By Empraim Njega
The so called war against corruption is the greatest joke of all time in Kenya. Sample this.
Treasury CS in his budget speech last year gave a peculiar amnesty for Kenyans with dollars abroad to return them to the country with no questions asked about how they were obtained. That amnesty was extended in this years budget speech for one more year.
The repatriation of the dollars is going on well. Dollar deposits in banks have risen to an all time high of KShs 500 Billion. It is said the money is coming through some Tier III banks which adds to suspicion.
Then you hear that government plans to get graft cash hidden in Switzerland. Who is foolish enough not to use the amnesty to return their stolen cash stashed abroad?
The greatest question is what informed this amnesty since the country was not facing any dollar distress? Given the high levels of graft these last five years how could such a thing be entertained?
This is one reason why the shilling is strengthening against the dollar. This is making it cheaper for government to accumulate foreign loans further burdening the country with expensive loans while giving the corrupt a free pass.
Kenya imports more from Uganda than it exports for the first time
“Kenya has for the first time imported more goods than it sold to its neighbour Uganda in the five months to May, mainly due to increased maize imports.
Central Bank of Kenya (CBK) put the value of goods Kenya imported from Uganda at Sh30.21 billion in the period to May compared exports of Sh26.08 billion, resulting in a trade deficit of Sh4.13 billion.
This is the first-ever trade deficit that Kenya has recorded against Uganda since the central bank started making trade numbers public.” Business Daily