Ruto’s Agenda Boosted By Ksh 660B Injection From Diaspora- Report
President William Ruto’s efforts to increase income from international money transfers appear to be making progress, as indicated by the most recent findings from the World Bank.
In the study called “Utilizing Diaspora Funds for Encouraging Private Capital Accumulation,” Kenya secured the third position among African countries for receiving significant diaspora remittances in the year 2023.
As per the report, Kenya obtained more than Ksh660 billion, becoming the initial East African nation featured on the list.
In total, Nigeria took the lead with a sum of Ksh3.2 trillion (equivalent to 20.5 billion US dollars), while Ghana followed with Ksh771 billion.
Top Remittance Recipients in Africa, 2023
Kenya secured the third position, with Zimbabwe trailing closely behind, obtaining Ksh486 billion in 2023. Meanwhile, Uganda claimed the seventh spot among East African countries, having received Ksh204 billion in the previous year.
As per the report, it is projected that remittances sent to Sub-Saharan Africa will experience a 1.9 percent increase in 2024.
“The slowed growth in remittances observed in 2023 is explained by the slow pace of growth in the high-income economies where many Sub-Saharan African migrants earn their income. Remittances from the United States have remained stable,” read part of the report.
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“Although the euro area has recovered, its output remains 2.2 percent below pre-pandemic projections.”
Previously, President Ruto has expressed the government’s aim to boost revenue as a solution to reduce reliance on borrowing excessively.
One of the actions includes boosting remittances from citizens living abroad, which aligns with the government’s plan to direct these funds toward the country’s internal development.
In April 2023, Ruto directed the Foreign Affairs Ministry to organize and optimize the income generated from Kenyans living abroad, aiming to gather at least Ksh1 trillion.
One aspect of the government’s plan includes creating a website tailored for the diaspora, providing them with access to essential services, investment opportunities, employment options, and other pertinent governmental business details.
During 2022, Kenyans living abroad surpassed challenging economic conditions by remitting a historic amount of Ksh497.2 billion, primarily directed towards supporting friends and relatives. This represented an 8.3 percent rise from the Ksh458.9 billion recorded in 2021, as reported by the Central Bank of Kenya (CBK).
Ruto’s Agenda Boosted By Ksh 660B Injection From Diaspora- Report