As the Kibaki administration continues to set dubious new records, the latest touches an area where the government has been at great pains to show signs of improvement - the economy.
Kenya’s foremost fiscal policy regulator, Central Bank has just announced a whooping loss of Sh 4.1 billion, it’s worst performance ever.
The main culprit? It’s recent strange policy of maintaining a strong shilling. This widely criticized move protected importers but hurt exporters. Now you do not need to be an economist to answer the big question here. Who is more important to the Kenyan economy right now? The foreign exchange earner (Exporter) or the foreign exchange spender (importer)?
This latest development, more than anything else so far sends alarm bells loudly ringing that the economic policies of this government led by a brilliant economist of the 70s (President Kibaki himself) seem to be sending the country deeper into problems. It is now clear that the economy which was already in the ICU (intensive care unit) when Moi exites, now seems to be already in the mortuary (or as Kenyans living in the States would put it “in the morgue”).
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