Kenyan corporates mourn Kibaki – The East African

By JAMES ANYANZWA

The Kenyan corporate sector is mourning the loss of former President Mwai Kibaki who breathed his last on Friday aged 90.

Companies and private sector businesses described the Makerere University-trained economist as the ‘father’ of modern Kenya who laid the foundation for macroeconomic (inflation, interest rates and exchange rate) stability and economic prosperity for the East African nation.

The late Kibaki, who ruled the country from 2002-2013, is credited with lifting the economy from the mismanagement and economic blunders of the previous regime to a historic growth rate of 7.1 percent compared to a paltry 0.6 percent growth by the time he was taking over power in 2002.

“As a sector, we are deeply saddened by the death of the third President of the Republic of Kenya; a brilliant economist and politician whose reign at the Treasury and at State House has a lot to show in the economic strides Kenya made in that period,” said Habil Olaka, Chief Executive, Kenya Bankers Association (KBA).

“He gracefully launched the KBA documentary on the ‘History of Banking in Kenya’ in 2013 as he started his retirement.”

During his tenure, the number of people with access to financial services increased to 20 million in 2012 from one million in 2002 largely through the revolutionary mobile money solutions such as M-Pesa.

The growth of banking services resulted in increased access to credit by small and medium size enterprises (SMEs) and individuals.

“It is a very very sad day as the country mourns a man who laid the foundation of modern Kenya. A man who lived an impactful and significant life. Personally, I was privileged to be mentored and coached by him (Kibaki) as the Chair of Vision 2030,” said James Mwangi, Chief Executive of Equity Group Holdings (EGH) Ltd.

“He (Kibaki) understood the economy, the business and the levels of economic transformation. He is the father of the modern economy for his role in laying the foundation of macroeconomic stability that resulted in the stability of inflation, interest rates and exchange rate stability.”