Debt-funded development for a brighter future
With Kenya’s government debt to GDP in 2018 shadowing the 57% mark and economic forecasts not predicting sunnier days, the benefits of debt-funded infrastructural development have become blurred.
Kenya has in the recent past experienced significant growth in its infrastructure. Starting with the Thika Super-Highway to the Standard Gauge Railway, the basic logic behind all these ‘great’ projects was vaguely spelled out to every Kenyan which allowed them to be received with pomp and circumstance.
Crazy were the few who questioned these seemingly noble fetes by our leaders to turn Kenya into a semblance of the developed nations in Europe and Asia. Highlighted in bold and italics were all the positive aspects of these projects to the country yet in fine print were the much much delayed gains to be enjoyed by Kenyans.
In spite of these projects, the local manufacturing industry gained miniscule market for its products while the few Kenyans who did get employment were taken as casual labourers and limited technology and know-how was transferred Read the whole article here