KEPSA hosted the 1^st Annual Platinum CEOS Breakfast forum on 31^st May 2024 at Fairview Hotel in Nairobi, an exclusive event that creates a unique platform for KEPSA Platinum (top tier) leaders to network, exchange ideas and engage in strategic discussions on issues impacting the private sector under the theme; Global Market Outlook; Global Economic Trends, Geopolitical Developments, and Impact to Businesses Across the World.

In his keynote address on the global outlook, the chief guest, Dr. James Mwangi - Group CEO, Equity Group Holdings Mwangi indicated that the formation of the new order would be a major challenge for businesses. However, he noted that with 65% of arable land, 62% of all renewal minerals and 40% of strategic global green minerals, it is nearly difficult to eliminate Africa from the global equation projecting that Africa can be the next major power in global markets. (Click here to access his presentation.)

Further, Dr. James Mwangi stated that technology such as the AI is the disruption of industrialisation. He emphasised that the private sector businesses in Kenya should capacity-build and train their employees to cope up with the changing technological dynamics in their businesses.

Ms. Carole Kariuki – CEO, KEPSA, acknowledged and praised Kenyan businesses that are transforming both the regional and global economy. While introducing the chief guest, Dr. James Mwangi, Ms. Kariuki noted the good work some of the Kenyan businesses are doing while reckoning Dr. Mwangi as a renowned thought leader and a champion of social economic transformation not only in Kenya but also globally.

In his remarks, Mr. Jas Bedi – Chairperson, KEPSA stated that it was a remarkable time for KEPSA Platinum members to convene given the dynamic operation environment in which the private sector is. He indicated the issues in the geopolitical economy highlighting global supply shocks arising from wars such as Russia–Ukraine and Israel–Palestine and the development in the countries’ race to innovate on and regulate AI which affected countries relations such as US-China relations resulting in US-China trade wars.

The global growth projections continue growing at 3.2 percent during 2024 and 2025, at the same pace as in 2023 with a slight acceleration for advanced economies. The global economic growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025 will be offset by a modest slowdown in emerging markets and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025.

While delivering a special address, Mr. Alfred Olajide - Vice President, East & Central Africa Region, Coca-Cola, Africa, highlighted three main issues that hinder global market growth: increasing consumer pressure due to inflation, supply chain challenges (giving an example of one job in Kenya impacts at least 18 people), and the overall business operating environment. He further stated that Africa has a youthful population, agricultural material and capacity as well as the influence in AfCFTA which puts it at the centre of economic growth in the 21^st century.

In her remarks, Ms. Brenda Mbathi – Vice Chair, KEPSA expressed immense gratitude for the insightful and engaging discussions held at the forum. She thanked the distinguished speakers for sharing invaluable perspectives expected to shape strategic approaches moving forward while insisting on the need to work together as a private sector.