Treasury boss wants more accessible credit

Kenya: National Treasury has raised concerns over the low level of credit accessible to the private sector, which currently stands at 40 per cent of the gross domestic product (GDP). Cabinet Secretary Henry Rotich said though the financial sector has experienced robust growth over the last five years, credit to the private sector, the engine of economic growth, remains low.

Mr Rotich said this could compromise country’s efforts to attain middle-income status by 2030. “Kenya’s financial sector has been fast growing in the last five years or so. But despite the phenomenal growth, we still see credit to the private sector at around 40 per cent of the GDP, which is way below really what we are aspiring as a middle income country,” he said.