Effect of currency volatility on financial stability of NGO

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EFFECT OF CURRENCY VOLATILITY ON FINANCIAL STABILITY OF NON-GOVERNMENTAL ORGANIZATIONS IN KENYA

Currency volatility refers to the degree of variation or fluctuation in the exchange rate of a currency relative to another currency or a basket of currencies over a specific period (Le, 2021). It represents the rapid and unpredictable changes in the value of a currency in the foreign exchange market. Volatility can be influenced by various factors, including economic indicators, geopolitical events, market sentiment, central bank policies, and supply and demand dynamics. Foreign exchange (FX) challenges pose significant risks to the viability and financial stability of the projects (Cho, Min, & McDonald, 2020). Kenya has witnessed in recent years a continuous trend of unpredictable fluctuations of the Shillings. There has been a continuous trend of exchange rate fluctuations in the country, and this has translated into a high degree of uncertainty for the two main monetary policy objectives that policymakers often seek to achieve; price stability and economic growth (Abdi, Muturi & Olweny 2020).

Financial sustainability refers to the ability of an organization to maintain its operations over the long term without exhausting its financial resources or relying excessively on external funding sources (Caruana, Brusca, Caperchione, Cohen, & Rossi, 2018). It encompasses the organization’s capacity to generate and manage financial resources in a manner that supports its mission and strategic objectives while ensuring its continued viability and growth (Busch & Ferrarini, 2021). Financial sustainability is key to the survival of NGOs. Financially sustainable NGOs effectively manage their expenses to ensure that they align with their available resources and strategic priorities. This involves budgeting, forecasting, and monitoring expenses to control costs and maximize efficiency (Karanja & Karuti, 2017). The financial sustainability of an NGO depends on its ability to source for funding especially from donor agencies. Financially sustainable NGOs provide excellent service to the community through larger and more complex services (Guruprasad et al, 2013). Karanja and Karuti (2017) found that government policies, management, and sources of finance affected the sustainability of NGOs in Kenya.

According to Kamau (2019), many NGOs in Kenya rely on foreign funding, which is often denominated in foreign currencies. Additionally many NGOs in Kenya rely on funding from international donors, which is often denominated in foreign currencies such as US dollars, euros, or pounds sterling. When the local currency depreciates against these currencies, the value of the funds received decreases in terms of the Kenyan shilling (Otieno, 2017). As a result, NGOs may face challenges in funding their programs and activities, potentially leading to budgetary constraints and disruptions in service delivery. When the local currency depreciates against these currencies, the value of funds received decreases in local terms. This can disrupt budget planning and reduce the purchasing power of the NGO’s funds, affecting its ability to sustain operations and implement programs effectively (Kamau, 2019).

Thetford (2019) state that NGOs may face increased costs due to currency volatility, especially if they rely on imported goods and services . When the local currency depreciates, the cost of importing materials, equipment, and other resources increases. This can strain the NGO’s budget and reduce its financial sustainability, as it may need to allocate more funds to cover these higher expenses. Currency volatility can create budget constraints for NGOs, as they may need to allocate more resources to address unforeseen fluctuations in exchange rates. This can limit their ability to invest in long-term projects and strategic initiatives, affecting their overall financial sustainability. Additionally, budget constraints may force NGOs to cut back on essential programs and services, undermining their mission and impact in the communities they serve (Abeselom, 2018).

 

 

Currency volatility can affect the cost of goods and services procured by NGOs for project implementation. If the Kenyan shilling weakens against foreign currencies, the cost of importing goods, equipment, and materials increases (Otieno, 2017). This can put additional pressure on NGOs’ budgets and may require them to allocate more resources to cover their operational expenses. In some cases, NGOs may need to reduce the scope of their programs or seek alternative sources of funding to manage these increased costs. Currency volatility can undermine the effectiveness of NGOs’ programs and activities by limiting their ability to plan and implement projects effectively. Uncertainty about funding availability and cost fluctuations can lead to delays in project implementation, reduced program outcomes, and inefficiencies in resource allocation. This can ultimately affect the NGO’s ability to achieve its mission and deliver sustainable impact in the communities it serves (Karanja & Karuti, 2017).

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