A boy was stung by a Nettle. He ran home and told his mother, saying, “Although it hurts me very much, I only touched it gently.” “That was just why it stung you,” said his mother. “The next time you touch a Nettle, grasp it boldly, and it will be soft as silk to your hand, and not in the least hurt you.”
Since President William Ruto came into office, his administration has had an uphill task in dealing with the economy. It has come up with various plans to support and grow the economy.
There are many factors that are contributing to the hard economic times for Kenya. The dollar continues to get stronger than many currencies in the world making international trade more expensive.
The cost of fuel is not going down as fast as we would want, thus, keeping the cost of production high. The ongoing drought has lowered food production, forcing Kenya to buy expensive imports.
During the campaigns, Ruto promised to ensure that the bottom-up approach works and that his government would address unemployment, especially among the youth, by pumping billions of shillings into sectors such as boda boda and small retailers.
The establishment of a Hustler Fund has provided cheap and easily accessible loans with no need for security, with the Sh50 billion annual kitty being channelled towards supporting individuals and micro, small and medium, enterprises.
The Kenyan population is getting younger by the day meaning that those who can contribute to the economy effectively are the youth. It is however not possible as many of them are jobless and therefore cannot contribute effectively to the building of a sustainable economy.
Many Kenyan youths are not able to do what they want because of the lack of funding. Giving them affordable and accessible credit will help them establish and expand their businesses.
This will not only create employment but will see more Kenyans having the money to spend thus enhancing the spending power. This in turn helps in the growth of the existing businesses and spurs up of the economy.
The government has also been seeking to increase foreign direct investments and this plan should be followed through to the end. Attracting more investors is critical to complement what the government is seeking to do with the local industries.
Parliament has a critical role to play in ensuring that the Kenyan economy is revived to the levels that we all desire as a nation. MPs need to start thinking and giving ideas on how this can be done instead of focusing on issues that are not core to Kenyans.
As Parliament handles the ongoing budgeting process, it must critically look at what has worked and what has not, in the past. The upcoming budget should be heavy on investing in production without overburdening mwananchi with taxes.
Kenya needs an environment where both small and large enterprises can grow and thrive, and effectively contribute to the economy. If we can make production affordable for local firms – whether big or small – we can ensure that Kenyans get what they need at better prices.
Once Kenyans spend their money more effectively, they can then have more money to do other things such as investments that can help build the economy. We will thus have moved the country from a consumption economy to a production one.
This week, the President will relaunch the revamped affordable housing programme – Boma Yangu – which while focusing on more than 5,000 projects can spur development across various sectors.
Another focus should be manufacturing, which can help Kenya compete in the region and internationally by becoming a net exporter instead of an importer of the smallest of things.
The government must prioritise putting money in the pockets of Kenyans and food on the table. A vibrant economy will help Kenyans become more productive in everything that they do and thus contribute to the country’s prosperity.
