TISA, Okoa Uchumi, AfriCoG Unite in Nairobi for 'Stealing Our Future' Report Launch
A grim assessment emerged from a high-level forum held yesterday at the Golden Tulip Hotel in Nairobi, declaring that Kenya is currently navigating a "profound political and economic crisis." The critical assessment, delivered by leading experts and officials, painted a clear picture of the nation's financial health, highlighting soaring commercial loan interest rates and emphatically calling for greater transparency in government dealings.
The gravity of the situation is further underscored by the report titled "Stealing the Future.” This memorandum frames Kenya's economic crisis as deeply rooted in the aftermath of the Gen Z uprising of June 2024, arguing that the youth played a key role in supporting the government even as the economy hit rock bottom. It calls upon the IMF to take responsibility for its role in a country described as a "remarkable economic success story’’ and one of the regions ,'successful frontier economies.'
Diana Gichego, the Managing Director of The Institute for Social Accountability (TISA), underscored the severity of the prevailing economic climate during her address. She pointed to a staggering average interest rate of 13% on commercial loans, a figure that is stifling business growth and increasing the burden on ordinary Kenyans. Gichego passionately advocated for immediate measures to enhance transparency, urging that comprehensive financial reports be presented directly to parliamentary representatives for thorough scrutiny and accountability.
Beyond immediate economic reforms, Gichego also emphasized a broader, more strategic imperative for civil society. "We must get ready to take power. We must also create a political strategy that can get us out of this mess," she asserted, signaling a call for proactive engagement and a vision for future leadership. She further announced that the report, will be formally handed over to the Treasury and representatives from Parliament, serving as a roadmap for addressing the identified systemic failures.
Further emphasizing the dire situation, Gladwell Otieno, the Executive Director of the Africa Center for Open Governance (AfriCoG), confirmed a significant development: the Kenyan government has officially requested a comprehensive Governance and Corruption Diagnostic from the International Monetary Fund (IMF). This critical report, expected to shed light on deep-seated governance and corruption issues, is slated for public release in July 2025. Otieno, however, did not shy away from challenging the international body itself. She mentioned that the IMF needs to self-reflect on its own role in the global financial architecture and its past engagements with Kenya. Furthermore, she openly questioned whether the government is truly prepared to confront and come to grips with the actual, unvarnished state of the Kenyan economy.
A critical note from the IMF Board of Directors, as highlighted in the "Stealing the Future" report, acknowledges that "Kenya is now in a profound social and economic crisis and the Government of Kenya has abandoned necessary reform." The general public is hurting, and their future remains uncertain. This internal IMF assessment further states that "The failure of the IMF to properly analyze the situation in Kenya enables a predatory government to mismanage the economy and mire Kenyans in an unpayable national debt. This requires critical self-reflection by the IMF." This sentiment aligns with Otieno's call for the IMF to critically examine its own actions and impacts.
AfriCoG has been actively involved in addressing these pervasive issues. The organization collaborated with the Okoa Uchumi Campaign to produce a crucial People's Governance and Corruption Diagnostic Report. The Okoa Uchumi Campaign, a powerful civil society platform convened by TISA, is specifically dedicated to tackling Kenya's public debt crisis.
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