Securing common prosperity in face of Covid-19

Kenya, and the world at large, is going through an unprecedented crisis that is threatening to erase the economic and social development progress achieved in the last century.

The Covid-19 pandemic does not only put a strain on our healthcare systems, it is also wreaking havoc on our economy and threatening the fabric that binds us together.

So far, our frontline workers have done a great job in their efforts to batter down the curve.

Although the numbers of infections in our country keep rising, they have been subtle compared to explosive outbreaks seen in other parts of the world.

The number of recoveries has also significantly increased in the recent days. This is a demonstration that joint individual, corporate and government efforts are severing chains of infection and transmission.

However, we are still not out of the woods yet. We must be firm and strictly follow government and World Health Organisation precautionary guidelines to stem the virus.

We still have a lot to do to lower the transmission further, to cushion the vulnerable people from the social and economic impact of this crisis, and ultimately to secure our common prosperity.

CREATIVE SOLUTIONS

This pandemic is a new test to our collective strength and we must work together to address it.

The precautionary measures and directives by governments and health experts have worked in the past.

Looking at the history of other outbreaks such as SARS, Zika virus, H5N1 avian influenza and Ebola, we can only be optimistic that the interventions will finally deliver victory against the current disease.

The business community has been at the forefront of developing creative solutions to halt the spread of the virus while at the same time keeping the economy running.

At the global level, some of the biggest industrial names and electronic manufacturers have repurposed their factories for emergency production of ventilators and other diagnostic tools.

Locally, this pandemic has accelerated production of the hitherto imported personal protective equipment, with various industries also focusing on the production of hand sanitisers.

Our universities are spearheading the production of key items, such as ventilators. We are witnessing Kenyan altruism at its finest.

The private sector is also pledging financial support towards curbing the socio-economic impact of this pandemic. This is not a new phenomenon in Africa.

COLLECTIVE EFFORT

As a people, we have always shown solidarity and stood by each other in difficult times.

This crisis has been dynamic and intense for all of us, but it offers us an opportunity to recapture the spirit of ‘Ubuntu’, demonstrated by empathy, responsibility and solidarity.

In the past, we have successfully come together to combat disruptions such as famine and other disasters. This time is no different. Our collective effort is our secret weapon in the war against this contagion.

In the banking industry, we have proactively committed to contribute funds towards emergency interventions to cushion vulnerable citizens affected by the pandemic.

We have rolled out a slew of measures to cushion customers who are adversely impacted by the pandemic.

At KCB Group, for example, we are taking action to ensure that we responsibly overcome the immediate challenge in front of the country, while also doing everything in our power to support our customers to recover from the disruption as quickly as possible.

TECHNOLOGY

We have contributed Sh150 million to the Emergency Response Fund, but more importantly, we unveiled packages to support our customers in distress.

The Central Bank of Kenya has also worked out interventions to support banks by enhancing liquidity management by financial institutions and strengthening the resilience of the sector.

As we continue to navigate this new normal, it is also important that we also leverage technology as a toolset of unimaginable value and as a critical social field.

Africa has faced difficult times before, but we always rise to the occasion. This is one of those times.

I am confident that if we pull together, we will emerge stronger. Let us all maintain hope and stay safe; we will beat this.

The writer is the KCB Group Chief Executive Officer & Managing Director and chairman of Kenya Bankers Association Governing Council