WAIKENDA: Kenya remains resilient, key cog in the region

A travelLer wearied from a long journey lay down, overcome with fatigue, on the very brink of a deep well. Just as he was about to fall into the water, Dame Fortune, it is said, appeared to him and waking him from his slumber thus addressed him:

“Good Sir, pray wake up: for if you fall into the well, the blame will be thrown on me, and I shall get an ill name among mortals; for I find that men are sure to impute their calamities to me, however much by their own folly they have really brought them on themselves.”

The wise always say that we are masters of our own fate and destiny.

While the global economy remains sluggish, Kenya has been a key highlight for the international community with high-level visits that have underscored the country’s resilience as a regional economic leader.

The global effect has not spared Kenya whose economy grew by 4.8 per cent compared to 7.5 per cent in 2022. However, this has not dampened the international investors' attraction to the country, with more expected to come into Kenya in the coming months.

The resilience of the Kenyan economy has pushed Kenya into a global player and a regional giant. And everyone is optimistic that we will see even better economic growth this year.

Last week, the International Monetary Fund exuded confidence in the government’s economic recovery programme. IMF managing director Kristalina Georgieva lauded Kenya’s decision to prioritise investment in agriculture and Micro and Small Enterprises that offer quick turnaround results.

Georgieva said the government’s dynamism of investment, prudent fiscal measures and transparency in governance have set the country on the path of success.

As this happened, Kenya and the African Export-Import Bank (afreximbank) also signed a three-year Sh400 billion financing programme anchored on the Bottom-Up Economic Transformation Agenda.

The programme will support the government’s priorities in enhancing capacity of critical commodities, agriculture, water harvesting, construction of industrial parks and investment in the digital superhighway.

At the same time, Kenya and Canada are working on a labour migration framework that will enable more Kenyans to get skilled jobs in the North American country.

Kenya will align the training of health workers at the Kenya Medical Training College and technical and vocational institutions with the Canadian curricula to respond to the needs of the country’s job market.

Last week, Kenya also said that it would address the double taxation problem facing projects funded by Japan’s Overseas Development Assistance.

President William Ruto told Japanese Prime Minister Kishida Fumio that he is seized of the issue that threatens the future of Sh10 billion ODA projects in the country.

The two leaders agreed that Kenya, the Intergovernmental Authority on Development and the African Union must be supported in resolving the dispute.

The other high-profile visit was by German Chancellor Olaf Scholz who during his talks with President Ruto emphasised that Germany considers Kenya to be a key economic partner.

The two discussed partnerships in the area of renewable energies. Scholz has offered support to Kenya joining the G20’s Compact with Africa initiative, which aims to mobilise private sector investment.

All these engagements are a pointer to the prospects that the Kenyan economy presents to the rest of the global economy. It is important that we all focus on this positivity and play our role in building the economy.

Parliament must look at the budget before it and ensure that it aligns with the aspirations of Kenyans and the country’s need for strong policies that will build the economy. This is far better than focusing on political sideshows. The budget must focus on programmes that will help us jumpstart the economy as needed.

We must remember that building an economy that produces jobs and allows people to own and run their businesses effectively is the first step to prosperity. When people have money to spend, the need for other things like roads and markets automatically follows the money.