Major International Business Headlines Brief::: 11 December 2023

Mon Dec 11 09:09:25 CAT 2023

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Major International Business Headlines Brief:::  11 December 2023 

ü  South Africa: Govt Seeks Legal Help on Load Shedding Deadline  

ü  Kenya: Raila Odinga Calls for Reduction of Fuel Prices By U.S.$0,33

ü  Kenya: President Ruto Defends Decision to Seek Jobs Abroad

ü  Kenyatta Airport Experiences Blackout After Generators Fail Once Again

ü  Africa: From Trash to Power - How to Harness Energy From Africa's Garbage
Dumps - and Save Billions in Future Damage

ü  Uganda Will Soon Be Exporting Oil - an Energy Economist Outlines 3 Keys
to Success

ü  Kenya: Govt Spokesman Mwaura Urges Kenyans to Avoid Night Travels,
Unnecessary Trips Due to Heavy Rains

ü  Kenya: Ichung'wah Dismisses Odinga Call for Fuel Prices to Be Reduced By
Sh50

ü  Kenya: Economy Was in ICU but It's Now Alive Thanks to Us - Gachagua

ü  Kenya: Economy Was in ICU but It's Now Alive Thanks to Us - Gachagua

ü  Javier Milei: New president tells Argentina 'shock treatment' looms

ü  TikTok to reopen Indonesia shop after $1.5bn deal

ü  Smile Direct Club dentistry aligners firm shuts down

ü  Alex Jones: Conspiracy theorist returns to X with Andrew Tate repost

ü  US jobless rate falls to lowest level since July

 <https://www.cloverleaf.co.zw/> 

South Africa: Govt Seeks Legal Help on Load Shedding Deadline  

The government has acknowledged that the High Court's ruling on the
infringement of citizens' rights due to load shedding, is navigating the
complexities of meeting a court-imposed deadline to provide uninterrupted
power to critical institutions by January's end, reports News24. Electricity
Minister Kgosientsho Ramokgopa expressed uncertainties about the deadline's
interpretation, seeking legal counsel to discern whether a comprehensive
plan or immediate execution is required. This ruling stemmed from a
collaborative case highlighting widespread concerns, prompting a resolve to
mitigate future litigations by addressing the root cause of load shedding.
Ramokgopa also announced Koeberg Unit 2 will be taken offline on Monday to
extend its life for another 20 years.

Mafube Local Municipality Faces Salary Delays Due to Financial Woes

The Municipal Manager of Mafube Local Municipality in the Free State,
Mothusi Lepheana, expressed hope for a swift resolution to the
municipality's financial challenges, reports SABC News. A memo issued to
employees indicated potential salary delays for December, January, and
February due to a creditor, the Municipal Worker's Retirement Fund, seeking
a court order to attach the municipality's accounts. Lepheana explained that
the municipality aimed to address this creditor as part of its financial
recovery plan and is in ongoing discussions to resolve the issue, ensuring
timely salary payments. However, Tshepo Tsotetsi from the Independent
Municipal and Allied Trade Union attributed the crisis to poor management,
highlighting a recurring problem of delayed or unpaid salaries for seven
years and advocating for urgent intervention from national and provincial
authorities due to a lack of competent leadership within the municipality.

20 Injured in Sandton Bus Accident

At least 20 commuters sustained injuries in a bus accident that occurred on
Rivonia Road in Sandton, reports News24. The injured passengers were treated
and stabilized on-site before being transported to nearby hospitals for
further medical care. This incident follows a similar accident on the M4
Ruth First Highway in Durban, KwaZulu-Natal, where 16 people were injured
when a minibus taxi rolled over.

-South African news

Kenya: Raila Odinga Calls for Reduction of Fuel Prices By U.S.$0,33

Nairobi — Azimio La Umoja One Kenya leader Raila Odinga has called for the
reduction of fuel prices by between Sh45 and Sh50 saying that global oil
prices have reduced.

According to Odinga, it is unfair for the Energy and Petroleum Regulatory
Authority (EPRA) not to reduce the prices of petroleum in the wake of what's
happening in the world market where prices have dropped.

He stated that the prices should be reduced by to cushion Kenyans from the
pressure caused by the high cost of living.

''With the price of petroleum products having dropped in the world market,
Azimio la Umoja Coalition demands that local prices should be reduced by
Sh45 or Sh50,'' he said.

Earlier, the government warned that motorists may face the grim possibility
of fuel prices reaching a high of Sh300 per liter soon, driven by escalating
tensions in the Middle East.

The warning by Energy Cabinet Secretary Davis Chirchir indicated that it
could surge by as much as Sh80 per liter, a significant increase from the
current Sh217 per liter, primarily attributing this alarming forecast to the
ongoing turmoil in the Middle East.

