Concern over Kenya’s global credit rating

MOMBASA, KENYA: Kenya’s global credit rating is projected to fall if the Government does not address terrorism threats, sectarian tensions, insecurity and mega-corruption.

This is according to an assessment issued by the Institute of  Certified Public Accountants of Kenya (Icpak) which is currently holding its annual conference at the Sarova Whitesands Beach Resort  and Spa Hotel in Mombasa.

Icpak chairman Benson Okundi said global country credit rating agencies have warned that Kenya risks being downgraded from a rating B1(stable) if it does not abandon its current negative trajectory  which he said, signifies a heightened risk for investors.

He further observed  that the cumulative risks of insecurity, terrorism and inability to combat mega-corruption will depict Kenya as an unstable and insecure banana republic not worthy investing in.

Okudi said if Kenya is downgraded, it may no longer be able to borrow from multilateral lenders or raise money from global markets.

He said the finance sector may also be affected considering that the Government wants to issue a sovereign bond.

SECURITY CONCERNS

The chairman said it is now apparent that these acts of terrorism, sectarian violence and impunity are a threat to national unity.

"We at Icpak commiserate with victims and families  of all who lost their lives, limbs and property to the acts of violence," he said.

The chairman urged President Uhuru Kenyatta to save Kenya from doom by putting in place concrete strategies to that protect lives and property of the people of Kenya.

Okundi asked Kenyans of all political leanings and religious faiths to condemn the mindless acts of violence.

"We appeal to you to use all available channels and ensure that immediate cessation of acts of terrorism, unwanted violence and threats of life come to an end," he said.

He urged all persons with pertinent information relating to the existence and operations of extremists and dangerous persons or groups to anonymously pass on such information to relevant authorities.

Okundi urged Kenyans and foreign nationals to be alert and security conscious at all time.

The Icpak boss appealed to Kenyans to demonstrate kindness and generosity by making contributions, blood donations, financial, clothing, food and providing emotional support, for those who have been directly affected.

UNITED PEOPLE

He urged Kenyans to come together and repel the enemies that seek to bring down this country.

"Kenya is our only home and the future of our children. Hand in hand let us take stand together and strive to save our motherland," he said.