It has been a turbulent six years for the Kenyan economy, buffeted by political strife and external market currents. Njuguna Ndung’u took over as governor of the Central Bank of Kenya just before onset of the financial crisis and great recession in 2007.
Four years later the Kenyan shilling collapsed as the country hit what analysts called a “perfect storm” that battered the economy.
The revolution in Egypt removed one of the country’s biggest tea export markets, while the deepening of the eurozone crisis put pressure on horticulture sales. A drought across the region sharply reduced agricultural productivity, oil prices spiked and the country faced a deep current account deficit of around 10% of GDP.
This is a portion of an article that originally appeared in Emerging Markets. Click here to access the entire version.
Categories: General Financial Inclusion