Kenya taps diaspora skills, record-high remittances to drive growth

Credit Bank Chief Executive Officer Betty Korir after signing partnership deal with the Kenya Diaspora Alliance Chairperson Dr Shem Ochuodho .[Courtesy]

With remittances from Kenyans abroad reaching a record high of Sh670 billion in 2023, Kenya is gearing up to host the 11th edition of the Kenya Diaspora Homecoming Convention.

The annual gathering aims to tap into the resources and expertise of the Kenyan diaspora to bolster the country's economic resilience and growth.

This year's theme, "Knowledge and Skills for Resilience and Growth," highlights the importance of adapting to technological advancements and enhancing climate resilience.

Prime Cabinet Secretary Musalia Mudavadi acknowledged the critical role of the diaspora, noting that the government targets Sh1 trillion in remittances by 2027.

"These remittances offer a crucial lifeline to household incomes and provide a substantial boost to the national economy," said Mudavadi, referencing recent data from the Central Bank of Kenya showing record remittances of Ksh. 156 billion in the first quarter of 2024.

Dr. Shem Ochuodho, Global Chairman of the Kenya Diaspora Alliance, emphasized the convention's focus on harnessing diaspora knowledge and skills.

"One of this year's objectives is to leverage the expertise of our diaspora for technology exchange, technical assistance, career upgrades, and economic resilience," he said.

The convention is set against the backdrop of the Kenyan government's evolving National Strategy for Skills Development for Labour Migration.

Organizers hope the event will culminate in an action plan that outlines clear strategies for tapping into the diaspora's potential to drive growth and resilience in Kenya's economy.