Our strong economic boosters will keep business alive after pandemic

Kenya's economy compared to other African countries, can be classified as strong; although there are a few challenges to be curbed. 

Looking at our earnings, domestic and foreign, we have got several ways to reboost our economy, which has been affected by coronavirus pandemic.

Prices of crude oil and its products, for example, had recently reduced not just in the country but globally; although, this had some impact on Opec countries.

Despite having our own crude oil deposits, the joint economic bloc still obliges us to obtain oil from other countries.

The problem comes in when cartels get involved in this lucrative business. Nigeria for example had cartels who would hijack the crude oil on the way and distribute it to coordinate countries like Malaysia and South Africa. The expected crude oil ends up reaching the target countries in lesser barrels. This could have a negative impact to the economy and as a country we ought to embark on our own production and refining since we already have the oil plant.

Another monster problem is seen in loan gaps, which have to be filled by end of this pandemic. Our country has been receiving loans from external sources like the International Monetary Fund and World Bank, although the usage of the funds by the responsible personnel in charge has to be scrutinised.

There are a lot of pending bills which have to be paid. This includes the 10 billion funds to the elderly. Although the government records indicate disbursement, some parts of the country still claim no reception. There is also the county government money which has to be disbursed by the Treasury board.

We still have reboosting methods for our economy. The government for example should encourage local manufacturing in various ways. Transport should also be allowed especially within the borders to allow marketing; though protective measures should be taken, which include screening those who enter and leave the borders just to control spread of Covid-19.

Kenyans should as well embark on investing in this period in order to secure for future harsh economic shoot up. We already have a two per cent fiscal stimulus deficit, which the government could revive by making use of diaspora remittances for instance.

The current global confinement measures have affected tourism, which is a strong economic booster for many countries. The government could fix this by revisiting the tour attraction sites during this period and make necessary fixtures for future tourism.

Our lakes have also been a source of income to us, holding our economy stably. Lake Victoria for instance has been of immense importance, especially in agriculture, although there have been challenges associated with it, which includes the Nile treaty.

This treaty could be renewed to allow farmers living near the lake to carry out large-scale farming and contribute to economic growth.

We are not far from achieving a stable economy only if we get back to these small areas of ignorance. 

Lillian Owaga, Kericho