Kenya will only exit the government-to-government (G2G) oil import deal with Gulf nations to pave the way for the private sector. Source: UGCTreasury Cabinet Secretary (CS) Njuguna Ndung'u dismissed reports that the deal caused distortions in the forex market. How G2G helped stabilised forex marketNdung'u maintained that the G2G oil import scheme freed about 30% of the country's forex for other sectors of the economy. "The recent depreciation of the shilling against the US dollar is driven by market fundamentals, and not G2G oil deal," the CS explained. Facts about G2G oil import dealThe Energy and Petroleum Regulatory Authority (EPRA) inked a deal with three international oil-producing companies to import oil on credit.
