JUBILEE TRANSFORMATION OF KENYA ; A NIGHTMARE THAT WE NEVER IMAGINED
By P Wesonga
Amidst the breathtaking THIEVERY on Eurobond saga; it gives me great pleasure to remind you that prior to the 2013 elections, during the heated presidential debates, we predicted a certain economic meltdown for Kenya should Uhuru Kenyatta and William Ruto be elected to the presidency. They went ahead and rigged themselves in and the rest is history.
Two and a half years down the line, bank interest rates are at their highest in more than a decade, inflation has gone haywire, the government is so broke (cant pay salaries or utility bills) and the story of Eurobond funds being invested in â€œinfrastructure projects, energy, transport and agricultureâ€ has gone silent; the funds earning interest in an individuals account high up the Jubilee government.
The fact of the matter is the Jubilee Government is as broke as a churchmouse. Treasury Bill rates are at 20% whilst interbank lending rates are topping 27%. Even shylocks charge less but for what it is, it is safer for banks to lend to Jubilee Governmebt than to struggling wananchi battling Jubilee inflation.
As interest rates hit the roof, it is predixted that industries will relocate, many SMEs will fold and then unemployment will rise.
Families will break. Insecurity will rise. Despondency will rise.
Meanwhile the monied few the same ones you see at prayer rallies are making a killing lending cash (T-bills) to Jubilee government. They keep their money in off-shore accounts in Mauritius and Dubai.
Meanwhile, apart from recommission and relaunching projects already commissioned and launched by the Raila’s Grand Coalition Government, Jubilee has reneged on virtually all their pre-election pledges.
Needless to say, a vibrant Kenya Shilling that was exchanging at abou 83 to the dollar when they took over government in 2013 is today averaging 105 – 108, meaning the buying rate at commercial banks could be as high as 110-112. So much for Jubilee transforming Kenya!
Unfortunately, we will all pay for all this uhuruto tragedy for at least a generation.
We are living in very dark times. Very Jubilee dark times.