Strategies to rescue Kenya’s languishing creative industry gain momentum

Stakeholders in Kenya’s financial, regulatory, and government sectors have pledged full support to build structures, institutions and value chains that will allow artists tell their stories to the world through Visual Art.

The country is increasingly getting recognised as the art hub for the African market, providing an optimal opportunity for investors to capitalise into the largely untapped market.

Africa contributes less than 0.5 per cent of global art sales, which was valued at $50 billion in 2017. The demand for Modern and Contemporary African Art has been growing, with a number of auction houses predicting that it will be the next big thing in the next 5 years.

Wabunii Sacco Chief Executive Officer, Roy Gitahi, says that if well harnessed, the art market is a key ingredient to the realisation of the country’s Big Four Agenda as it will create jobs, spur innovation growth, and boost overall health being of Kenyans and its economy.

“Creative industries are potential contributors to economic growth and job creation. This is because the arts, culture and heritage sectors can tremendously contribute to the growth and development of our economy,” he said during a press briefing held at Intercontinental Hotel, Nairobi.

Being young, most Kenyan artists do not have the opportunity to pursue loans against their creations. “The thank the government for passing the Immovable Properties Act, giving artists opportunity to borrow loans against their paintings,” added Mr Gitahi.

Walter Mong’are Senior, Deputy Director, Youth Programs, in the Presidency, said the government has enough policies set aside to support the youth and creative. “There are enough and credible policies and frameworks supporting art. The question is how proactive are we in implementing the policies,” he said.

The Kenya National Bureau of Statistics (KNBS) has been tasked to carry out a census including details on artists in the country. “Their works will be documented by the Ministry,” said Director of Culture, Dr Kiprop Lagat.

In this regard, Kenya will host its inaugural conference to discuss art and finance on 28th and 29th March, 2019 at Windsor Golf Hotel and Country Club, Nairobi. The guest of honour will be the First Lady Margaret Kenyatta.

The Art and Finance Conference 2019 will bring together local and international Government agencies, regulators, investment bankers, financial institutions, private collectors, legal practitioners, accounting, tax and audit experts and firms to discuss how to grow African Art as an alternative form of investment and Asset class.

The Conference discussions will facilitate the creation of a platform that will enable investors to grow the Visual Arts sector as an alternative form of investment and grow the Arts sector’s contribution to global sales up to 10 per cent over the next 10 years.

Art at Work Limited, the organisers of the Art and Finance Conference 2019, will also use the opportunity to establish long term relationships with Auction houses, Art consultants, Galleries, international collectors and Museums to grow the market share of Modern and Contemporary African art on the global market.

Other activities that will take place during the two-day event include:

• Signing of MoU to facilitate the creation of an Art Based Exchange Traded Fund
• Signing of MoU with Stanbic Bank to facilitate the Creative Economy through Wabunii Sacco
• Fireside chat sessions