Patrick Njoroge: Rethinking economic and business sustainability in disruptive times

Keynote address by Dr Patrick Njoroge, Governor of the Central Bank of Kenya, at the 1st International TUK-SBMS International Conference, The Technical University of Kenya (TUK), 25 November 2021.

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

Central bank speech  | 
13 December 2021

Good morning! I am pleased to join you at the inaugural Technical University of Kenya (TUK), School of Business and Management Studies International Conference. Let me at the outset express my gratitude for the invite. The theme of the conference-Rethinking Economic and Business Sustainaibility in Disruptive Times-is timely, as we reflect on the challenges and opportunities that the coronavirus (COVID-19) pandemic has brought to the fore. Importantly, how will governments and businesses build on the lessons from the pandemic, and thereby enhance their agility to grow and thrive in a dynamic environment? I note the wide array of papers to be presented over the next two days, that will enrich the outcomes of the conference.

The pandemic has upended lives and livelihoods while fundamentally changing enonomies and businesses. In Kenya, a robust response from the government and private sector has served us well in containing the pandemic and ensuring business continuity. The economy is now on a steady recovery path, while the financial sector has been resilient in supporting businesses and households. We must however remain vigilant as COVID is an enemy that attacks with stealth, with devastating consequences. Tellingly, we have seen in recent weeks a resurgence of the virus in Europe and parts of the United States, inspite of their high rates of vaccination against COVID-19. Coming back to the theme of the conference, what has changed over the last one and a half years with the pandemic? And how do we rethink economic and business sustainability in disruptive times? In venturing to answer these questions, I will first highlight three recent trends in the business landscape.