Deepening political and economic turmoil in Kenya is set to place additional pressures on the country’s banking industry, as President William Ruto struggles to contain unprecedented public anger at government attempts to balance the country’s budget.
Widespread protests engulfed the capital Nairobi and around two-thirds of the country’s counties in recent weeks, following the introduction in May of a controversial Finance Bill containing tax increases the government deemed necessary to cut its budget deficit from 5.6 per cent of GDP in 2023/2024 to 3.3 per cent in 2024/2025.
