For five years, the auditor general has raised the red flag over the sustainability of the Youth Enterprise Development Fund.
In the latest report, the auditors say the fund has continued to register dismal performance and has a deficit of more than Sh42.6 million.
The capital invested as the revolving fund has been eroded and the ability of the fund to sustain its core mandate is now doubtful.
This audit report is depressing. It reads like a eulogy of many brilliant ideas born in Kenya but whose implementation results in a stillbirth.
The Youth Enterprise Development Fund was meant to decisively handle youth unemployment. It was to do this by providing easy and affordable financial and business development support services to the youth who are keen on starting or expanding their businesses.
The growing number of jobless youths is a time bomb. As such, the fund should be saved from collapse to help nurture job creators instead of job seekers.
However, the government must think critically about the sustainability of these funds. Indeed, having a youth fund, Women Enterprise Fund and Uwezo Fund, all as independent institutions is wasteful duplication.
These agencies should be merged to reduce administrative expenses while at the same time making them more efficient.
Quote of the Day: “Money is like manure; it’s not worth a thing unless it’s spread around encouraging young things to grow.”
Thornton Wilder
The American playwright and writer died on December 7, 1975.
