CBK boss Njoroge says economy has performed well despite coronavirus

Central Bank of Kenya (CBK) governor Patrick Njoroge has said data have shown Kenya's economy has performed well despite coronavirus pandemic

Though there was a slight decline in gross domestic product when the first case was reported in March, Njoroge disclosed the key sectors of economy began to pick in May.

“The expectations that we are going to sink much further has not been born by the reality, even so, I don’t think the numbers in the end reveal the pain to individuals," he said.

The CBK boss explained agricultural sectors which had posted significant improvement in May, helped cushion Kenya which largely depends on farm produce.

“We are a diversified economy. We depend 20 % on our immediate neighbours, 40 % on the regional market and we boast of a diversified export market,” he said.

However, he warned the country was not out of the woods yet despite the data showing otherwise.

“We do not want to be bullish, I would even say it’s foolish to say the worst is behind us. We need to be cautious. At the end of the day, it’s not GDP that matters,” he said.

Njoroge was speaking at Monetary Policy Committee press conference on Friday, June 26.