Chirchir outlined the looming crisis during a meeting with the National
Dialogue Committee, stressing that the price of crude oil could skyrocket to
as much as $150 per barrel if the conflict in the Gaza Strip between Israel
and Hamas persists.

''We can't do much when it comes to international pricing of petroleum which
has soared from $70 per barrel and I read an article from the Financial
Times that the prices could go up to $150 due to the Israel-Hamas war,'' he
said.

That, he said, ''could literally mean our prices going up to Sh300 per liter
but we hope it doesn't get there.''

The Energy Cabinet Secretary clarified that the government's capacity to
influence such spikes in fuel costs remains limited, given that global
issues, including inflation and geopolitical conflicts primarily drive these
developments.

While neither Israel nor the besieged Gaza Strip are significant oil
producers, markets have been jolted by fears that the conflict could lead to
wider regional instability.

The Middle East is home to some of the world's biggest major oil producers,
including Iran and Saudi Arabia.

Analysts have portended that the US could tighten sanctions on Iran should
it be implicated in Hamas' attack on Israel, which could further strain an
already undersupplied oil market.

-Capital FM.

Kenya: President Ruto Defends Decision to Seek Jobs Abroad

Kiambu — President William Ruto has defended his decision to seek employment
opportunities for the youth abroad saying this will reduce unemployment.

While hitting out at Azimio La Umoja One Kenya Leader Raila Odinga who had
slammed his foreign trips, President Ruto stated that the the move will
further increase diaspora remittances into the country.

''The other day I heard the opposition leader complaining that Ruto has
taken Kenyans outside to different countries to work. What did he want them
to do here in Kenya? He has complained too soon. We had agreed that no one
will choose work, isn't it?'' he stated.

''And that is not the end, it is just the beginning. Kenyans will go out in
the thousands to go and work in different countries. There are those who are
going to Israel in the next two months, others are going to Germany, USA.''

He stated that this will further improve Kenya's economy which he pointed
out is currently stabilizing.

''We want to ensure that all our youth get something to support themselves.
They are the ones who will bring dollars back home so that the exchange rate
stops disturbing us,'' he indicated.

Odinga had stated that it is the responsibility of the government to create
jobs in the country and not go look for them abroad.

Speaking at the Catholic University, ahead of the Jamhuri day preparations,
the Azimio leader pointed out that it is the responsibility of the
government to create jobs in the country and not go look for them abroad.

''Government officers themselves including a whole president including a
whole president, openly saying that they are trying to get jobs abroad for
Kenyans,'' he said. ''It is the responsibility of the government to create
jobs in the country, not to look for jobs outside,''

Odinga further noted that the government has been unable to create jobs in
the country which has been the main reason prompting young people to
scramble for jobs abroad.

''Today, our people are scrambling to leave the country. A recent study by
Pew Research showed that up to 54 percent of Kenyans would wish to relocate
from the country,'' he said.

''Young people with the new skills and knowledge that we need are being
exported because the government cannot create jobs,'' he added.

The opposition leader has stated that this will erase the dignity and pride
that Kenya once had.

''Once upon a time, Kenyans were too proud and so confident in their nation
that they refused to seek jobs abroad, including with the UN,'' he said.

-Capital FM.

Kenyatta Airport Experiences Blackout After Generators Fail Once Again

Nairobi — Jomo Kenyatta International Airport (JKIA) has once again
experienced another blackout after generators failed to immediately pick up
during the Nationwide power outage.

According to a statement by the Kenya Airports Authority(KAA) yesterday,
terminals 1A and 1E experienced a blackout after two of the four generators
serving this particular section failed to activate.

''Over the past few weeks, our generator system at JKIA has undergone
rigorous testing to ensure continuous and reliable power supply. Despite
these efforts, during tonight's power outage, two of our four generators
specifically serving Terminal 1A and 1E, failed to immediately activate,''
highlighted the statement.

This is the 3rd time the airport has experienced a power blackout on its
premises over the past three months.

The authority has stated that the situation was acted upon immediately and
power was fully restored to the affected terminals.

''Our technical team responded swiftly to the situation, and we are pleased
to report that the fault has been rectified quickly. Power was fully
restored to the affected terminals,'' they noted.

However, the authority has said that apart from the two terminals, no other
areas in the airport was affected by the outage.

''We would like to assure the public that the rest of the airport, including
the JKIA tower and the runway, remained fully operational and was not
impacted by this incident,'' the authority spotlighted.

-Capital FM.

