This archive report was first published on 6 December 2019.
Published on December 6, 2019, Kenyans working abroad have expressed optimism that diaspora remittances could hit Sh500 billion annually with increased government support.
According to the Kenya Diaspora Alliance (KDA), citizens living and working abroad have the potential to invest more into the country's economy, but are hindered by little or no State support.
Remittances are now Kenya's largest source of foreign exchange, clocking Sh215.6 billion in the nine months to September, with the continent estimated to receive between Sh6 trillion and Sh8 trillion annually.
Speaking on the matter, KDA Global Chairman Shem Ochuodho noted that the amounts to Kenya could more than double in a short time if the State took Diaspora affairs seriously.
“This is possible because we have a case of 10 million Filipinos abroad who remit over Sh4 trillion a year to their country, yet there are about four million Kenyans in the diaspora who could easily be sending Sh500 billion every year,” said Ochuodho.
He attributed inadequate State support as one of the factors causing most of the money sent by Kenyans abroad to go down the drain through unplanned spending, with less than 30 per cent spent on meaningful investments.
