NAIROBI, Kenya, Jan 24 – The Central Organization of Trade Unions-Kenya (COTU-K) Secretary General Francis Atwoli has slammed state agencies mandated with eradicating graft over what he termed a letdown in prosecuting suspects linked to embezzlement of public funds.
Speaking on Wednesday, Atwoli expressed disappointment in the performance of the criminal justice system, singling out the Office of the Director of Public Prosecution (ODPP) and the Ethics and Anti-Corruption Commission (EACC).
He asserted that their inaction has allowed corruption to thrive, emphasizing that bringing top corruption suspects to justice is crucial for restoring investor trust in the country’s economy, which has been on a downward spiral.
“Today, if the Kenya Kwanza government arrests two senior corrupt Kenyans and puts them in jail, the economy will appreciate. It will create investor confidence in this country,” Atwoli said.
The COTU-K Secretary General also voiced concern over what he described as excessive borrowing, which, in his opinion, has further aggravated the current economic challenges.
Atwoli appealed to government economists, including those at the Central Bank of Kenya, to advise against policies that place an additional burden on Kenyans.
His concern comes at a time when the Kenyan shilling has been on a free fall against major global currencies.
On Tuesday, the Kenyan shilling traded at a new low of 161.4 against the U.S. dollar, according to the Central Bank of Kenya (CBK), as it continued
The local currency crossed the 160 mark against the dollar on January 19, and there seems to be no end in sight for the depreciation.
The year-on-year decline currently stands at 27 percent, the worst in about 30 years.
However, while the CBK put the official exchange rate at 161.4 on Tuesday, commercial banks and forex dealers quoted it at a low of 162 to the dollar.
Against the British pound, the CBK put the shilling at a low of 205.3 and the euro at 175.8.
Treasury Cabinet Secretary Njuguna Ndung’u, in a statement on January 19, attributed the currency woes to market fundamentals partly caused by the raising of benchmark interest rates in developed economies.