Africa: From Trash to Power - How to Harness Energy From Africa's Garbage
Dumps - and Save Billions in Future Damage

New research on garbage dumps in 44 sub-Saharan African countries shows that
95% are unregulated. The landfill sites still take in new garbage even when
they are filled to capacity. As the waste decomposes, these sites release
harmful greenhouse gases. However, using the methane gas to generate energy
instead could save the continent billions of dollars.

We talk to Sustainability Scientist and author of the research, Nkweauseh
Reginald Longfor, a PhD candidate researching the use of biomass waste in
the transition to clean energy in Cameroon.

What kind of economic and environmental damage result from uncontrolled
garbage dumps?

About 70% of municipal solid waste ends up in landfills or unregulated
dumpsites. In sub-Saharan Africa, for instance, 24% of waste is disposed of
in landfills, while the rest is left on open dumps, streets, rivers, and
other unsuitable locations.

We live in a society where waste is often disposed of without considering
the cost to either the consumer or the producer. Waste decomposing in
landfills releases greenhouse gases. The release of carbon dioxide, nitrates
and hydrogen sulfides can harm people's health, either by polluting the air
we breathe or contaminating nearby water sources.

My research argues that this poorly disposed of waste also causes economic
damage. To determine this economic damage, we compared the ongoing costs of
poor waste management in 44 sub-Saharan African countries between now and
2060, with the costs of better waste management practices such as sanitary
landfills and anaerobic digestion.

What are anaerobic digestion and sanitary landfills?

Anaerobic digestion is a natural process that uses an anaerobic digester (a
sealed container) in which microorganisms such as bacteria convert organic
waste into biogas. The most energy-rich component of biogas is methane,
which makes up 50-75% of its content, depending on the type of waste and
operating conditions.

Anaerobic digestion also converts organic waste into digestate, which is
organic fertiliser useful for gardening or farming. Cities in Europe have
used anaerobic digestion to convert organic matter found in municipal solid
waste into electricity, cooking gas and heat for the past 20 years.

Sanitary landfills are municipal dumps where wells and pipes are installed
to collect landfill gas, which is about 50% methane and 50% carbon dioxide,
with a few other compounds. This gas can be used to generate electricity, to
fuel boilers, or processed for use in vehicles. Sanitary landfills are also
designed to prevent pollutants from escaping into the air, soil, or
groundwater. To be effective, they need to be properly located, built,
maintained, and operated.

How can this landfill gas offset economic damage?

If we capture methane, a harmful greenhouse gas, and convert it into energy,
we reduce its release into the atmosphere, which lessens the effects of
climate change. This in turn reduces the economic costs of problems like
habitat loss, property damage, disease spread, and soil and water
contamination. Our research showed that the cost of installing sanitary
landfill and anaerobic digestion technologies to convert waste into energy
is only a fraction of the economic damage caused by methane emissions. These
green technologies are cost-effective solutions for tackling the high
economic costs of climate damage.

Read more: Capturing the true wealth of Australia's waste

Secondly, the methane contained in organic waste can be a renewable energy
source. This renewable energy source would help us decrease our reliance on
fossil fuels. This would mean lower energy costs, more energy security, and
less environmental and economic damage from fossil fuel use.

According to our research, by 2060, Sub-Saharan African countries could
generate between 20 and 58 million MWh of electricity just from waste. This
could provide each African with an extra 100-230 kWh of electricity. From
2035 to 2060, the top twenty countries could produce between 0.2 and 3.3
million MWh to 0.4 and 8.5 million MWh of electricity from waste.

How did you calculate that current waste disposal practices will cause
US$6.7 billion worth of damage in Africa by 2060?

Our study of 44 sub-Saharan African countries was quite revealing. All 44
countries use landfills to dispose of waste. What stood out was that over
95% of these landfill sites in Africa are unregulated. The sites still
accept waste even after they are full, and continue releasing greenhouse
gases as the organic waste decomposes.

Read more: It will take more than good intentions to clear Nairobi's garbage
mountains

We assessed the damage caused by these emissions - one kilogram of methane
emissions is estimated to cost, on average, US$1.943. Our research indicated
that if we continued disposing of solid waste as we do now, the economic
damage from methane emissions could reach billions of dollars. This cost
seems to double every decade from 2025 to 2060.

While all sub-Saharan Africa countries are likely to experience some damage,
certain countries could face costs running into billions of dollars. For
example, by 2060, Ethiopia, Nigeria, the Democratic Republic of Congo, South
Africa, and Tanzania could accumulate economic damages of US$6.7 billion,
US$4.5 billion, US$4.7 billion, US$2.7 billion, and US$3.2 billion,
respectively.

Which countries on the continent are most at risk?

