Export-led growth is the lasting cure to Kenyan currency's depreciation

Kenya Association of Manufacturers CEO Anthony Mwangi. [Courtesy]

Kenya finds itself at a crucial juncture in its economic trajectory. The Kenyan shilling has experienced significant depreciation against the United States Dollar and other major world currencies in recent months.

For the first time, the shilling has hit a record high of 160 to the dollar. Equally, it has lost value against its East African sister nations' currencies in Ugandan and Tanzania. This depreciation has brought economic challenges, driving up import costs of food, fuel, raw materials, and medicine, among many others.

The resultant inflationary pressure for Kenya has had a huge impact on the overall cost of living. The Kenya Association of Manufacturers (KAM) firmly believes that embracing an export-led growth strategy holds the potential to reverse the situation and mitigate against the free fall of the local currency.