Inability to see danger of inequalities blinds us to misery

Kenyan banks have been vocal opponents of, and persistent advocates against, the interest cap on commercial loans that became law in 2016. The cap restricted banks from charging interest at more than four per cent above the Central Bank rate, so as to make loans and capital more accessible and affordable to small traders and entrepreneurs. A few weeks ago, the High Court ruled the restriction on interest rates was unconstitutional. I have not read the judgment to understand the court’s reasoning, but I know that our Constitution advocates for the progressive realisation of economic and social rights, which are achieved when more people have jobs or can engage in business. And I know that when loans are expensive, when people are jobless, and when we do not encourage small and medium size enterprises (SMEs), we are courting trouble and disaster.

If Kenya is to get more people working and productive, and if we are going to eradicate poverty, it will be by focusing on the “lower” levels where the majority operate at, rather than any Big Four or Vision 2030 agenda. And when a regime thinks it can pull us out of the doldrums with large corporations and monopolies—which encourage dominance and servitude—it is a regime that seeks control, not development.