Today, KEPSA hosted its 20^th Annual General Meeting (AGM) at Two Rivers in Nairobi. This year’s AGM marked over two decades of KEPSA’s leadership in the private sector and in implementing programs that have fostered business growth and contributed to the country's socioeconomic development.

The event also featured an interactive question-and-answer session among KEPSA Members and the leadership. This aimed to ensure the continued inclusion of Members’ input and feedback on KEPSA’s progress over the next year. The feedback provided, including on the ongoing public-private dialogues, will help KEPSA better represent its members and the business community, advocating for improved business costs.

While outlining KEPSA’s milestones of the past year, Ms. Carole Kariuki, KEPSA CEO, noted that KEPSA concluded a new business strategy in 2023 that seeks to transform and re-position KEPSA to deliver enhanced value for its members. She reiterated that the strategy also seeks to transform the country into a globally competitive economy as Kenya works towards the culmination of Vision 2030 over the next six years.

“We ought to pause a bit to address an important question: is the Vision in sight, and what can we do differently as a private sector in this last sprint to 2030? It’s an ambitious agenda and requires us to triple our winner spirit,” Said Ms. Kariuki.

Further, the KEPSA leadership, including the CEO, Ms. Carole Kariuki; the Chair, Dr. Jas Bedi; the Chair of the Finance and Audit Board Committee, Mr. John Gachora, MBS; KEPSA Advisor, Mr. Vimal Shah; KEPSA Director for Energy and Professional Services, Eng. James Mwangi; KEPSA Director for Tourism and Labor, Mr. Mike Muthondu; and KEPSA Member who’s also the CEO of the Retail Trade Association of Kenya (RETRAK), Ms. Wambui Mbarire; held a press conference to engage the media on the sidelines of the AGM.

They addressed the public-private dialogue wins, notably, a series of major victories in shaping the Finance Bill 2024 following the advocacy efforts with the three arms of the Government: The National Assembly through the Finance and National Planning Committee, the Senate through the Speaker’s Roundtable held on 12^th -13^th June 2024 and the President through the Presidential Roundtable, with the first in June 2023 focusing on value chains and additional two in March this year focusing on sectoral competitiveness while the fourth and latest Roundtable with the President focused the Finance Bill, 2024. It was also noted that on Friday, June 21st, KEPSA will engage the National Assembly at the Speaker’s Roundtable at the Argyle Hotel in Nairobi.

In 2023, Kenya exhibited resilience to the eminent economic and political downside risks. Coming out of the election year 2022, 2023 saw the economy post a growth rate of 5.6%, surpassing the 4.9% growth registered in 2022. The growth was mainly supported by the recovery of the agriculture sector following improved weather conditions and the services sector, with tourism and financial services contributing the most.

While delivering the director's report, the KEPSA Chair, Dr. Jas Bedi, noted the need for concerted efforts by the national government to develop and implement necessary programs, policies, and interventions to support economic growth in 2024 and beyond.

“The private sector is optimistic about our economy, driven by a shared belief in collaboration. By working together, we can create a competitive and inclusive environment that unlocks new opportunities for growth and development,” said Mr. Jas Bedi.

According to the 2023 KEPSA financial statements, the overall performance for the year was positive, with incomes being higher than expenses by Kshs 10 million before tax. This continued rebuilding of reserves cushions the organization in leaner years, given that it doesn’t distribute profits by virtue of its formation and registration. According to Mr. John Gachora, KEPSA Director and Finance and Audit Board Committee Chairman who read the statement, the total revenues were Kshs 384 million against total expenses of Kshs 374 million.

While touring the new KEPSA offices at the Two Rivers, Members acknowledged the organization’s growth and applauded the continued efforts toward sustainable expansion. The KEPSA leadership, with deep gratitude, acknowledged the unwavering support and contributions of the staff, management, members, and development partners. According to KEPSA, their dedication and commitment have played a pivotal role in propelling the organization toward its vision of becoming a world-class apex body.