Lower Eastern Times Opening The Third Eye
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By: Penina kyalo
In the dynamic landscape of global economics, the role of a country’s central bank, in tandem with its treasury, is pivotal in shaping the stability of its currency. In the case of Kenya, the Central Bank of Kenya (CBK) plays a crucial role in regulating the value of the Kenyan Shilling (KES). However, the current approach of leaving the KES value to the forces of demand and supply, particularly in a time when the nation heavily relies on imports, poses significant challenges to businesses and the broader economy.
Kenya’s import-dependent economy adds a layer of complexity to the currency’s value. The CBK’s strategy, or lack thereof, coupled with global economic conditions, intensifies the hardships faced by businesses relying on imported goods and materials. The vulnerability of the Kenyan Shilling to external factors necessitates a more proactive and strategic approach to economic governance.
Deeper scrutiny reveals a concerning trend in the explanations provided by The President , regarding the exchange rate. Blaming external factors and the impact of the Covid pandemic without acknowledging any responsibility is an evasion of accountability. This approach not only disheartens the public but also adds to the frustration of those seeking transparent and honest leadership.
The President may offer various excuses for the failure to stem the collapse of the Kenya Shilling. Still, the truth of the matter remains: effective economic management requires more than deflecting blame. The analogy of putting a “donkey in a horse race” underscores the need for strategic economic planning. Leaders must implement policies that align with the country’s economic realities and challenges rather than relying on external circumstances as scapegoats.
Accountability in leadership is paramount for the functioning of a healthy democracy. Ruto’s evasion of responsibility raises questions about the commitment to transparent governance and fulfilling promises made to the citizens. As frustrations grow among the public, the media’s role becomes even more critical. The media serves as a watchdog, reminding leaders of their promises and responsibilities.
The promises made to netizens by the President are enduring, and their impact on people’s lives should not be underestimated. The media’s persistence in highlighting unfulfilled promises serves as a reminder to leaders that the electorate expects accountability. The President should recognize that the media plays a vital role in ensuring transparency and keeping the public informed.
In conclusion, addressing the economic challenges faced by Kenya demands a comprehensive and proactive approach. Transparent leadership, strategic economic planning, and a commitment to fulfilling promises are essential components of a resilient and thriving economy.
