“Hustler fund” on the way, President William Ruto promises

Kenya's economic landscape is set to undergo a significant transformation as President William Ruto pledges to introduce a new economic order that aims to tackle unemployment and create more opportunities for the youth. The President has announced the establishment of a 'Hustler Fund' with the goal of injecting billions of shillings into the economy to create new avenues for growth. This bold move has captured the attention of many, including John Frank, CEO of Banky Codal, a micro-payment platform, who recently shared his insights on Kenya's gig economy and the expectations surrounding the new administration's economic plans. The gig economy, which has been gaining momentum as a viable alternative for employment, is expected to play a crucial role in driving economic growth and providing opportunities for the youth in Kenya. Despite the challenges posed by the COVID-19 pandemic, the gig economy has emerged as a beacon of hope, offering new avenues for economic participation. The government's commitment to creating over 100,000 jobs and promoting software development for exports signals a promising future for the gig economy in Kenya. With plans to invest billions of shillings over the next decade, the government's focus on facilitating growth in the digital economy is a testament to its dedication to fostering innovation and entrepreneurship. However, despite the potential of the gig economy, there are still key constraints that need to be addressed to unlock its full potential. High internet costs and recent digital service taxes have posed challenges for gig workers, making it essential for policymakers to create a more conducive environment for their success. Limited research on the size and impact of Kenya's gig economy also presents a barrier to investment and policy formulation. While data from previous years indicates the significant contributions of the digital economy to Kenya's GDP, more up-to-date research is essential to inform policy decisions and support the growth of the gig economy. To realize the full potential of the gig economy, proactive measures need to be taken to support and empower gig workers. This includes scrapping digital taxes, reducing internet costs, and creating awareness about the opportunities available in the gig economy. By implementing policies that foster a supportive environment for gig workers, the government can contribute to the growth and sustainability of this emerging sector. Short-term contracts that allow workers to define their own terms and work with multiple clients are key to shaping the future of work in Kenya's gig economy. As Kenya navigates its path towards a more inclusive and dynamic economy, the gig economy is poised to play a central role in driving economic growth and providing opportunities for the youth. With President William Ruto's commitment to creating a conducive environment for innovation and entrepreneurship, the 'Hustler Fund' represents a significant step towards realizing this vision.