Why the Kenyan economy is struggling; Azimio Senator, Ledama
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Narok and Azimio Senator Ledama Olekina lists two reasons why the Kenyan economy is struggling
Narok and Azimio Senator Ledama Olekina lists two reasons why the Kenyan economy is struggling.
Ledama claimed in a statement through his X account that the Kenya Kwanza government’s errors are to blame for the current state of economic hardship.
The ODM Senator pointed out that the current interbank market interest rate is at 12 percent with government Treasury Bills at 18 percent, resulting in high interest rates for ordinary citizens.
“The KK regime does not want to cap interest rates! They have simply refused to manage interest rates? Today the interbank market interest rate alone was 12% ( overnight borrowings ) and the Government TB at 18% so definitely for a local Wanjiku the interest rate must be a minimum of 20%,” said Ledama.
“The situation is like a pilot driving a plane nose down knowing very well that he is going to crush and does not care.”
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The Azimio Senator at the same said taxation must be predictable for the sake of the economy.
“Taxation must be predictable:- we cannot be waking up every day with new taxes, levies, rates you name it … this is killing our economy.
“We must have a serious conversation about interest rates, dear Kenyans.”
President William Ruto, in his address of the State of the Nation on Thursday, linked the effects of the Covid-19 pandemic, geopolitics, and prolonged drought to the shambling economy of the country.
“The Covid-19 pandemic, coupled with geopolitical conflict significantly raised the interest rate,” said Ruto.
The Head of State went on to say the high cost of living can be solved through practical actions for instance supporting agricultural production.
“One of the interventions of addressing the high cost of living is the strategy to support agricultural production throughout the sector,” Ruto added.
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