The opposition coalition party, Azimio has termed the first year of the Kenya Kwanza government a grand disaster.
According to Azimio, the Kenya Kwanza government has been lying to Kenyans that the country’s economy was doing well when it was not.
“As the sun set on the first year of Kenya Kwanza, it is clear that no amount of oratory or extravagant claims can hide the harsh fact that we have had an extremely disastrous and difficult one year,” read part of the Azimio statement.
Azimio added that there is no reason whatsoever for Kenyans to believe that the next one year will be any better.
According to the opposition, the Kenya Kwanza government was using propaganda to manage the country’s economy.
The opposition noted that the high cost of living, and more specifically, high prices of basic commodities have exposed the truth behind the country’s ailing economy.
“As we begin the second year of Kenya Kwanza regime, it is clear we are in a reckless race to the bottom,” noted Azimio.
High fuel prices
The Raila Odinga’s coalition party cited the increase in fuel prices as one of the indicators that the lives of Kenyans are still deteriorating.
“We hasten to add that these price rises were before the developments of fuel prices on September 15. Given the rise in fuel after last night, we estimate that these prices will go up by up to 70 percent,” Azimio explained in a statement.
Value of the Kenya shilling
About the Kenya shilling, the opposition noted that the shilling has dropped in value against major currencies in the region and the world.
“The shilling has lost a quarter of its value against the US dollar in one year. The shilling lost 20 percent of its value against Tanzania and Uganda shilling.”
For instance, in August 2022, the Kenya shilling was trading at 120 for one US dollar, a year later, the shilling is trading at 150 against one US dollar.
Government borrowing
On the issue of managing the public debts, Azimio faulted the government on expenditure and additional borrowing.
“Kenya Kwanza increased spending by Ksh400 billion; spending money it does not have and raising it by extorting more taxes from suffering Kenyans,” read part of the statement.
In addition, Azimio faulted President William Ruto for not reducing the public debt as he promised when he took over power.
“The result has been that micro and small businesses are struggling, defaulting, and folding up while the larger private sector is at best, stagnating or equally folding up.
“In the last one year, the proportion of micro and small businesses defaulting on loans has increased by 17 percent,” Azimio pointed out.
