Distressing headlines about Kenya's finances

These headlines were published on Jan 21st & 22nd. I always read about our GDP growth etc… But accounts tell a different story. Kenya is broke.

Most businesses import goods for resale within Kenya, instead, Kenya should be looking processing / manufacturing locally, to export globally.

Kenya’s highest Forex earner comes from remittances, folk sending cash back home.

“The remittances in Kenya have risen to become the biggest source of foreign exchange, ahead of tourism, tea, coffee and horticulture exports.”

In 2018, the remittances was about $2.8 billion.

That is just so wrong, in that Kenya doesn’t have multi billion dollar export industries. It doesn’t even have to be high-tech, for example Ireland, they exported about $13 billion just in agriculture / foods

my advice is focus on your own personal finances and how you can improve them.Kenya’s fiscal issues are a social problem that needs new governance and adoption of new policies to address it.In short,the most you can do about it is elect new leaders who reflect your ideas in changing the country’s finances or you decided to vie for elected seat and see if you can be elected and go to be part of a team to drive this change.

Problem is that it will eventually reach a point where you can’t improve them further if the environment doesn’t allow for investments to happen on the ground. We should all be worried btw

1 Like

I saw interesting tweet the other day on security guards in banking halls assisting people rather than bank staff …

1 Like

I am worried but thats the beauty with living in a democratic country,we can sit here and discuss then when the election cycle comes up we can elect the leaders who can drive the changes we want or we can vie for elections and be those leaders,Alternatively we can also seek like minded persons and use legal means to try to drive change.Kenyans are not helpless in this situation,Kenya’s fiscal issues can be resolved but the window to resolve them is closing fast.

1 Like

You forgot to say during elections time we can also decide to elect our people to eat or the Highest Bidder…

1 Like

@Dree_Alexander Kenyans are mostly awesome until election time. It is like we all become idiots ikifika saa ya election. People voting for ‘mtu wetu’ year after year then met at a kibanda a few months after the elections for foods & drinks and complain about how the economy, infrastructure, debt levels etc are bad.

My parents and older relatives lives have not changed a single bit despite years of voting for ‘mtu wetu’. Some have even lost jobs this year in due to the cuts going on almost everywhere.

A large number of them are government employees and almost retiring. They don’t have a nest egg to sustain themselves for more than a handful of years (if any) and intend on living off their pensions.

With the current state of things, there might not be a pension when they retire.

Parliament just raised the debt ceiling to 9 trillion. That is almost the size of the entire economy. This house of cards will crumble soon.

I am not optimistic about the future.

2 Likes