Tough Times Ahead As The Prevailing Economic Situation Might Take Longer To Resolve
Hezekiah Kariuki, CEO Comfort Homes and Together as one
By: Hezekiah Kariuki
The growth of Inflation rate in Kenya is worrying and economic index indicates that prevailing economic situation might take longer to resolve, political instability is the major contribution of the liquidity among other factors.
Business men especially those in the lowest cadre are the most affected, majority middle class Kenyans are dependent on this caliber of business people for their day to day consumptions. Kenya must rise and realize that the country’s economic fortunes cannot grow through imports but can only grow through investing in production, support and encourage local and foreign investors through tax incentives, zero rate tax on raw materials, cost of production be looked into while custom duty on import finished products should be increased.
The intervention shall bring forth productivity and the stability which in the long run will result in Job opportunities. An approach by UAE 50 years ago will remain a case study, Dubai was the same level as Kenya but their government ensured that they capitalized on their local minerals and resources in production before importing. Kenya Kwanza government has a responsibility to come up with an economic model that is business friendly business, which will increase business competitiveness and place the country as a suitable business destination in Africa.
Emphasis to the devolved unit will facilitate realization of economic prospects, if clustered in different economic zones. To ensure the counties fast track the collection of target revenue, there is need to review the revenue sharing formula and have it based on the percentage target.
Government wastage has to be controlled, at times it’s turned to cash cows, I recommend funding for an already stalled project before investing in the new projects hence tax payers money will not be lost and value for money may eventually be realised.
The writer is Hezekiah Kariuki, is the CEO Comfort Homes and Together as one.
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