THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
THE 31st ECONOMIC AND LEADERSHIP SYMPOSIUM
Theme: Rejuvenation of the Economy through Good Leadership Practices”
Date: 8th – 10th February 2023
Venue: Lake Naivasha Resort, Naivasha
The Kenyan economy grew by 6.7% in 2021 after 0.3% contraction in 2020. Growth was driven by services on the supply side and by private consumption on the demand side, both benefiting from supportive policies and eased COVID-19 restrictions. Inflation climbed to 6.1% in 2021 from 5.3% in 2020, reflecting increased input costs. The fiscal deficit nudged down to 7.9% of GDP in 2021 from 8% in 2020 due to improved revenue, reversed tax cuts as the economy recovered, and rationalized spending. Public debt surged to 68% of GDP at end-June 2021 from 63% in 2020, driven by the primary deficit. Kenya is assessed as being at high risk of debt distress.
Growth is projected to decelerate to 5.7% in 2023, driven on the demand side by a decline in domestic and external demand caused by lower income and by an increase in food and fuel import costs and on the supply side by tepid economic activity across sectors due to cost-push factors. Inflation is projected to edge up to 7%, close to the upper end of the target band (7.5%) caused by greater energy and food inflation. The fiscal deficit will narrow to 6.5% of GDP into 5.5% in 2023 with the resumption of the IMF-supported fiscal-consolidation and debt management program. The current account deficit is projected to widen further to 5.2% of GDP attributable to higher fuel and food import bills. An ongoing IMF programme will underpin confidence and help to curtail debt-related risks, but new Eurobond issuance remains on hold because of adverse market conditions. Economic growth will remain modest in 2023 owing to heightened headwinds, including slower global growth and domestic interest-rate increases. Growth is forecast to accelerate in 2024-27, supported by structural reforms. However, a current-account deficit and a large external debt stock could expose Kenya to balance-of-payments stresses, if access to external financing continues to deteriorate.
In line with its Vision 2030, Kenya has introduced policies and frameworks to tackle climate change. It updated its NDC to 32% in 2021 and put in place mitigation and adaptation measures to achieve the COP26 emission reduction targets, which are forecast to cost $64.9 billion between 2021 and 2030. They include increasing the share of renewables in the electricity generation mix, increasing tree cover to at least 10% of land area, building a low carbon and efficient transportation system, and increasing the uptake of adaptation technology across all sectors. Kenya is exploring sources of climate finance such as carbon markets, the Green Climate Fund, and the Africa Climate Change Fund. It is on track to meeting the five climate action targets of SDG 13 by 2030.
Global inflation of course, has turned out to be higher and more persistent than expected, prompting a cost-of-living squeeze for many households and a general tightening of monetary policy conditions worldwide. In addition, the sharp increase in global commodity prices has been felt very significantly in the region, even as countries were recovering from the effects of the COVID pandemic.
There is continued need for public financing firms amid difficult funding conditions for countries. This would require sustained revenue mobilization and a tight focus on critical spending priorities.
The economic development of any country is highly dependent on good leadership. This is particularly so because the core values of a nation are directly linked to equality and equal distribution of resources. Leadership plays a key role in sustainable economic growth as it involves providing opportunities for growth and progressive developments. Therefore, good leadership becomes a visible aspect through for instance well developed infrastructure and the ability to a country to provide basic amenities especially to the most vulnerable.
In order to successfully transform the lives of Kenyans, the country needs dedicated leaders at both national and county level, who are committed to jumpstarting their counties economic renaissance setting aside personal ambitions.
Besides formulation of policies that are favorable to the manufacturing sector, we need selfless leaders who believe in driving industrialization towards achieving equality and equity for our nation.
It is against this background that the Institute has organized a three-day economic symposium on “Rejuvenation of the Economy through good governance practices” to cover the following topical areas.
- The country’s economic stewardship and new leadership performance scorecard
- Political Cycles and their Impact on the Economy
- National Debt Management Controversy
- World Economic Trends: Impact on Kenya’s Economy
- Leveraging on Regional Economic Blocks for County Development
- Adoption of Sovereign Wealth as a development tool for Inter-generational Equity in Kenya
- Current Tax Policies and their role in economic development
- The effect of unmanaged corruption on economic development
- Climate resilience and a just energy transition in Africa
- Financial inclusion in the new government
- Digital lending impact to the economy
- Using technology to enhance value in decision making by leaders
- Leveraging on prudent national and county leadership for economic growth
This seminar is not limited to the accountancy profession only, staff from other units are highly encouraged to attend.
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS
Members of ICPAK and those from other reciprocating professional bodies will earn 20 CPD units upon successfully attending all conference sessions.
|Associate Members||KShs 50,000 per Delegate|
|Full Members||KShs. 55,000 per Delegate|
|Non-Member||KShs. 60,000 per Delegate|
Note: Delegates are required to make their own travel and accommodation arrangements. Seminar charges cater for training fee, training materials, certificate and meals during the event.
We call on Conference participants to note that booking is available only online at www.icpak.com/events.
Delegates are reminded to note that online booking for training sessions is MANDATORY. This is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone-based application that is available from google store.
National Industrial Training Authority (NITA) Reimbursement:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)
We encourage members to regularly visit our website https://www.icpak.com for updates.