason from Barclays.

Through our group offices in the Middle East, Africa and Europe, Axendo delivers specialist solutions and activities across a range of integrated businesses in agricultural commodities, sourcing and procurement of finished and semi-finished products, together with tailored solutions in trade credit.

Thank you, Global Trade Review (GTR) and Peter Gubbins, for organising such a valuable event. We eagerly look forward to future opportunities for collaboration and growth.

Empowering global trade and driving value throughout the supply chain

Specialising in core Agricultural Commodities, Axendo empowers global trade and drives value throughout the supply chain.

Operating under our Novalis Agri company, Axendo has assembled top-tier talent to drive a fully comprehensive trading operation. Our mission is to partner with suppliers and seamlessly transport commodities from global supply hubs to areas where they are most needed.

Our Approach:

– We prioritise customer-centric solutions, ensuring value creation throughout the supply chain.

– With a network spanning three continents, we adeptly source and deliver agricultural commodities to destinations worldwide.

– In addition to facilitating the purchase and sale of agricultural commodities, we offer a suite of integrated support services within our group network, including shipping, logistics and credit solutions.

Through our commodities division, we’ve curated an international trading team specialising in core agricultural commodities, such as sugar, grains, pulses, and oils. Our expertise allows us to navigate the complexities of the market and deliver unparalleled service to our partners.

Join us on this path of growth and innovation within the commodities trading sector.

Learn more about Axendo Group and our possibilities here or contact us at

Axendo enables global ambitions through empowered partnerships

At Axendo, we prioritise long-term, sustainable partnerships built on trust and consistency. We approach each relationship with a commitment to understanding and fulfilling our clients’ needs.

Our diverse counterparties include:

– Governments & State-Owned Institutions
– Trading Houses
– Importers & Exporters
– Manufacturers, Wholesalers & Distributors
– Freight Forwarding & Shipping Companies
– Banks, Funds & Financial Institutions
– Insurance Companies

We take pride in customising our services to address the comprehensive needs of our clients, with our objective remaining consistent – ensuring reliability and efficiency across the entire supply chain. Through this approach, we enable liquidity and optimise capital efficiency for our valued clients.

Axendo is committed to navigating the global landscape with integrity, innovation and a relentless pursuit of excellence.

Discover the power of partnerships that transcend borders. Connect with us today to explore how Axendo can support your business objectives.

Axendo’s Charles Boateng participated in Crystal Ball 2024 Africa

Axendo’s Business Development Manager for Ghana, Charles Boateng, was delighted to attend the Crystal Ball Africa 2024, held in Accra, Ghana last week.

Crystal Ball Africa serves as a Pan-African business forum, providing a platform for businesses and policymakers across the continent to discuss and address key issues that may impact business in the upcoming year.

Sponsored by Deloitte, Mohinani Group, Citi TV, Eris Properties Ghana, the theme for the 10th edition was “One Continent, One Market – Growing Businesses Beyond Borders.” Sessions covered topics such as how businesses can leverage emerging opportunities in Africa’s growing markets under the African Continental Free Trade Area (AfCFTA) Secretariat.

Alongside attending the insightful sessions, Charles Boateng connected with influential industry representatives, including Karen Evans Halm from Spectra Global, Kwame Jantuah ESQ from the Association of Ghana Industries Accra, Patrick A.B. Jonhera and the team from AB & David, Lisa. Korankyewaah Essuman from Sarpong Capital, and Gloria Edmond from Standard Chartered Bank.

Axendo maintains an optimistic outlook on future trade opportunities in Africa and beyond and looks forward to a further strengthening of trade ties. Through our diversified trading group, we empower global ambitions through strategic partnerships.

Axendo believes in living our values

We believe in living our values!

Spread across offices in the Middle East, Africa and Europe, our team of professionals brings experience from leading trading, logistics and financial institutions worldwide in both developed and emerging markets.

Together we are shaping the future by igniting trade in business, guided by our core values:

Working Together – Successfully collaborating to achieve a common goal.
Integrity – Acting fairly, transparently and consistently.
Leadership – Setting exemplary standards through behaviours and a professional approach to work, inspiring other colleagues to deliver great results.
Excellence – Working to deliver world-class service.

By applying our in-depth sector knowledge, Axendo delivers specialist solutions and activities across a range of integrated businesses in agricultural commodities, sourcing and procurement of finished and semi-finished products, together with tailored solutions in trade credit.

