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
-
Driver’s mate jailed for stealing cash and mobile phone
8 minutes -
Legal Green Association commends government and Edmond Kombat for TOR revival
2 hours -
Trump hopes to reach phase two of Gaza ceasefire ‘very quickly’
2 hours -
Bangladesh’s first female prime minister Khaleda Zia dies aged 80
2 hours -
We’ll prosecute persons who do not surrender illegal arms before Jan 15 – Dr Bonaa
2 hours -
Col. Festus Aboagye warns against ‘outsourcing’ African security following US airstrikes in Nigeria
2 hours -
SEC assures investor protection as Virtual Asset Bill comes into force
3 hours -
El Kaabi brace powers Morocco to win; Bafana brave fightback; Egypt top group and Mali reach knockout stage
3 hours -
Ukraine denies drone attack on Putin’s residence
3 hours -
Cedi records year-end rally as diaspora inflows and trade surplus break volatility cycle
4 hours -
31st Night doom prophecies: Be cautious and measured – NPC to prophets
4 hours -
Nigeria set the pace as Mahrez leads the way after two AFCON 2025 group rounds
5 hours -
Ga West Municipal Assembly shuts down China Mall after building collapse
6 hours -
Beyoncé declared a billionaire by Forbes
6 hours -
Techiman hosts historic launch of GJA Bono East Chapter
6 hours
