If Kenyans thought that there was a light in the horizon bring reprieve from the high cost of living, corruption and insecurity, the answer is that the future is rather bleak.
On the economic front, Kenyans have had to bear with steep prices of essential commodities, vagaries of weather and rising taxes.
Reports that the country’s creditworthiness for the upcoming sovereign bond will take a hit due to the prevailing terrorism threats only heightens the worries of many Kenyans who thought the New Year had brought good tidings.
Kenya is planning to market the Eurobond that is worth $2 billion. A poor rating means that the country will end up paying a steep price for the bond.
The sovereign bond market is very sensitive to negative developments like insecurity as it can chase away investors.
A case in point is the 2007/2008 post-election violence that claimed 1,500 lives and displaced half a million people. The Eurobond that had been planned in 2007 had to be abandoned after the economy collapsed and investors kept off.
Rating agency Moody’s has given Kenya a B1 rating because of weak inflows of foreign direct investment, infrastructure shortfalls and budget shortfalls.
Insecurity in the country has reached alarming proportions with last Sunday’s church attack that claimed six lives in Likoni, Mombasa, being one of them.
Despite assurances from the government that it is cracking down on the criminal elements, Kenyans have had to bear the consequences of crime.
Corruption is the other monster that the country must slay for it to ensure development. The country still has a long way to go before it can say it has successfully tackled the problem.
The country has continued to perform poorly in the fight against the problem. Global watchdog Transparency International has ranked Kenya lower than her eastern Africa neighbours. This is despite being the largest economy in the region.
Kenyans are tired of superficial attempts aimed at tackling the menace.
We are notorious for holding expensive events to roll out policies that are never implemented.
At the grassroots, corruption has been devolved to the counties with the local leaders engaging in a vociferous spending spree on largesse.
What we want is action that will not only improve the cost of living, but also eradicate the endemic problems of insecurity and corruption.
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Note: The results are not exact but very close to the actual.
