Kenya Launches the 2023 Foresight Africa Report
The Principal Secretary in the State Department for Economic Planning, Mr. James Muhati this morning officially launched the 2023 Foresight Africa Report at a Nairobi Hotel themed: “Economic Recovery and Growth: Tackling Multiple Headwinds.”
“In the last three years, the continent has experienced the efforts of multiple shocks that have threatened economic growth and reversed socio-economic development,” PS Muhati stated.
Some of the challenges the Continent faced were: COVID 19 pandemic and the Russia-Ukraine conflict which interrupted the global commodity supply chains leading to food shortage. The high figures of inflation rates were also experienced and high cost of living resulted.
In addition, the on-going prolonged drought in the Horn of Africa has led to loss of livestock and loss of lives among the people living in the Arid and Semi -Arid regions.
The PS stated that he considered the launch to be timely and strategic in informing policy makers on potential areas that can be exploited to attain sustainable and transformative development.
The implementation of the Kenya Kwanza Bottom-Up Transformation Agenda (BETA) is already in progress as demonstrated by the roll out of the 2023/2024 Budget Policy Statement, which sets out the priority programs, policies and reforms to be implemented within the financial year period.
The government is also in the process of finalizing the Fourth Medium-Term Plan (MTPIV 2023-2027) and mainstreaming the development aspirations and commitments in the Bottom-up Economic Transformation Agenda.
The Foresight Africa Report provides policy options that effectively addresses the effect of the multiple shocks for sustainable recovery.
The Key Priorities presented to address the economic recovery for Africa include; building a solid foundation by maintaining macroeconomic stability among others.
“The desired economic stability and inclusive growth can therefore be guaranteed through pursuing policies and strategies that enhance revenue mobilization and debt sustainability,” said PS Muhati.
The Foresight Africa Report is rich with information and policy recommendations that are valuable in shaping the development agenda in Kenya and beyond.
The Principal Secretary, James Muhati appreciated the effort and strong collaboration between the Africa Growth Initiative (AGI) AND Kenya Institute for Public Policy Research Analysis (KIPPRA) in creating the Foresight Africa Report 2023.
Present during the launch were; KIPPRA Executive Director, Dr. Rose Ngugi, Dr. Aloysius Ordu, Director, African Growth Initiative, Representatives of Brookings Institutions and other invited guests.