As more and more Kenyans continue to join the Diaspora University Town (DUT) Project they are directing their resources toward the Kenya economic boom 2022 – 2030. This boom will be driven by Diaspora Remittances. The boom will lead to the largest GDP expansion and GDP per capita growth.
Diaspora remittances started based on Kenyans going to work abroad and remitting a portion of their earnings back to Kenya. From 2004 to 2022, the Diaspora remittances are recorded by Central Bank of Kenya (CBK) as $26 billion, about Kshs 2.6 trillion.
These Diaspora remittances have contributed to the growth of the bank deposits and loan advances in Kenya. As Diaspora remitted $20 billion about Kshs 2 trillion from 2010 to 2020, the bank deposits grew from Kshs 1 trillion at close of 2009 to Kshs 4 trillion at the end of 2020 as they contributed to the expansion of Kenya GDP and GDP per capita to the present $2,200 GDP.
In the 2022 – 2030 (9 years) period about $40 billion (Kshs 4 trillion) shall be remitted. DUT systems have started channeling a portion of this money toward productions that will impact the economy positively. The impact will create new jobs, grow GDP, grow GDP per capita and growth wealth for the Diaspora who remit their money to invest and create the economic boom.
When Kenyans enacted Kenya Constitution 2010 and wrote in article 1, “The people may exercise their sovereign power either directly or through their democratically elected representatives,” they laid the foundation for Diaspora remittances to be applied in economic development.
In Kenya Constitution 43 Kenyans wrote, “(1) Every person has the right— (a) to the highest attainable standard of health, which includes the right to health care services, including reproductive health care; (b) to accessible and adequate housing, and to reasonable standards of sanitation; (c) to be free from hunger, and to have adequate food of acceptable quality; (d) to clean and safe water in adequate quantities; (e) to social security; and (f) to education. (2) A person shall not be denied emergency medical treatment.”
The economic boom 2022 – 2030 will be achieved through the attainment of the economic and social rights in article 43. The boom will be achieved as the production of goods and services is established with consideration of Kenya Constitution 42 that reads, “Every person has the right to a clean and healthy environment.”