Why defaulting on debts could save Kenya, Jimi Wanjigi explains

As bad as that sounds, Wanjigi says that by negotiating terms with the International Monetary Fund (IMF), the government will be able to save the economy.

"We can forcibly negotiate our debts like Ghana did. Show those that we owe a plan on how we can grow our economy, and ask them to give us time. If that money is invested in production, then we might be able to save our economy in three years," he added.

Defaulting debt often leads to an increase in inflation and a drop in currency. However, according to Wanjigi, Kenyans will have to endure that for some months.

Wanjigi believes that the lack of debts will lead to a lowering of taxes and also the government will turn to local borrowing which will in turn lower interest rates in the country.

In January, President William Ruto said that Kenya will not default on any of its debts and is planning to grow its economy through the collection of taxes.

However, Wanjigi says that Kenya has reached its threshold when it comes to taxation, and with the current economic state, it will be difficult to collect even half of what is anticipated.