The economy of Kenya is robust; the stare of the Kenyan economy at the macro level is healthy with an increase of 5.9 percent of the GDP since 2013 against the global average of 3.3 percent. These were the words of President Uhuru Kenyatta during his fourth and last State of the Nation Address, months before the next general elections.
The foreign exchange reserves has seen an increase from 4.3 per month to 5.1 per month not forgetting revenues from tax collection which have gradually increased from 847 billion shillings to 1.2 trillion shillings at the end of the year 2016.
According to the World Bank, Kenya has been ranked as a third improved country in terms of business index in a row of two years. The stable economic growth and environment has seen the country to be able to create three million jobs over a period of four years. This has greatly reduced the number of unemployment in the country.
The president mentioned that the way to more economic growth, Kenya needs transformation to support manufacturing companies, knowledge and infrastructure is required. It’s through such kind of transformation that the country will be able to create plentiful and decent jobs for the youths. Nys has changed lives by creating more jobs to the youths.
According to the Head of the State, to achieve industrialization the country has to strengthen its security system, increase access in electricity, expand infrastructure, invest in healthcare, diversify the energy sources and review the education system so that the country will be able to produce quality education and finally investment policies need to be changed in order to encourage investment in the country both manufacturing an private sectors.
Corruption in the country has gotten from bad to worse to the point where people on the streets consider corruption “normal” part of everyday life, a DNA running in the bloodstream of every person holding a public office. Incompetent leadership and poor governance continue to tear the country in pieces. To counter this, the Head of State said that the government has put in place public services like Huduma services to help reduce the rate of corruption in the country hence this will help in the general growth.
The promising words from the head of state have seen most Kenyans have high hopes in the current economic growth and this might see many getting into business and investments in the country to continue the circulation of the shilling.
Written by Amina Martha.