Why The Government Should Emphasize Creativity And Saving For Economic Stability Of Kenya
Savings
Recently, opinions have stated that creativity and saving is vital for economic stability of Kenya, one of the ambiguous questions which tend to be neglected and has led to ignorance on the importance of creativity and saving as the major pillars of the economic stability in the country is: why is this creativity and saving important?
One of the recent reports by World bank shows that saving is key to economic stability as it is central to individual and also collective prosperity of the country. With this in mind, it is clear that one of the major reasons for saving is for economic prosperity of the Kenya. The report further shows that, we have been having a problem of saving as a country since, a greater share of our incomes as Kenyans goes to meet the basic needs such as food and rent, “hand to mouth economy.” In shorter terms, we can say that Kenya’s economy is driven by consumption.
A report by United Nations shows that, creativity is vital to avoiding the problem of not saving related to hand to mouth economy, that most people depending of employment to earn a living promotes the rote hand to mouth economy, that Kenyan citizens should be job creator and not seekers.
For the above reasons, the government should not only emphasize creativity and savings by giving citizens and all sectors in the country but also the reasons as to why these key tools to stable economy of Kenya is vital. By this, the taxation burden on the citizens and government borrowing will be reduced for betterment of our country Kenya economy.
By: Davidson Otieno Omondi, Student Rongo University
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