Audio By Carbonatix
Kenya’s national airline has told the BBC the amount of money it is trying to repatriate from Ethiopia, Malawi and Nigeria is $28m (£24m).
Kenya Airways Chief Executive Allan Kilavuka made the disclosure a day after the airline reported a loss of $82m in the first half of 2022.
It is among the airlines unable to withdraw their earnings from the three African countries because of a foreign currency crisis.
Foreign airlines are required to sell their services using local currency, which is later converted to US dollars and repatriated to the airline’s home country.
This has not happened because of a shortage of foreign currency, proving a significant setback to the operations of Kenya Airways, which has been unprofitable in recent years.
Plans to return to profitability have been heavily dependent on funding from the Kenyan government - one of its major shareholders.
The airline says it is relying on diplomatic talks led by the Kenyan authorities for the funds in Ethiopia, Malawi and Nigeria to be released.
The International Air Transport Association (Iata) says up to $1bn is owed to airlines across Africa, which poses yet another risk to the aviation industry already hit by the Covid-19 pandemic.
Latest Stories
-
‘A Tax For Galamsey’: Dr Manteaw warns NDC against shielding ‘galamsey’ DCEs
9 minutes -
When a TV is not a vote but the Gospel according to the television set
30 minutes -
Ghana can significantly expand domestic revenue without raising tax rates -UGBS Finance Professor
35 minutes -
Policeman killed in bloody robbery on Zebilla–Widnaba road
48 minutes -
Cedi under seasonal pressure as Q1 demand intensifies; one dollar equals GH¢11.80 at forex bureaus
52 minutes -
Roads Minister rejects Minority’s claim of downgrading Suame Interchange Project
1 hour -
Eco-Africa Network demands dismissal of culpable officials in explosive JoyNews exposé
1 hour -
Ayawaso East vote-buying: Party will take decision after committee findings – NDC
1 hour -
Ayawaso Zongo Chiefs warn of possible chaos if NDC annuls disputed primary
2 hours -
I didn’t see failure as an option: Chicago Fire forward Shokalook
2 hours -
TI-Ghana condemns alleged vote-buying in Ayawaso East NDC primary
2 hours -
Karim Zito resigns as Asante Kotoko head coach following MTN FA Cup elimination
2 hours -
“Is your cell phone bugged?” Why privacy may be an Illusion in the age of smart devices
2 hours -
Politicians will soon distribute Range Rovers – Dr Asah-Asante warns over vote-buying
3 hours -
MIIF’s Economic and Market Outlook for 2026 forecasts increased investment in AI
3 hours
