In his Madaraka Day speech, President Uhuru Kenyatta defended the debt burden his government has put Kenyans into, saying it has been worthwhile and even advised the next administration not to shy away from debt.
Unfortunately for him, Kenya’s debt bubble is bursting in his face. The most pressing problem currently is the dollar shortage, and it’s linked to heavy government borrowing. When Uhuru’s government came into power, it opted for foreign commercial loans, a path late President Mwai Kibaki avoided because they are expensive.
