Browsing: President William Ruto

• The central role of human capital in development is fast catching up with the developing world.
• Tanzania President Suluhu Hassan says there is no right time to deliberate on the human capital issue than now.
• President Ruto of Kenya says Africa must deliberately to make it possible for the youth to access job opportunities.

The vital role of Africa’s human capital is indispensable. It is a powerful tool in driving the growth of economic investments in the continent of 1.3 billion people. Africa has a combined GDP of nearly $3.1 trillion and over 40 percent of the population is under the age of 15 years and younger. It is therefore important that Africa’s human capital is aligned optimally to foster growth.

The central role of human capital in development is fast catching up with the developing world. It is in light of this that the just ended Africa Human Capital …

• Kenya is keen on delivering quality engineering capacity by establishing Kenya School of Engineering.
• President William Ruto says engineering holds the catalytic power to Kenya’s Bottom-Up Economic Transformation Agenda.
• Kenya’s high-rise structures’ structural soundness has come under scrutiny in recent years, prompting concerns.

By pointing out that engineering innovation contains the catalytic capacity for the Bottom-Up Economic Development Agenda, President William Ruto is urging engineers to take the lead in Kenya’s development

“Engineering is our growth’s bedrock; the link between a country’s engineering capacity and its development is well established,” Dr Ruto explained during the 4th Engineering Partnerships Convention in Naivasha, Nakuru County.

Kenya School of Engineering

Dr Ruto said his administration seeks to build the best possible engine for engineering innovation, which is essential for promoting Kenya’s sustainable growth.

The President outlined how the establishment of a Kenya School of Engineering will help the government deliver quality engineering innovation …

• The government of Kenya is deploying measures to protect local industries from the onslaught of cheap imports.
• Kenya’s $26.4 billion FY2023/24 budget is an increase from $23.6 billion plan for the fiscal year ending June 30.
• The country is, however, facing high inflation, ballooning debt, and a high rate of joblessness.

President William Ruto’s first $26.4 billion budget for the FY2023/24 starting July 1st seeks to boost job creation, power growth of industries, and reduce borrowing.

Kenya’s $26.4 billion FY2023/24 budget is an increase from the $23.6 billion plan for the fiscal year ending June 30. East Africa’s economic powerhouse, Kenya, continues to struggle with growing inflation, skyrocketing debt, and a high unemployment rate.

Job creation targets Kenya’s youth

The lack of enough jobs is disproportionately affecting the country’s young people. The economy is also struggling from the impact of external shocks. For instance, Kenya is hurting from the Russia-Ukraine …

• Kenya’s President William Ruto is urging Africa to shift from exports of raw materials to industrial processing of goods. He says African economies must change tact to revamp import/export trade.
• Comesa bloc has a combined GDP of $805 billion and a global export/import trade in goods worth $324 billion. 
• In a radical move, Dr Ruto calls for merging of Comesa, the East African Community, and the Southern African Development Community. 

Kenya’s President William Ruto is calling on the Common Market for Eastern and Southern Africa (COMESA) member-state to embrace industrial processing of to boost the value of exports and in turn enhance Africa’s share of global trade. 

In a radical shift that is also seeking to boost trade across Africa, Dr Ruto is also calling for the consolidation of trading blocs Comesa, the East African Community, and the Southern African Development Community.

Industrial processing to boost Africa trade

By joining …

China’s reduced lending to Africa has raised concerns about the future of Africa’s economic development and its relationship with China. The reduction in lending is due to a combination of factors, including the slowdown in the Chinese economy, the growing debt burden of African countries, and China’s increased selectivity in its lending.

The reduced lending has several implications for Africa’s economic future. African countries must find alternative sources of financing, a shift towards domestic resource mobilization, a change in the balance of power between China-African relations, and a potential slowdown in infrastructure development. African countries must navigate these changes carefully to ensure sustainable economic growth in the coming years.…

Some worry that monetary policy is still excessively accommodating, given that rate hikes have not matched inflation. Policy cooperation may be beneficial. Fiscal consolidation and a mix of rate rises and currency depreciation may play a role in nations where policy is overly permissive.

The shaky recovery in Sub-Saharan Africa, coupled with domestic demand constraints, has not significantly fueled inflation so far. However, in the coming months, governments and policymakers must carefully monitor and prioritise tackling the rising inflation in Africa.…