Kenya’s economy seen growing in spite of poll jitters


From left: Nairobi Securities Exchange CEO Geofrey Odundo, Sanlam Kenya CEO Mugo Kibati, and Sanlam economist Arthur Kamp. PHOTO | COURTESY

The Kenyan economy is exhibiting resilience ahead of the August 8 polls, with clear signs of a swift take off thereafter, an investment economist has said.

Sanlam Group Investment Economist Arthur Kamp expressed optimism, in a presentation, in the swift recovery of the Kenyan economy after the polls.

“Assuming certain conditions, this should hopefully be a good time to make your capital markets and related structured investments as the market is seemingly on an artificial lull, ahead of the General Election,” said Mr Kamp at a Nairobi event organised by Sanlam Kenya and graced by the Nairobi Securities Exchange (NSE) chief executive Geoffrey Odundo.

Mr Kamp said the local economy is expected to grow fast based on economic and governance reforms proposed by the respective presidential candidates and a solid foundation already set.

“In my estimation, GDP growth should remain among the light of sub-Saharan Africa economies in the next three years, if ongoing reforms as outlined in the Vision 2030 national development plan are maintained with zero tolerance for corruption and other investment limiting barriers,” said Mr Kamp.

Data from the Kenya National Bureau of Statistics (KNBS) shows that the country’s GDP is estimated to have expanded by 5.8 per cent in 2016 compared to 5.7 per cent in 2015.

He said the Kenyan market will provide growth impetus for the regional economy.