As the new administration is ushered in, a mist of uncertainty hangs over the nation as economists project tough financial times ahead. Our country's fiscal state does not seem to lull any economic-conscious mind.
Our national debt appears to have accrued and reached unprecedented heights. With Kenya facing a deteriorating cash-flow situation occasioned by poor revenue collection, worsening debt service obligations, and the effects of the Covid-19 pandemic coupled with the Ukraine crisis, the new leadership has the humongous moral duty to bring things to normalcy and inspire hope.
The outgoing administration failed to tame her thirst for loan acquisition towards extensive and inviable infrastructural projects never seen since Independence.
Documents reveal that President Moi left the country with Sh0.8 trillion debt, which rose through Kibaki who exited at the Sh1.8 trillion mark. But as the Uhuru Kenyatta administration exits, our budget is only Sh1.3 billion shy of our recently stretched debt ceiling of Sh10 trillion.
This calls for strict fiscal measures if our economy is to be kept afloat going forward. Reinstating CDF is ill-advised as the country braces for tough steps in sustaining our financial system. The President must say a bold and big NO to this drive.
Top priority towards shoring up our economy should be streamlining our expenditure channels. What's the essence of every political leader having a kitty? Why must women representatives, MPs and MCAs be allocated money for bursaries, while they all serve the same constituents?
This encourages duplication of roles and an increase in the wage bill and wastage of public funds through corruption. Politicians must be kept far away from programme implementation to effect their oversight roles.
Second, Kenya Kwanza administration should consider the rationalisation of public remuneration, perhaps the President should lead by taking a salary cut. This country is one of the worst countries in terms of pay disparities. The salary gap between the highest and the lowest paid is beyond reason.
Thirdly, as KRA casts its net deep and wide, there is a serious need for government to evaluate all the factors of production and ensure production is maximised. Agriculture is one of those sectors that is really being underutilised, exodus from traditional to modern farming can immensely impact positively to our economy.
Therefore, as the President asks about the whereabouts of cartels and saboteurs, he should be reliably informed that the immediate leaders surrounding him are the prospective lot. The change begins at his doorstep. They must be ready to sacrifice as the rest of the populace tighten their bellies for major stringent and austerity measures.
International relations and diplomacy scholar
