Economist David Ndii says that the country's economy was heading to where ghana's economy is during the reign of president uhuru kenyatta and would have collapsed if kenya kwanza had not taken over.
During a tv interview on Tuesday, Ndii cited recent months, claiming that one could compare kenya to Ghana and Sri Lanka and that some African countries had begun to forecast the country's economic collapse.
The economist added by saying that kenya is one of the countries looking financially fragile. He added that We are extending heavily in the financial markets by borrowing the Euro bond. People were saying we were the next Ghana. In December, a senior World Bank official told him that they were seeing us as the next Ghana."
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Ndii cited the country's ballooning debt and weakening currency as indicators of economic deflation. He attributed the shilling's depreciation to the impact of the rising dollar, which he claimed was harming the Kenyan currency in the international market.
Ndii, on the other hand, stated that President Ruto's government was determined to ensure accelerating growth in the market by aiming to maintain a balance in international market borrowing and pushing for long-term programs that do not put the government in further debt.
According to Ndii, the president's plan to replace food subsidies with fertilizer subsidies is part of a long-term strategy to reduce the cost of living and fulfil campaign pledges centred on seasonal crops, dairy farming, and settling pending bills.
"We believe we are on the recovery. Our growth has been driven by public spending and mostly debt-financed public infrastructure spending. The reason for the austerity program is so that government can pull back, and once we pull back, we stop crowding the private sector from the credit market," David Ndii said.
