Patrick Njoroge: Diaspora voting and youth empowerment

Remarks by Dr Patrick Njoroge, Governor of the Central Bank of Kenya, at the 3rd Annual Kenya Diaspora Homecoming Convention, Catholic University, Nairobi, 14 December 2016.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good afternoon! I am indeed honored to speak before this distinguished diaspora homecoming convention.

I would like to express my thanks to the Kenya Diaspora Alliance for the invitation to participate in this session as a Keynote Speaker. Let me begin by acknowledging the important role of the Kenyan diaspora in economic development mainly through remittances. Diaspora remittances are currently one of the main sources of foreign exchange for the country, amounting to USD1.7 billion in the 12 months to October 2016, up from USD1.4 billion in 2015. Apart from remittances, which are an alternative investment financing channel in key sectors of our economy such as real estate, diaspora entrepreneurs are helping create jobs and stimulate trade.