Financial independence in Africa is still a challenge. Many countries are forced to seek assistance from private partners and developed countries so that they can manoeuvre through problems and effect development in various sectors of their economies.
Kenya has not been an exceptional in seeking foreign assistance. Past and current regime still owe great deal to private sectors and developed countries abroad.
However, financial experts have warned of a worrying trend in the ratio of public debt to the country's GDP. These experts claim that the ratio is soaring and may soon account for 76 percent .
According to the graph shared by Kericho Digital News, public debt began rising significantly from 2008 when Amos Kimunya was the Cabinet secretary for finance. It eventually peaked in 2010 when the current president, Uhuru Kenyatta succeeded Kimunya as the minister .
Robinson Njeru Githae then came into office and public debt rose to 38 percent .This is far much lower than the ratio that existed past 2008 and signalled president Kibaki's concern over soaring public debt.
The ratio according to the graph has since been rising during president Uhuru's regime since 2013 when Henry Rotich became the Cabinet secretary for finance to the current state of 56.5 percent.How can Kenya manage this public debt issue which is gradually evolving to be a crisis? Share your thoughts.
Content created and supplied by: @Keruge (via Opera News )