Central Bank of Kenya Governor Nominee Kamau Thugge has said the proposed 3% contribution to housing is a catalyst to the development of Kenya.
While he appeared before the MPs for vetting, Thugge said the affordable housing programme should have been implemented earlier, for the same development and creation of jobs.
"We are starting the affordable housing project a bit late, the 3 per cent contribution is a catalyst towards the growth of our country, and it is something that should go on," he said.
Thugge added that the country's saving rate is currently at 14 per cent and has been there for some time now, adding that the rate should be increased beyond that.
"If you look at Singapore, they did a great thing through the housing programme. 50 years ago Kenya and Singapore were at the same level, infact the citizens of that country were contributing 20 per cent off their salaries that catered for housing, health and pension," he added.
He also said that the housing program will create more jobs across the country and end joblessness.
"This program is good, more jobs will be created and the country will be able to adopt a saving culture."
His statement echo's that of President William Ruto, who said he is focused on creating jobs through the Affordable Housing program.
"For every house, we will need five youths to help in construction. For the 5,000 houses, we will need 25,000 youth for the work. Creating jobs is not a game of guesswork, it has to be planned," he said.
Ruto noted that with various projects like agro-processing, and digital jobs across the country, more opportunities will be created.
