You can fake it but making it is another story

The tragic story of Kimiti Wanjaria is reflective of a society obsessed with success at all costs.

Wanjaria died by suicide, according to his relatives, “after frustrations and hitting rock bottom.” At the peak of his fame, Wanjaria was ranked by Forbes among the top 30 under 30 entrepreneurs in Africa. This was because of a huge property development his company was undertaking in Kiambu.

Anecdotal evidence reveals Wanjaria’s ambitions to have been founded on quicksand. With big dreams and just land as collateral, he and his friends approached 12 banks to finance their Sh350 million real estate venture. Most lenders were not convinced because Wanjaria’s company did not fit the profile of a firm capable of such an undertaking. The directors had no prior experience in the construction industry neither did they have other assets to guarantee the loan.

Still, the company pushed on, selling some houses off-plan, and eventually getting funding from Shelter Afrique. Even then, the project was completed in extremis, with challenges that included the death of a contractor and major gaps in financing. In the words of Wanjaria’s partners, they had “put in too much for too little in return.”

Yet, this is a story that is replicated all over the country. It seems the only metric of success recognised is money. Those who have it are lauded and feted, notwithstanding the means of acquisition. Children are encouraged to work hard in school so that they can be “rich”. Career selection is done on the basis of what the job pays and seldom from job satisfaction.

A Netflix reality series called Young, Famous and African lends credence to this notion. In the series, featuring the lives of several personalities, the accoutrements of African success are evident; fast cars, private jets, luxurious houses and debauchery, which is elevated to an art form. The script appears to be taken straight out of the playbook of yet another series entitled Bling Empire. The latter features a wealthy Asian and Asian American jet-set crowd partying all over.

But there is a fundamental difference. Whereas the opulence displayed by the Asians is second or third generation wealth, that of the Africans is from first time millionaires. The former can afford to spend copious amounts knowing that their wealth is backed by businesses and assets that transcend generations. That of the Africans is newly minted. It is untested by time and does not guarantee that any of it will be bequeathed to the next generation, given such profligate spending.

And therein lies the folly of the African nouveau riche; that they desire to live and spend like those with old money even when the fundamentals don’t support it. For the longest, the Jubilee administration has been urged to borrow responsibly and to live within its means.

This column has previously cautioned on the perils of debt distress and the fact that Kenya seemed to be on an inexorable downward spiral. After spending billions on what many have called “vanity projects”, it seems the chickens are coming home to roost.

Recent reports say Kenya has fallen back on loan repayments to the Chinese for the Southern Bypass. Auditor General Nancy Gathungu says, “Kenya owes China Exim Bank Sh3.6 billion in delayed payments for the year to June 2021.” Another project, the Standard Gauge Railway, in the three years to May 2020, posted a combined operating loss of Sh21.68 billion.

That the nation is in parlous straits is reflected in the delays to disburse funds already budgeted for. The Judiciary has received a fraction of its subventions, which can barely cover emoluments. Projects and training have been put on the back burner.

Kenya Airways is yet to receive the Sh20 billion needed to keep it afloat. All employees, including pilots and crew, face salary cuts. The nation has faked it for far too long. That logic is now being repudiated by the fact that we are not making it!

The writer is a public policy analyst.