Background KESONIA is the newly introduced common base rate for loan pricing. It is a transaction-based overnight benchmark the CBK has championed for as the country moves to a risk-based pricing model of credit. Its adoption shifts elements of credit pricing from policy-driven anchors toward market-driven short-term rates. It is hoped to improve transparency on cost of credit, but adds short-term variability and operational transition costs for lenders. KESONIA formally name

Executive summary Kenya’s growth moderated from 2023 highs; 2024 growth was around 4.7% and 2025 forecasts vary. Improvements in reserves, diaspora flows and recent sovereign funding actions have eased some external liquidity risks, prompting positive rating outlooks from rating agencies. However, heavy domestic borrowing and elevated interest costs continue to crowd out private credit and limit near-term recovery. Key risks are fiscal consolidation progress and private-secto

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