2020 might not be smooth – Central Bank of Kenya warns

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Central Bank of Kenya (CBK) governor Patrick Njoroge has warned Kenyans not to expect a ‘prosperous’ 2020, saying things could be as tough as they were in 2019.

2019 was the most difficult year for Kenyans – according to the year-end poll by research firm Trends and Insights Africa (TIFA).

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Kenyans shared their sentiments on eight key indicators – the economy, employment, politics, cost of living, primary and secondary education, security and public health.

Most Kenyans said the cost of living, economic conditions and employment prospects had worsened in 2019.

The perception among Kenyans is that the economy is performing poorly as there are fewer jobs to show for it.

The Kenya National Bureau of Statistics Economic Report (KNBS) showed that the number of formal jobs created had declined in the last five years.

The issue of fewer formal jobs is compounded by the fact that many companies in Kenya laid-off workers in 2019.

While many people celebrated the onset of 2020 thinking the problems that bedeviled Kenya were left in 2019, Central Bank of Kenya (CBK) governor Patrick Njoroge has bad news for Kenyans.

Njoroge warned that 2020 might just be as tough for Kenyans as 2019 in a series of tweets on Tuesday December 31st.

“The verdict is in—2019 was a brutal year all round! Still, we accomplished a lot at @CBKKenya, the banking sector, and more widely. Our deep gratitude to all those that supported us in various ways thru the twists and turns in 2019. But there is still much to do,” Patrick Njoroge tweeted.

In another tweet, the CBK governor wrote;

“The good news is 2019 is ending. The bad news is 2020 may prove as challenging. But we believe we are ready and will prove up to the task, ultimately improving the lives of those around us especially the most needy. For now I wish you a restful break, close to kin and hearth.”

 

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