Social Security: a pillar of inclusive growth for Kenya?
We worked with FSD Kenya to assess Kenya’s current social protection system, compare two approaches to universal social security when designing systems, and identify the role of social security in driving economic growth.
This study rigorously investigates the relationship between social security and growth, and models returns to GDP from an investment in expanded coverage of universal social security in Kenya.
The study finds that expanded universal coverage delivered under a rights-based framework not only supports household wellbeing, but can deliver significant returns to growth in the short, medium and longer term.
Given the strain on Kenya’s fiscal position and rising external debt, financing such an investment would be a challenge. However, multiple financing options are feasible. In summary, the study argues that, now more than ever, Kenya must invest in a universal, life-cycle social security framework for the country’s development.