Tag: illicit trade

The cost of illicit trade on Kenya’s economy

A study conducted by the Anti-Counterfeit Authority in Kenya between October 2019 and February 2020 shows that illicit trade cost Kenya more than $900 million in revenues. John Akoten, Deputy Director of Research, Anti-Counterfeit Authority joins CNBC Africa for more.

Kenya steps up war against illicit trade & this is how much counterfeiting cost the country

Counterfeiting and other forms of illicit trade cost Kenya billions of shillings and a sensitization program targeting counties to combat the vice was recently launched in the country. Deputy Director of Enforcement & Legal Services at Anti-Counterfeit Authority (ACA), Johnson Adera joins CNBC Africa to help understand this.

What impact will demonetization of 1,000 shilling notes have on Kenya’s economy?

About Ksh7.3 billion shillings worth USD$71.5 million were not returned during the demonetization of the 1,000 shilling old notes, according to an official from the Central Bank of Kenya (CBK). Patrick Njoroge, Governor of the Central Bank of Kenya, told journalists in Nairobi that the four-month phase-out of 1,000 shilling notes proceeded well and achieved its overall objective of removing money obtained from illegal activity from the economy. From Nairobi, Journalist, Joseph Bonyo joins CNBC Africa for more.