The Hustler economy was touted as a game-changer. It was to change the fortunes of millions of hardworking Kenyans. But the reality on the ground seems more serious than usual.
The complaints range from high interest on credit, rising cost of basic commodities, insecurity and high cost of education. Worse still is the poor services, with essential ones such as sanitation and healthcare taking a back seat despite featuring prominently in politicians' manifestos. The answer then lies in deregulation.
One such area is defunding the Kenya Revenue Authority. We all wish that once in a while the taxes would ease a bit, don’t we? Afterwards, when things have stabilised, we can revert back to ‘strictness’.
Another area is the relaxation of importation rules and the opening up of our markets. No rich man has become such without cutting a few corners, and Kenya is no different. Last year, a presidential candidate promised to legalise ‘weed’ and permit the rearing of hyenas and snakes for their testicles and venom. If only we were so daring.
We could start with genetically modified maize for a trial run. After all, like CS Moses Kuria once said, there are lots of things in this country that can kill you. Then as we move forward, we could diversify and allow great passage of imports while revising existing trade agreements such as AGOA to seek better trading terms.
The government could also allow more financial in-flows, even illicit ones. Luxembourg, Panama, Switzerland and the Cayman Islands all have a common similarity. They are great tax havens for the ultra-wealthy who don’t like paying heftily for money already owed.
And if we go ahead to tax the dead, there is a risk that the few ultra-wealthy individuals might just transfer their loot elsewhere cash strapping the economy to levels last seen during the great hunger of the 20th Century.
The floating of county bonds is another avenue. The greatest threat to devolution stems from the counties inability to raise adequate funding for self-sustenance, hence, relying heavily on the national government.
And since he who pays the piper must play the tune, the continued dalliance between these two layers of governance shall continue till kingdom come. After all, hunger is the real enemy here.
As an alternative, however, counties should be allowed to float their own bonds. After all, they are mini governments with powers and privileges derived from the Constitution itself. It's about time they started acting like such.
Finally, there's the relaxation of the CMA rules on publicly traded entities. There is need for relaxation of rules for companies trading in the stock exchange. Currently, only a handful of these companies have been trading since the last time Harambee Stars qualified for the African Cup of Nations and even so, they are strictly regulated. Perhaps with a bit of relaxation, the possibility of making money may increase triple-fold.
If you want standards, you have to pay for them. The millions of hustlers seem to be paying dearly for their choices on the ballot and if there is any good to come out of all this, then only time shall tell. But in the meantime, the current situation shall have to do.
