Francis Ochieng is currently facing challenges as he tries to cope with the devastation that his business in Nairobi has endured. During the recent anti-government protests in Kenya, there was vandalism and looting that resulted in significant damage to Ochieng’s shop. He estimates that he has lost close to $10,000 after his shop was set on fire, leaving him unsure of how to move forward. With a family to support, including a wife and school-going children, Ochieng is struggling to even put food on the table.
On June 26, 2024, Kenya’s President William Ruto announced that he would not sign the 2024 finance bill. This decision has complicated efforts to address Kenya’s heavy debt burden, which currently stands at 68% of GDP, exceeding the recommended 55% threshold set by the World Bank and the IMF. The IMF has emphasized the importance of Kenya meeting revenue targets to access additional funding. The withdrawal of support for the finance bill means that Kenya will now need to focus on cutting spending rather than raising revenues.
Ruto has indicated that he will implement austerity measures, beginning with cuts to the budget of the presidency. However, political analyst James Shikwati believes that the recent protests have brought to light deeper issues within Kenya. He argues that the government’s measures to widen the tax base are negatively impacting businesses, particularly those that employ young people. Shikwati also notes that Ruto’s promises to support low-income individuals during his election campaign have backfired, with many young people expressing anger towards him.
Activists remain skeptical of the government’s intentions and are concerned that tax increases may still be on the table. Many are calling for Ruto to step down, emphasizing the need for a change in leadership. The ongoing protests and unrest in Kenya have underscored
