Put money in community start-ups to build local enterprise
SEE ALSO :Sh45m fake cash seized, man heldWithin our own country, those with means must do their part to inject their money back into the local economy as well. This should both be through the formal financial sector, as well as the less formal philanthropic sector. If the wealthy do not have faith in Kenya’s economic growth, then smaller scale entrepreneurs will be less inspired to invest their money and their brains here. The examples set by more well established individuals will prevent brain drain by Kenyan entrepreneurs and scientists to the US and Europe. It will also prevent a situation similar to what plagued many Latin American economies in the 1980s and 90s, when people of means kept their money abroad because they lacked faith in their own economies. Keeping money outside of the country instead of investing it in new initiatives at home led to economic chaos. Setting a good example for Kenyan business people was probably part of the president’s motive recently when he donated Sh100 million to the creation of a new school and library in Kapsisiywa, Nandi County.
SEE ALSO :MTN's mobile money to go liveThe complex will be located in Eliud Kipchoge’s hometown, honouring him for his significant achievements and his contribution to our nation’s athletic records. Setting up a new school is not only an opportunity to improve the education of children in a rural area of poverty. It is also a chance to acknowledge local talent and invest in the growth of future homegrown high achievers. Business executives should follow Uhuru’s lead. Why go abroad to develop your business when we already have all of the potential here? It simply needs to be cultivated. One could either use the opportunities he or she is born with to maintain their status. Or they could use their position to give back to the community, to find gaps and fill them. Impact investors are clamouring for the fintech industry because they know that it unlocks Africa’s growth potential. The same goes for the investment in the Kapsisiywa school and library - Uhuru put resources where they are most needed and where there is the most growth potential.
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