Kenya’s economic growth to surpass 3.5pc Sub-Saharan rate, says Rotich

Institute of Public Certified Accountants of Kenya CEO Patrick Ngumi (left), National Chairman Fernandes Barasa and National Treasury Cabinet Secretary Henry Rotich during the official opening of the 32nd ICPAK Annual General Meeting at Sarova Whitesands Beach resort and Spa in Mombasa on May 18, 2016. PHOTO | WACHIRA MWANGI | NATION MEDIA GROUP

What you need to know:

  • National Treasury Cabinet Secretary Henry Rotich on Wednesday told 1,800 accountants in Mombasa that despite the global economic slump of the last few years, Kenya’s economy continued to outdo regional growth by maintaining a higher growth rate.
  • He attributed the steady growth to stringent economic measures that ensured professional financial management by both the public and private sector.

Kenya’s economy will continue to surpass sub-Saharan Africa’s growth rate of 3.5 per cent throughout the year and maintain a 5.56 lead.

National Treasury Cabinet Secretary Henry Rotich on Wednesday told 1,800 accountants in Mombasa that despite the global economic slump of the last few years, Kenya’s economy continued to outdo regional growth by maintaining a higher growth rate.

“Due to the global economic challenges, the world economy has been growing at 3 per cent. The sub-Saharan rate is 3.5 per cent while ours is growing at 5.56 per cent. This is very good,” he said.

He was delivering a keynote speech during the official opening of the 32nd Institute of Public Accountants of Kenya (ICPAK) seminar at Whitesands Beach Resort in Mombasa.

“Our economy has remained stable over the past year. Diligence, policy analysis and professional best practices have led to the stability and steady growth,” he said.

He attributed the steady growth to stringent economic measures that ensured professional financial management by both the public and private sector.

He said lack of accountability had led to corporate failures in the last five years but expressed satisfaction that new regulations were streamlining the financial sector.

“Reliable high quality public and private institutions accounting and auditing will bring integrity in the profession. These ethical practices will promote investments and public well-being, which is critical for economic survival,” he said.

The CS told the accountants that they had a vital role in the management of the economy and urged them to embrace current technology.

MR Rotich pledged the government’s support for the profession and promised them that a scheme of service was being prepared for them.

ICPAK chairman Fernandes Barasa said there was a need to harmonise accountants’ salaries to match that of doctors and lawyers and other civil servants.