Axendo’s Charles Boateng was invited to attend President’s National Awards for Export Achievement in Ghana

It was an honour for Charles Boateng, Axendo’s Business Development Manager for Ghana, to be invited to the 31st & 32nd President’s National Awards for Export Achievement held in Accra yesterday.

Hosted by the Ghana Export Promotion Authority (GEPA) in partnership with Ghana Free Zones Authority (GFZA), this event is dedicated to advancing and boosting exports in Ghana. Specifically crafted to acknowledge and bestow national honours upon deserving exporting companies, National Awards for Export Achievement highlight their substantial contributions to Ghana’s economic development through product exports in the years 2021 and 2022.

Taking place with the esteemed patronage of His Excellency Nana Addo Dankwa Akuffo Addo, President of the Republic of Ghana, the event aims to recognise and commend exporters for their excellence in exporting quality products, incentivise higher performance levels, and foster sustained interest and export consciousness among Ghanaians.

Charles Boateng was delighted to connect with key industry representatives, including Afua Asabea Asare, DBA, CEO of Ghana Export Promotion Authority, Maxwell Commey, CEO of Oro Oil Ghana Limited, Frank M. Bednar, CEO of West African Mills Company Limited and Judith Aikins, CPMC,PMP®, Head of Export Trade from Ghana Export-Import Bank.

By applying our in-depth sector knowledge, Axendo delivers specialist services and activities across a range of integrated businesses in agricultural commodities, sourcing and procurement of finished and semi-finished products, together with tailored solutions in trade credit.

Axendo is excited to contribute to West Africa’s continued growth and introduce innovative solutions to boost trade throughout the region.

Axendo team attends Turkish Banks Night in Frankfurt

Our Axendo Head of Trade Credit Solutions, Bulut Bakla, and Manager – Bank Relationships and Distribution, Daniyar Abdimoldayev, were delighted to attend the 40th Turkish Banks Event in Frankfurt, Germany last week.

Organised by the Central Bank of the Republic of Türkiye to celebrate the successful presence of Turkish banks in Europe for many decades, the event had many notable sponsors from the European financial sector, including Akbank AG, DenizBank AG, DHB Bank Demir Halk Bank Nederland, Garantibank International N.V., Isbank AG Deutschland, KT Bank AG, OYAK ANKER Bank GmbH, VakıfBank International AG, Yapi Kredi Bank Nederland NV and Ziraat Bank İnternational AG.

The event provided a valuable opportunity to hear insights from senior leaders on key topics impacting our markets and connect with industry peers, including Umut Çetintaş, Ph.D. from Yapi Kredi Bank Nederland NV, Yavuz Eralp Karadeniz, Elçin Allahverdiyev and Veli Yigit Demirel from OYAK ANKER Bank GmbH, Ş. Çağrı GÜLŞEN, Ozlem Ozturk Cakir and Sait Ahmet Talay from Ziraat Bank International AG.

Thank you CBRT for organising such an impressive event and for supporting the region’s cross-border trade and infrastructure financing market.

The ongoing significance of Türkiye as a key partner within European economic relations is welcomed and encouraged by Axendo.

Axendo’s Charles Boateng attended Ghana Club 100 awards

Last week, Axendo’s Business Development Manager for Ghana, Charles Boateng had the honour of attending the 20th edition of the Ghana Club 100 awards, organised by the Ghana Investment Promotion Centre (GIPC).

The Ghana Club 100 awards commemorated decades of innovation and excellence showcased by Ghanaian businesses across multiple sectors, including agriculture, financial services, infrastructure, mining services, manufacturing, health and education.

The event offered a chance to hear from industry leaders discussing this year’s theme “Accelerating Economic Growth: Enhancing Ghana’s Global Market Presence via AFCFTA”. The goal of the event was to create a solid foundation for evaluating Ghanaian companies and nurturing the resilience and confidence essential for global competitiveness.

Alongside discussing diversified trade initiatives, Axendo’s Charles Boateng connected with key industry representatives, including Kate Abbeo from Ghana Free Zones Authority (GFZA), Angela Laryea and Vida Mamle A. from Broll Ghana Property Management, Chris Amponsah Sackey from Ghana Export Promotion Authority (GEPA) and Afua N. Tekyi-Mills from Ghana Investment Promotion Centre (GIPC).

Axendo holds a positive outlook on future trade opportunities in Africa and beyond, eagerly anticipating the expansion of trade ties. Through our diversified trading group, we empower global ambitions through strategic partnerships.

Our mission is to foster connections and generate opportunities that contribute to the growth of the region’s trade, commodity, and trade credit market.