Mudavadi: Government prioritizes MSMEs in economic growth strategy

By Robert Mutasi 

The government of Kenya, led by its President William Ruto, reaffirmed its commitment to the development of Micro, Small, and Medium Enterprises, which is believed to hold a key in ensuring economic stability and growth in the country.

The government has assured MSMEs of support through the Chief Cabinet Secretary and the Cabinet Secretary for Diaspora and Foreign Affairs, Musalia Mudavadi. He said this while speaking at the launch of the MSME Accelerator Program and the "Inua Biashara" exhibition at the Kenyatta International Convention Centre.

In his speech, Mudavadi said the government recognized MSMEs as the backbone of the Kenyan economy.

These businesses are responsible for creating 80 to 90 percent of the jobs and contribute close to a third of Kenya's Gross Domestic Product.

Recognizing this imperative, the government has undertaken the development and growth of the MSME sector as part of its broader vision for sustainable economic growth.

"We are committed to instituting robust financial and economic policies that will empower MSMEs and position them as drivers of national revenue and economic development," Mudavadi said.

He linked this move to the government's Bottom-Up Economic Transformation approach, which is intended to drive activities at the grassroots level and promote inclusivity for all businesses regardless of size.

It is with that in mind that the launch of the MSME Accelerator Program seems to be a strong step toward realizing these goals.

The design of the program ensures that small businesses are better equipped with provisions that would be imperative for scaling up and efficiencies to actively serve the national economy effectively.

This will provide MSMEs in different fields with mentorship, access to financial services, and training.

The event also hosted the "Inua Biashara" exhibition, which was an opportunity for MSMEs to showcase their innovations and seek financial opportunities.

The workshop was graced by top government and financial leaders, including National Treasury Cabinet Secretary John Mbadi, Central Bank of Kenya Governor Kamau Thugge, and Kenya Bankers Association Chairman John Gachora, evidence that the sentiment to develop MSMEs cuts across both government and financial spectrums.

Mudavadi said the government's effort was geared towards empowering the MSMEs to become big contributors to Kenya's revenue base for the realization of the President's dream of a self-reliant and globally competitive economy.

MSMEs have been viewed as a strategic step that will ensure sustainable growth, job creation, and long-term economic stability.