Deputy President Rigathi Gachagua has defended the Kenya Kwanza administration’s new move, which appears to be aimed at retired President Uhuru Kenyatta and Azimio la Umoja Raila Odinga’s businesses. 

Speaking on Sunday, March 5, Gachagua Gachagua stated that their goal was not to destroy the two leaders’ businesses, but to end their monopoly and create a level playing field for all Kenyans.

“We have said that they have been selling us cylinders and gas at expensive prices and now we will bring in more people to end the monopoly, and it will remain that way,” Gachagua said.

He added,“In the milk sector, we had one person controlling it. That’s why they did not want us in power. They wanted to continue exploiting Kenyans and enriching themselves.”

On Friday the Second in Command while in Eldoret claimed that the challenges confronting the milk sector were caused by a monopoly held by one family, which he accused of buying out all of the country’s milk companies. The DP stated that this was part of the agricultural reforms he was leading, which included the sub-sectors of dairy, coffee, and tea. 

According to the DP, the previous regime groomed Raila in a bid to continue monopolizing the businesses and safeguard their interests. 

“They knew why they did not want us to take the throne because they wanted to continue with State Capture. We are going to open up the sectors and ensure we all benefit,” he stated.

Gachagua also vowed to release names of former senior government officials who allegedly stole Ksh 16 billion before the Kenya Kwanza administration took over. 

“These people robbed the nation. In the next few days I will be releasing details of billions of shillings looted from public coffers in the last three months of the Uhuru administration and announce the ministers and PSs responsible so that Kenyans can know,” he said.  By Ezra Nyakundi, KDRTV

French President Emmanuel Macron and President of Democratic Republic of Congo Felix Antoine Tshisekedi Tshilombo attend Kinshasa Economic Forum in Kinshasa, Democratic Republic of the Congo on March 04, 2023. ( Samy Ntumba Shambuyi - Anadolu Agency ) 

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Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate is higher than the official government rate.

New Limits Curtailing Operations of Kenyan Firms

Kenya’s ongoing foreign exchange shortages have reportedly forced the Central Bank of Kenya (CBK) to instruct financial institutions to impose caps on the amount of forex that businesses and individuals can purchase. According to a Business Daily report, some financial institutions have imposed caps as low as $5,000 per day. The imposed limits make it difficult for Kenyan manufacturers and importers to meet their obligations.

The shortages, which reportedly began in mid-2022, suggest that the country’s foreign currency woes are worsening. In October of that year, a CBK statement denied Kenyan Deputy President Rigathi Gachagua’s claims that the country lacked foreign exchange to import oil. The central bank insisted at the time that all the forex used for oil imports is sourced from commercial banks.

Despite the CBK’s contention that the country had sufficient foreign reserves, an unnamed executive with a local manufacturing company suggested that the situation is getting worse.

“We are now scavenging for dollars. Only half of every six banks we call daily for dollars will have something for us. Three of the banks will ask us to check later,” the executive said.

The executive added that while some fortunate businesses have secured as much as $50,000, these funds are still far below what they need. 

Kenya’s Declining Foreign Exchange Reserves

Meanwhile, the report suggested that top Kenyan firms are now sourcing dollars from forex-rich firms such as those in the hospitality and aviation industry. Also, instead of using the official exchange rate of 127.39, the firms are reportedly using a higher rate of 137 shillings for every dollar.

Some Kenyan commentators have attributed the dollar shortages to tough rules introduced by the CBK that targeted illegal forex dealers. The commentators insist that the tougher rules have crippled the operations of the foreign exchange interbank market.

However, the CBK governor, Patrick Njoroge, is quoted in a January Reuters report asserting that Kenya has adequate reserves. Njoroge made the remarks after it was revealed that Kenya’s foreign exchange reserves had fallen below the statutory requirement of four months of import cover. By Terence Zimwara, Bitcoin.com

JUBA, MARCH 5, 2023 (SUDANS POST) – A senior member of the ruling Sudan People’s Liberation Movement (SPLM-IG) faction under President Salva Kiir Mayardit has ruled out any possibility for return of Angelina Teny as minister of defense.

Peter Lam Both, the SPLM-IG Secretary-General told Sudans Post that there is going to be a meeting between President Kiir and First Vice President Riek Machar on Monday, but ruled out possibility of any agreement that could guarantee Teny’s return.

“The two leaders will meet tomorrow. Let’s wait for the result of that meeting but I don’t think so. I don’t see any possibility for her to come back in that capacity. If the SPLM-IO want to bring her as minister of interior, then yes, she is welcome,” he said.

Kiir on Friday night sacked the SPLM-IO minister of defense Angelina Teny. He also sacked the SPLM-IG minister of interior and then issued yet another decree swapping the two ministries – giving the interior to the SPLM-IO and taking away the defense ministry.

The SPLM-IO reacted quickly to communicate to the public that the decision by Kiir was unilateral and so violates the revitalized peace agreement.

In a statement following a day-long meeting chaired by its leader Riek Machar on Saturday, the SPLM-IO condemned the removal of the minister of defense and urged the president to revoke his decision, but then reiterated its commitment to the implementation of the 2018 peace deal. - Sudans Post