Kenya Economy On Death Bed, Borrowing To Finance Corruption Killing Businesses

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Kenya Economy On Death Bed, Borrowing To Finance Corruption Killing Businesses

By Our Reporter

Shocking revelations have emerged of how the Jubilee administration alone has entered Kenya into insurmountable debt that will cause Kenyans to dig deep into their pockets to pay.

A renowned economist Mr. Mohammed Wehliye argues that the amount of money borrowed in the last five years alone surpasses the debt Kenya borrowed during the first three regimes.

Mr. Wehliye says, the Public Debt has almost doubled compared to what Jubilee found from the previous borrowing by the Fourteen Finance Ministers. Since independence, Kenya has had 14 Finance Ministers with the current Cabinet Secretary Mr. Henry Rotich is the 15th.

Others are Mr. James Gichuru, Mr. Mwai Kibaki, Mr. Arthur Magugu, Prof. George Saitoti, Mr. Musalia Mudavadi, Mr. Simoen Nyachae, Mr. Yekoyada Omoto Masakhalia and Mr. Chris Okemo. Others are Mr. Chris Obure, Mr. David Mwiraria, Mr. Amos Kimunya, Mr. John Michuki, Mr. Uhuru Kenyatta (now President) and Mr. Njeru Githae.

According to Mr. Wehliye, the country’s first 14 ministers in the Finance docket collectively and separately during their tenures in office borrowed Ksh. 1.75 trillion in 50 years. Mr. Rotich alone, and in five years has borrowed Ksh. 2.3 trillion.

The economist says this is an abnormal borrowing. “From James Gichuru to Njeru Githae, 14 finance ministers including Mr Kenyatta borrowed Sh1.75 trillion in 50 years. Jubilee’s one cabinet secretary borrowed Sh2.3 trillion in over four and a half years”

He says for Kenya to cut on borrowing, the government needs to be moderate on its expenditure. “If we get into a debt crisis, all the fingers will be pointed at the Jubilee administration even though the almost Sh4.5 trillion national debt represents the running total of all deficits minus all surpluses, Jomo to Uhuru Kenyatta” argues Mr. Wehliye.



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