Kenya’s outlook after the August 2022 general elections
Like many general elections, Kenya’s August 2022 elections brought with it a lot of anxiety and uncertainty across board. During the period to the run up to the election, there was a general slowdown in business activities including investments and this had a negative impact on the value of the Kenyan shilling against major global currencies like the Euro and the US dollar. The country had a relatively peaceful election and a new president, Dr. William Samoei Ruto, who was the immediate deputy president of the country, was ushered in.
With the elections done and dusted, business activities seem to have quickly bounced back to normalcy and needless to say, the value of the Kenyan shilling is now on an upward tangent. Kenya’s economy continues to demonstrate resilience which is supported by growth in manufacturing, transport, education, accommodation, and food services as well as general trade. To note is that agriculture is the backbone of the country’s economy. Production has been slightly hampered due to unfavorable weather conditions experienced in some parts of the country. Measures are being put in place such as water harvesting and storage solutions as well as accessibility by farmers to affordable fertilizers to ensure consistent quality production that enhances food sufficiency in the said areas and across the country.
The country’s macroeconomic environment is stable and investors are active in the Kenyan market as is depicted by the vibrancy of the Nairobi Securities Exchange. The private sector continues to be dynamic, presenting a lot of opportunities for business growth and development. Even as the new government and leadership takes the mantle, Kenya’s Vision 2030, whose social pillar is creating a just and cohesive society that enjoys equitable social development, remains paramount. Some of the key focus areas of the new government, which are as a continuation of the work done by the previous regime, include promoting food security, grow local manufacturing, provision of quality and affordable healthcare to all and provision of quality affordable housing. The new president is further keen of delivering on his campaign promises which mostly anchored on improving and supporting the activities of micro and small enterprises and providing an enabling environment for them to thrive. This has since seen the re-introduction of the Ministry of Co-operatives and MSMEs which is to be led by Hon. Simon Chelugui as the Cabinet Secretary. Further, the government is working on setting aside about Ksh. 5 Billion annually to specifically support the small businesses and this sector. Additionally, the youth are a pertinent constituent that the government seeks to support by equipping them with relevant skills, including technical skills enabling them to eke a living through self-employment activities. At the backdrop of this is the promotion and support of innovation and digitalization which are at the fore front of present-day development agenda. These are just but some of the initiatives and plans the new government is working on to ensure the economic growth of the country, leaving no one behind.
Some of the Cabinet Secretaries in the new government include Hon. Prof. Njuguna Ndung’u, Treasury Cabinet Secretary, Hon. Alfred Mutua, Cabinet Secretary for the Ministry of Foreign and Diaspora Affairs and Hon. Moses Kuria, Cabinet Secretary for Ministry of Trade, Investment, and Industry. Hon. Florence Bore is the Cabinet Secretary for the Ministry of Labour and Social Protection while Hon. Rebecca Miano is the Cabinet Secretary representing the East African Community. The citizens and entrepreneurs in the country are hopeful and optimistic of a good environment and initiatives that will promote lives and livelihoods.