Kenya Banks on Diaspora Remittances for Economic Turnaround as Kenyans from Abroad Convene Nairobi

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Kenya Banks on Diaspora Remittances for Economic Turnaround as Kenyans from Abroad Convene Nairobi.
The government is keen on harnessing the economic muscle of its citizens abroad to spur economic growth locally.
This comes as the Kenya Diaspora Alliance (KDA) members are set to convene in Nairobi for three days beginning Friday, December 7, where they will deliberate on best approaches to boost diaspora remittances.
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The alliance’s members are reading from the same page with government, indicating that with more of their involvement, the country’s economy could record positive deviations and public debts would be settled faster.
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According to the Central Bank of Kenya(CBK), a remittance is money sent by a person in a foreign land to his or her home country.
High amounts of remittances are recognised as an important contributor to the country’s economic growth.
Shem Ochuodho PhD, told TUKO.co.ke that the event which will bring together local and international investors, county governments and other stakeholders is keen on seeing remittances go beyond savings and hard investments.
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He observed that increasing the remittances from 25% to 30% would see more money going into driving the economy.
Remittance inflows to Kenya reached an all-time record of USD 3,718 million in 2021, according to a CBK report, which translated to a tenfold growth in 15 years.
According to Ochuodho, they have rounds of events outside the country and the Kenyan convention is a premier that will bring together two levels of governments, corporates and allow members to interact among themselves and keep touch with home.
The meeting that Chairperson of Nigeria in Diaspora Commission Abike Dabiri-Erewa has been invited will provide opportunity for the citizens abroad to hear President William Ruto’s administration’s position and policies and know where to plug in for mutual growth.
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He expressed optimism that Ruto has repeatedly mentioned diaspora affairs among his seven priorities and even created a portfolio, saying this is an indicator of improved relationship.
The chairperson said if Kenya Kwanza government much progress will be made as they are already working on entrepreneurial projects targeting mama mbogas and other sectors Ruto has been passionate about transforming.
He went ahead to laud South Africa’s move to allow Kenyans travel there visa free for 90 days every year and challenged other neighbouring countries to emulate the move as it is a sure way of achieving Africa’s grand integration.
Another top agenda, according to Ochuodho, is strengthening measures to protect Kenyans working in Middle East countries where domestic workers have been subjected to suffering and even death at the hands of their employers.
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TUKO.co.ke captured CBK's announcement that Kenyans in Diaspora had sent home KSh 38.5 billion in January with inflowss from US accounting for the lion's share.
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Source: TUKO.co.ke
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