concerns of impending debt distress and default . The Kenyan Government has however committed to making the final interest payment of its 2 billion U . S . dollars Eurobond alongside the principal amount in the last week of June 2024 .
Professor Ndung ’ u has repeatedly stated that the country would not default on repaying the debt as it has a comprehensive plan for debt service payments . The alternative is too dreadful to even contemplate .
# 3 : Creeping Authoritarianism
On December 4th last year , Dr . Margaret Nyakang ’ o , Kenya ’ s Controller of Budget was arrested and arraigned in a Mombasa court the following day . She was later charged with conspiracy to defraud and operating a Sacco without a licence among other charges , and is presently out on bail . The timing of this incident raised significant questions .
Some historical context is required though . Dr . Nyakang ’ o noted that back in 2019 , she was invited to sit on the board of a Sacco that tapped her for her expertise in finance and corporate governance . In October of the same year , she was interviewed and vetted for the job of Controller of Budget . On learning of the government ’ s decision to appoint her to the position , she wrote to the Sacco , notifying the board of her intention to resign . The Controller of Budget recalled that the Sacco had listed her as a member of the board despite not being elected at any AGM . She stated that she shared this information with the authorities and they seemed satisfied with it .
Of the eleven persons listed for prosecution , Dr . Nyakang ’ o was the only one presented in court . Further , there is no evidence that these allegations are being investigated by either the Office of the Director of Public Prosecutions ( ODPP ) or the Ethics and Anti-Corruption Commission ( EACC ).
This begs the question , is Dr . Nyakang ’ o being targeted by powerful forces for her seemingly principled stand against corruption in government ?
Powerful government officials in successive regimes have routinely used the criminal justice system to silence anti-corruption crusaders , especially those within its ranks . Although the Constitution of Kenya 2010 grants independent constitutional office bearers the authority to hold governments responsible for their fiscal activities , it would appear that we still have some way to go before open government is completely entrenched in our public affairs . In the past , officials who probe corruption have faced trumped up charges designed to ruin their reputations and turn the public against them .
The year began with reports of Dr . William Ruto railing at the Judiciary for undermining his development programme through unfavorable rulings against his government . There rulings had seen a delay in the implementation of the Housing Levy and Social Health Insurance Fund ( SHIF ). It is unsettling that the President would seek to undermine an entire arm of government in this manner . If this continues , the prospects for Kenya ’ s constitutional order are grim .
# 4 : Violent Crime and Insecurity
The country continues to witness numerous cases of violent crime and general insecurity . Human rights defenders , journalists and bloggers are now routinely targeted for abduction or worse . As if that was not bad enough , the country is currently experiencing a shocking and sickening wave of femicide . This cannot go on .
# 5 : Political Instability
The National Dialogue Committee ( NADCO ) released its report last November . The Committee was set up in the wake of protests led by the Azimio coalition . Some of the recommendations agreed on were proposals to reduce the cost of living , audit the 2022 electoral process , and restructure the Independent Electoral and Boundaries Commission ( IEBC ). Other recommendations contained in the report are the increase of timelines within which the Supreme Court should hear and determine a petition challenging the validity of a presidential election , creation of the post of Official Opposition Leader and the entrenching of the Prime Cabinet Secretary ’ s office into law .
The report however does not appear to enjoy broad support among the country ’ s political class and to that extent any attempt to implement its recommendations is likely to face resistance . It is also unclear if the government is actually committed to implementing the recommendations . What this means in the short term is unclear . However , the return of street protests cannot be ruled out .
# 6 : Diplomatic Isolation
In the last one year , senior government officials have managed to create several diplomatic incidents , putting Kenya at odds with most of its regional neighbors . Kenya ’ s increasing isolation appears to stem from government policies that potentially undermine the business and security interests of these countries . Unless the government course corrects quickly , Kenya ’ s diminishing status as the region ’ s economic powerhouse will be accelerated .
Other risks we may need to keep an eye on include the increasing incidents of police brutality , threats to press freedom , challenges in our education sector and climate change . We also need to be wary of external events that have the potential to create macro-economic shocks . To be specific , these are conflicts in the Middle East and Ukraine , the United States presidential election in November and China ’ s growing influence .
All these challenges Kenya faces will require a concerted effort from all relevant stakeholders to successfully navigate them .
Wishing you prosperity in 2024 .
# FREEPIK
Walter Nyabundi is a seasoned Market and Social Researcher . You can commune with him on this or related matters via email at : Nyabundiw @ gmail . com .