Economic Crisis in Kenya result in anger and frustration in people
An economic and political powerhouse in East Africa, Kenya has seen a slew of ambitious infrastructure projects take off in recent years. But problems are festering beneath the ritzy facade. Inflation hit 9. 2 percent in February, according to the latest government figures.
A record drought has left millions hungry, with a sixth rainy season between March and May forecast to fail. The country’s currency, the Kenyan shilling, has sunk to historic lows, losing nearly four percent of its value against the dollar in the past month alone, according to the think tank Oxford Economics Africa.
They are now set to stage demonstrations twice a week, throwing down a major challenge to President William Rutos administration, six months after he took office. Mondays protest proved costly, with Nairobi losing more than half its daily revenue as people kept away from the central business district, the city’s governor Johnson Sakaja said.
Deputy President Rigathi Gachagua said the demonstrations cost Kenya 15-million. The dry weather spell is expected to dampen agricultural prospects, while the vital tourism industry, which accounts for almost 10 percent of GDP, may take a hit from the protests.
We have been running an economy on debt that has not been that productive, he said, adding that the economy had been driven by government infrastructure spending.
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