Thursday May 28, 2020 – Central Bank of Kenya (CBK) Governor, Dr Patrick Njoroge, has projected a grim picture of Kenya’s economy following the Coronavirus pandemic.
Speaking during a virtual press conference on Thursday, Dr Njoroge said that 75% of Kenya’s Micro, Small and Medium Enterprises (MSMEs) face closure in the next 30 days.
“Three-quarters of MSMEs, according to a survey, would be in a critical state by the end of June.
“Whatever policy action is put in place to help MSMEs needs to go beyond finance, into ‘finance plus’, including linkages to other markets,” he stated.
Kenya’s MSMEs contribute an estimated 40% of the GDP with the majority falling in the informal sector, often dubbed as the lifeblood of the economy.
These companies that employ an estimated 14 million Kenyans are defined by the Government as businesses that engage between 1-99 employees.
The Kenyan DAILY POST