DP Gachagua says Govt can borrow money from Kenyans in the diaspora

Deputy President Rigathi Gachagua has urged Kenyans living in the diaspora to improve on their savings culture, noting that pooled resources can be lent to the government at an interest.

Speaking in Gaborone, Botswana, on Saturday, April 22, Gachagua said the country relies on loans from China and other external lenders for lack of options.

“Other countries where we borrow money, they lend us from savings by their countrymen. If you people agree…with a good framework to save money at home, that is the money the government can borrow for development at interest instead of going to China,” said Gachagua.

“We don’t go to China because we like it. No ...unajua kikwetu wanasema mbuzi ya kupewa haiangaliwi kama iko na meno…so we go to China because there is nowhere else we can borrow money.”

Gachagua is on a four-day visit to Botswana. He will speak at the second Forbes Under 30 Summit Africa, among other engagements.

“If we can develop a savings culture for our people in the diaspora…..because your money is huge….please come in. We have a responsible government. Once we work on that framework, it’ll be very clear how to can save your money back home and earn interest…please do so (so) that we can have a big reserve of our own money from the people of Kenya where the government can borrow for the development of your country,” added the DP.

Figures from the Central Bank of Kenya show that Kenyans in the diaspora sent $4.027 billion in 2022, an 8.34% increase from the previous year.

During his visit, DP Gachagua will also hold talks with Botswana's President Mokgweetsi Masisi. He is accompanied by his wife Dorcas Rigathi, and Diaspora Affairs Principal Secretary Roseline Njogu.

At the Forbes Summit, Gachagua will discuss Africa Rising trajectory in the same platform with Namibia's Vice President Nangolo Mbumba and Nigeria's Youth and Sports Development minister Sunday Dare.