Kenya’s economic growth this year, which was projected to hit 5.9 per cent, has slowed down. It is projected to slow to over 4.0 per cent.
|Kibera: Home of the wretched of the earth.|
Raila's constituency for 20 yrs
The country was facing a slow-down in economic activity during the political campaigns, which slowdown eased after the results were announced, declaring President Kenyatta the winner. However, the Ruling on September 1st, took the country back on the roller coaster.
In a matter of hours, three hours to be precise, the Nairobi Stock Exchange’s capitalization shaved off Kshs 92 billion, and by the end of the second trading day, Monday September4th, the losses had climbed to Kshs 131billion.
In the forex market, the shilling which had been gaining since Uhuru was declared President, was also battered. It shred off 35 cents against the US dollar after the ruling.
It opened at 102/75 buying 102.95 selling Friday morning but slumped to 103.10 buying 103.20 selling. Kenyan debt stock overseas also bled. On that day alone Kenya’s forex reserves were shaved off kshs 356 million. The country’s daily turnover is slightly more than US$10 million.
The middle class has adopted a wait- and–see stance, consuming less and saving more. The shilling is still struggling to recover its Pre- Sept1 strength. Investors have decamped while others have kept their plans on hold.
The economy was struggling due to drought effects which slowed down agricultural output. Food prices were high driven by shortages caused by the drought.
But now the crisis sparked off by the “conscience ruling” and the political brinkmanship that NASA has adopted since the SCOK ruling that “vindicated” him is bleeding the economy. Why is this? Raila has little appreciation of economic matters.
According to a strategy Paper dated September, 8th, 2007, ODM identifies Raila’s weaknesses as limited understanding of Economic Matters as a major weakness, potential for linkage with under-development in Nyanza and Political party nomadism. The paper also lists his threats as Kibera’s under development and his penchant for making ad hoc improvised statements.
The paper, minutes of a strategy meeting by the core team comprising of; Prof. Anyang’ Nyong’o the then ODM Secretary General, Prof. Edward Oyugi; Prof. Patrick Wanyande and Mr. Adams Oloo lists deception and bribery of journalists and editors as some of the ways of covering up for the weaknesses.
A Policy Brief by the EU intelligence unit has clearly described him as poorly educated. It says, he never attended any institution of higher learning in East Germany. Although registered in the Technical Institut of Magdeburg, he never attended class.
The EU Policy brief says he will not even blink if Kenya was to tip over into chaos if that is the price the country has to pay for his accommodation in the government. It says he impressed his handlers in Stasi, the East Germany secret Police during the cold war era, with his grasp of political brinkmanship using violence to achieve is ambitions.
Raila has always been a disruptive person quick top resort to violence to keep his ambitions going. His supporters are quick to resort to violence and destruction at the slightest provocation, even if it’s a rumour.
It is to be recalled that in 2008 the same brinkmanship devastated the country’s GDP growth from seven Percent in 2007 to just about two per cent in 2008. In the last five years, he spent time sabotaging the sitting government with allegations after allegation of corruption.
He even fought and destroyed the National Youth Service programme that was upgrading lives in the slums. Although there was some corruption, that was the smokescreen he used to destroy a programme that was a major threat to his political base, the lumpen proletariat living in the slums.
Now we are about to witness another economic slump due to his shenanigans. We are now at the deception and disruption stage according to his book, the next step would be destruction! Kenya, the economic hub of east Africa is being sabotaged by one person and his cohorts. That the Economics costs of Railaism for you.