Kenya finds itself at a crucial juncture in its economic trajectory. The Kenyan shilling has experienced significant depreciation against the US dollar and other world majors in recent months. For the first time, the local unit hit a record high of Sh160 to the greenback. Equally, it has shed value against regional currencies.
This depreciation has brought economic challenges, driving up import costs of food, fuel, raw materials, and medicine, among many others. The resultant inflationary pressure has had a huge impact on the overall cost of living. The Kenya Association of Manufacturers (KAM) firmly believes that embracing an export-led growth strategy holds the potential to reverse the situation and mitigate against the free fall of the local currency.
