According to a recent report, diaspora remittances now bring in more money for Kenya than all of its major exports, including coffee, tea, and horticulture.
This report is graciousness of the country’s national bank, which uncovered that the country’s diaspora settlements rose by 8.34% to $4.027 billion out of 2022, surrounding trades, which acquired $5.77 billion worth of unfamiliar money in a similar period.
Tea, Kenya’s top export, is shown to have earned $1.2 billion in 2022, according to a breakdown of some of the country’s main exports to East Africa. With $901 million, the country’s horticulture came in second. Kenyan chemicals, which made $521 million during the time under review, coffee, which made $301 million, and petroleum products, which made $77 million, come in next.
The Kenyans who live abroad have received some policy attention from the current administration. This has been addressed by President William Ruto by establishing a state department to address specific issues that Kenyans abroad face.
Under President William Ruto, this administration has noted that the welfare of Kenyans living abroad should be taken seriously, not only for the remittances but also for the possibility of them investing in local markets to boost economic growth.
The welfare of the Kenyan diaspora has been a top priority for the Principal Secretary, Roselyn Njogu, and Cabinet Secretary for Foreign and Diaspora Affairs, Alfred Mutua.
In their brief three-month tenure, they have visited Saudi Arabia, one of the largest diasporas of Kenyans in the Middle East, to investigate a number of reported instances of employer maltreatment of Kenyans.
Mutua stated in an interview, “We want to take care of Kenyans;” he reiterated the sentiment of the administration by highlighting the opportunities for local investments by Kenyans living abroad. give valuable open doors to them to land global positions; leverage them into positions of power and influence abroad so that they can assist domestic populations; and provide opportunities for international trade.”
Kenya is one of the African countries that is enthusiastic about expanding unfamiliar speculations inside its nation, and with the arrangement of the new diaspora office, the nation might see a flood of unfamiliar ventures from real Kenyans.
VIA: Business Insider Africa
Source: CHINEDU OKAFOR