Entrepreneur's Corner

NCBA Hosts An Economic Forum, Experts Take No Prisoners On Kenyan Economy

BY Juma · November 7, 2023 11:11 am

NCBA Bank hosted a historical Economic Forum at Serena Hotel, bringing together economic experts who broke down Kenya’s current economic situation and what Kenyans should expect as the year 2023 melts, ushering in 2024.

The forum brought together Mr. John Gachora, MD NCBA Bank, Dr. Susan Koech, Deputy Governor at the Central Bank of Kenya, Dr. David Ndii, Chairperson of Presidential Council of Economic Advisors, Kwame Owino, CEO of Institute of Economic Affairs, Dr. Rose Ngugi, Director of Kenya Institute of Public Policy and Research, and Job Wanjohi from the Kenya Association of Manufacturers.

During the presentation, NCBA said that it expects the Kenyan economy to grow by 4.8 percent for the year 2023 powered by agricultural output. “However, we see a rise in the cost of living that may push back a good number of people to poverty,” said Mr. John Gachora, the MD of NCBA Bank.

“We expect the services sector to register good performance in 2024. However, broad economic strain could see some pockets of the sector grow below their pre-COVID levels… We have a government that is committed to look at some things and make the necessary changes,” he added.

The Central Bank of Kenya, through Dr. Susan Koech, the Deputy Governor, said that it expects the Kenyan economy to grow 5.5 percent for the year 2023 and about 6 percent in 2024. She downplayed issues facing the Kenyan economy at the moment including the high cost of living.

“The economy grew by 4.8 percent in 2022, well above the sub-Saharan Africa region average growth of 4.0 percent and the global average of 3.5 percent. The CBK expects the economy to grow by 5.5 percent in 2023 and close to 6.0 percent in 2024, supported by a rebound in the agriculture sector, the resilience of the services sector, and the impact of Government measures aimed at stimulating growth in priority sectors of the economy including in agriculture and manufacturing sectors,” she said.

David Ndii, the Chairman of the Presidential Council of Economic Advisors, did not have good news for Kenyans who might be expecting things to be nice soon. “The day of reckoning is coming. We are telling you about it but you are having a big party, too busy to listen,” said.

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According to Dr. Ndii, Kenya needs to invest heavily in the agricultural sector if it wants to lower inflation. He said inflation in Kenya is mostly driven by food prices and that the government aims to lower that same through the production of more food.

“The subsidy that was on fuel in the previous regime is what we put on fertilizer. And we have seen over 15 million bags of maize this year from farmers and we shall continue doing this,” he said.

John Gachora, the MD of NCBA Bank believes that solutions to many of the challenges facing Kenyans will come from Kenyans themselves. The MD said most of the time Kenyans expect the government to do virtually everything when there is a lot they can do to alleviate themselves.

About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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