UNCTAD and Kenya Vision 2030 Delivery Secretariat launches structure for economic transformation

Nairobi, Wednesday, 17, May, 2023

KNA by Enrica Amisi 

The National Productive Capacities Gap Assessment (NPCGA) and Holistic Programme for Fostering Productive Capacities and Structural Economic Transformation of Kenya has been launched by the secretariat of Kenya Vision 2030 together with UNCTAD at a Nairobi Hotel.

Kenya Vision 2030 Chairman Dr. Sakwa Bunyasi said that the Programme seeks to address and enhance our economic growth.

 “We are embarking on a momentous journey towards a more prosperous and self-sufficient country. The NPCGA provides valuable insights about the key challenges and binding constraints that exist in our productive capacities, which the UNCTAD’s holistic programme seeks to address to enhance our economic growth and development,” said Mr. Bunyasi.

He explained that the launch is about building an economy that is all-inclusive, resilient, and sustainable. It is about creating opportunities for all Kenyans to thrive and prosper. Besides, it seeks to position Kenya as a leader in the region and the world.

“The Vision of the programme comprises of Social, Political and economic, which are anchored on the enablers. These pillars and the enablers are critical in achieving the overarching goal of Vision 2030, which aims at making Kenya a globally competitive and prosperous nation,” said Mr. Bunyasi.

UNCTAD Director, Division for Africa and Special Programmes Mr. Paul Akiwumi said, “there is an urgent need for the country to adopt both macroeconomic and microeconomic reform measures to unlock Kenya’s growth potential. It is essential that these focus on building domestic, economy-wide productive capacities. Failing to do so will make Kenya continuously vulnerable to external shocks, preventing progress in structural transformation, which risks locking the country in the lower-middle income trap for several years to come.”

Akiwumi said that unemployment has been a constant threat in the country, coupled with wide-spread poverty and inequality. Today, two-thirds of the population live on less than US$ 3.20 per day. And the distribution of wealth has affected the welfare of the population, contributing to social instability. 

“The private sector is challenged with high energy costs, gaps in core and supportive infrastructure and high interest rates on loans. This decreases companies’ margins and challenges the ability of businesses to grow, adopt new technologies and compete in regional and global markets. Micro, small and medium-sized enterprises are particularly vulnerable to these challenges,” he said.

Courtesy; K.N.A