To New Horizons, Kenyan Economy

Kenya

3 min read

I pity those who have given up, since when the resurgence of the Kenyan economy starts, many who put down their tools or despaired will be shocked by the gains others will be reaping.

NAIROBI, Kenya, October 18, 2023/-- The Nairobi Stock Exchange (NSE) has recently been the laughing stock of the world. And rightfully so. A Bloomberg article reported that it was the worst-performing bourse in Africa and the world at large, this year.

Without shame and tact they responded with a counter, which was basically a self-incriminating press release highlighting that their public relations people are sleeping on the job.

In the tech world, where Kenya prides itself as the Silicon Savannah of Africa things are dire too with the global funding ecosystem in the pits. The Foreign Exchange situation is shafting Kenyans and they can’t catch a break from the new taxes and polite levies. Add the all-time high fuel prices, and Wanjiku will say, “Punda amechoka!”

Wakenya na Kijituma

Kenyans are very resourceful and adaptable people, whatever you throw at them they will catch –but be careful, their breaking point turns them into monsters– so always give them room to thrive.

A few days ago, I had my weekly dose of briefing from my Uber driver. This decent chap driving me to an early meeting in the Nairobi Central Business District didn't lament about the state of the economy or the increase at the pump.

He was sober, asking me to observe the drive of a typical Kenyan be it at home, where things are currently hot or abroad. A Kenyan always finds his or her way. Hence, this fuel thing and heavy taxation are fleeting tribulations and Kenyans will overcome.

Before I alighted at Kimathi Street he ensured to reiterate that what was lacking to protect this indomitable spirit was political integrity and accountability. Nothing else, but that!

Another episode that I can't refuse to narrate was that of a brief encounter with a lady at a supermarket in the same CBD. I was at the checkout point of a popular outlet ready to be served, when a cosmopolitan woman (Nairobi urbane to the core) tapped my back.

“Do you know Carrefour is selling those onions at 150 per Kg?” She asked with rizz.

“No, madam!” I replied reservedly.

“It’s just around the corner, hapo karibu na Goethe institut.” She continued. “You will save 50 bob per Kg.”

I quickly ran the math in my tired head and mister convenience captured me, and I had to politely decline the suggestion. I thanked her and she walked away with a young Hon. Martha Karua's swag.

She delighted me. She’s a breed of Kenyans that is disappearing, you know, the undugu type. (Disclaimer: don't ask me why an African man who is fresh in his thirties is buying onions in the middle of the day. I have asked some of those reading this piece today, to help in that department, but it has been crickets...)

To New Horizons

When the Kenya Kwanza government marked its first year in office. I was among the few people who shared the view that their scorecard was leaning to the positive, and there was a flicker of hope in this regime. Today, I would say the hope is blossoming. (Economic terms, lest I be dragged in other spheres...)

There is a high likelihood that the Kenya’s economy will rebound and gain grounds, that it has been denied in the past decade. The able President as the man in the driving seat and with good technocrats, we can hack this, my people!

I pity those who have given up, since when the resurgence of the Kenyan economy starts, many who put down their tools or despaired will be shocked by the gains others will be reaping.

As I wrote before, "Live off the Land", this is what we need in this trying times. A resourceful Kenyan and political goodwill, the trajectory of the economy is to the moon.

This brings me, at last, to what troubles me today as I write this. Israel-Hamas War. I would wish to repost the Archbishop of Canterbury's recent remarks on it as it echoes my take.

By Phineahs Munene

email feedback to phineahs [at] wazomoja.com

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