In this episode recorded on March 19, 2026, and hosted by Ramah Nyang, we unpack Kenya’s debt situation.
Our panelists:
Churchill Ogutu - Economist, IC Group
Benard Njiri - Senior Research Analyst, IPF
Stellar Swakei - Senior Research Analyst, Kingdom Securities
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Show Notes
00:00:00 Introduction
00:01:33 The Debt Transparency Problem and Why Fiscal Consolidation Fails
00:09:17 Securitization, Supplier Debt, And Pending Bills
00:23:19 IMF’s Pushback against Securitization and Lessons from Ghana
00:26:44 Ringfencing and Revenues/Proceeds Disclosure
00:32:02 Securitization Lessons from 2008 Financial Crisis
00:40:20 Auditing Kenya’s Debt
00:46:22 Tanzania’s Debt Transparency Model
00:51:56 Why Governments Avoid Transparency?
00:56:42 Tanzania’s Single Treasury Account
00:58:24 The Transparency Risk Premium
01:01:24 Policy Changes to Enhance Debt Transparency
