African Futures and Innovation analysis shows how Kenya can overcome major development hurdles by focusing on three sectors.
Despite William Ruto’s narrow win to become Kenya’s president in August last year, the transition occurred peacefully. Now his challenge is to transform the economy in a country with numerous developmental challenges.III , these problems include low manufacturing and export growth, persistent trade and balance of payments deficits, low investment levels and high unemployment. Steep costs associated with doing business, energy, living and food are also obstacles.
On the Current Path, the number in poverty is expected to drop to 23.5 million, or 29.1% of the population, by 2043. Kenya is thus forecast to reduce extreme poverty, but slowly. only 2,221 graft-related cases for investigation, and 448 reports were forwarded to other public institutions. So, in reality, accountability is limited, with only the small fish being prosecuted.Stability and governance ensure the efficient allocation and distribution of state resources and encourage foreign direct investment inflows.
Kenya’s main exports include commodities such as tea, cut flowers, refined petroleum, gold and coffee. Although its economy is open to trade, its business with other African countries is limited compared to Asia, the European Union and United States. While most of Kenya’s exports are destined for other African countries, the lion’s share of its imports come from Asia, accounting for 65.7% of its total 2021 import bill.
Furthermore, the large youth bulge of 48% as of 2019 is higher than Africa’s average, posing challenges to Kenya’s development. Together with sizeable youth unemployment, this could lead to instability.
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