By Empraim N
Anyone who thinks of the Hustler as an alternative to Jubilee should get his/her head examined fast. It is a shame some of those who think this way are young people who should know better.
The current entire political class should be wiped off the political landscape on or before 2022.
At this rate we need to think about alternatives to democracy. Not everyone with a voters card should be allowed near the ballot. Most voters in Kenya are inclined to committing political suicide.
The Kibaki administration demonstrated the impact of government policy on businesses and the economy. It is a shame that Uhuru claims the government in power has nothing to do with business performance. I wonder if he would say the same if the economy was booming.
When Kibaki took over one of the policies that had a lot of impact was the reduction in the amount of money banks are required to keep with the CBK i.e. cash reserve ratio from 10% to 6%. In the year ended June 2005 the government did not incur any additional borrowing.
These policies left banks with no option but to lend to the private sector. Commercial banks’ lending interest rates reduced from 19.02% in January 2003 to 12.12% in January 2005. This lend to rapid economic growth.
There are so many examples which can be given such as exemption of taxes on ICT equipment which led to huge growth of the sector. Reduction of motorcycle duty which led to the birth of the bodaboda industry. The NARC government even reduced VAT from 18% to 16% and exempted/zero rated many items.
The Jubilee regime has done the opposite of all this. They have increased taxes and removed almost all exempt/zero rated items. They have come up with many harmful policies such as interest rate capping and wanton borrowing. The results are there for all to see.