In Kenya, remittances from the diaspora currently make up a larger portion of the nation’s overall revenue than some of its actual exports.
According to a recent estimate, Kenya now earns more foreign currency from remittances from its diaspora than it does from any of its main exports, including coffee, tea, and horticulture.
According to a study from the nation’s central bank, diaspora remittances increased by 8.34% to $4.027 billion in 2022, surpassing exports, which brought in $5.77 billion in foreign currency during the same time period.
Kenya’s top export, tea, is estimated to have brought in revenue of $1.2 billion in 2022, according to a breakdown of some of the East African country’s major exports. Horticulture throughout the nation came in second with a $901 million total. Following this are coffee ($301 million), petroleum products ($77 million), and Kenyan chemicals, which brought in $521 million during the time period under study.
Kenyans who reside overseas have received some policy attention from the current Kenyan administration. A state agency has been established by President William Ruto to address the concerns of Kenyans living abroad.
President William Ruto’s administration has underlined that it is important to consider the well-being of Kenyans living abroad, both for the remittances they send home and for the possibility that they will invest in local businesses to boost economic growth.
The welfare of the Kenyan diaspora has been given top priority by the Principal Secretary, Roselyn Njogu, and the Cabinet Secretary for Foreign and Diaspora affairs, Alfred Mutua.
During their brief three-month tenure, they visited Saudi Arabia, one of the largest Kenyan diasporas, and addressed a number of reported instances of Kenyan workers being mistreated by employers.
Kenya, one of the African countries that are eager to increase foreign investment within its boundaries, may experience an increase in foreign investment from Kenyans living abroad as a result of the establishment of the new diaspora office.
