New Head of State outlines steps to curb youth unemployment
Written by Inka FM on 14 September 2022
President William Ruto yesterday said that his government would designate spaces for traders in the Jua-kali sector to do their business in key cities and towns.
He said the move is part of his commitment to address the huge problem of unemployment that affected the country for some time. “We will move in parts of the country but we are starting with Nairobi county where we intend to create 20 markets. With proper policies in place our young people will have opportunities to set up businesses,” he said.
Speaking during his inauguration ceremony, the head of state said, “Our immediate agenda is to create a favourable business and enterprise environment, decriminalise livelihoods and support people in the informal sector to organise themselves into stable, viable and creditworthy business entities.”
He further cited financial inclusion and access to credit as critical ways in addressing the fundamental factors of the cost of living, job creation and people’s well-being. “We shall take measures to drive down the cost of credit. Our starting point is to shift the Credit Reference Bureau (CRB) framework from its current practice of arbitrary, punitive and all or nothing blacklisting of borrowers, which denies borrowers credit.
He also promised implement the Hustler Fund, dedicated to the capitalisation of micro, small and medium-sized enterprises through chamas, saccos and cooperatives to make credit available on affordable terms that do not require collateral.
To deal with youth unemployment President Ruto said his administration will roll out affordable low-cost housing programme.