My research has found that countries like Angola, Mauritius, and Cape Verde
rely heavily on landfills for waste management. Their landfills are 70%,
90%, and 91% full respectively. These countries are most at risk. The
estimated economic damage to Angola will rise from US$153 million in 2012 to
a projected US$1.7 billion in 2060 because of their reliance on landfills.

Countries with growing populations and economies, such as Ethiopia, Nigeria,
the Democratic Republic of Congo, South Africa, Tanzania, Madagascar,
Mozambique, and Uganda, could face economic losses exceeding US$2 billion
each by 2060 if they do not clean up their landfill practices.

All African countries must introduce waste reduction, reuse, recycling, and
energy recovery, promoting public health, reducing greenhouse gases, and
supporting a green, circular economy. Sub-Saharan African countries should
also adopt policies that promote private investment in the kind of clean
waste management that leads to economic, social, and environmental benefits.

Nkweauseh Reginald Longfor, PhD candidate, Sophia University

Uganda Will Soon Be Exporting Oil - an Energy Economist Outlines 3 Keys to
Success

Uganda entered into agreements in 2012 with two foreign oil entities to
exploit its oil resources. Total Energies holds 56.67% of the joint venture
partnership and China National Oil Offshore Company (CNOOC) has 28.33%.
Through Uganda National Oil Company, the government owns the remaining 15%.

Production is due to start in 2025. As part of the production sharing
agreement, the production licences are valid for 25 years upon extracting
the first oil.

To secure the best possible outcome for Uganda, the government needs to
focus on three issues: the production sharing agreement, completion of the
development stage, and export timing. My co-authors and I identified these
areas of crucial concern in a paper based on my PhD thesis: Four essays on
oil price uncertainty, optimal investment strategies and cost transmission
of an oil price shock.

The context

Uganda joined the list of prospective oil-producing countries in 2006, with
six billion barrels of proven oil reserves in the Albertine Graben, part of
the western arm of the east African rift valley. Out of this discovery, 1.4
billion barrels are economically viable for extraction. The peak production
is projected to be between 200,000 and 250,000 barrels of oil per day, and
the extraction is expected to last 25 years.

The cost of extracting oil over this period will amount to about US$19
billion in capital expenditures and operating expenses. Before this
production stage, the development of infrastructure, operation facilities,
and production wells will cost around US$12.5 billion to US$15 billion.

The annual revenues from oil production are expected to be US$1.5 billion to
US$2 billion. The oil revenues have the potential to stimulate Uganda's
economic growth and real household incomes.

But, like many resource-rich sub-Saharan countries, Uganda has limited
capacity to solely finance and operate immense complex oil projects. Hence
the current production-sharing agreement.

Production sharing agreement

The interests and strategic investment decisions of foreign companies are
bound to be in conflict with Uganda's. That's why they need an effective
agreement.

Uganda's final investment decision was initially expected in 2015, but was
delayed for another seven years. The reasons included tax disputes,
negotiations among contract partners, the compensation and relocation of
communities affected by the oil project, and oil price volatility.

An effective production sharing agreement is one that maximises returns for
both the government and the companies. In my PhD thesis, I examined the
implications of the agreement, given the risk factors that influence the
project.

The agreement sets out how the government and the foreign companies will
share risks and revenues throughout the project's lifespan.

The foreign companies carry the cost of exploration, development of the oil
fields and crude oil pipeline, and oil production.

The government supplies other infrastructure for the oil project, including
roads and the Hoima International Airport.

The foreign companies are allowed to claim up to 60% of their net field
revenues as cost. Whatever remains after royalties and cost recovery is the
''profit oil'' shared between the foreign companies and the government.

The foreign companies pay royalties to the government based on the daily
production. They also pay corporate income tax on their share of the profit
oil. So Uganda earns revenues from royalties, profit oil and income tax.

The roadmap to the first oil production

Being a landlocked country, Uganda has to get its crude oil to a regional
seaport. It needs a pipeline through Tanzania or Kenya.

In February 2022, Total Energies and CNOOC signed the decision to develop
the oil fields and construct the East Africa crude oil export pipeline. The
pipeline, costing an estimated US$3.5 billion to US$5 billion, is scheduled
to be completed in time for oil production in 2025. It will take the oil to
the port of Tanga in Tanzania.

A pipeline company with shareholding from the Uganda National Oil Company
(15%), the Tanzania Petroleum Development Corporation (15%), Total Energies
(62%) and CNOOC (8%) operates the East African pipeline project.

Exports timing

It is important that Uganda's oil gets to the global market at profitable
terms. The slump in oil prices between 2014 and 2016 resulted in the foreign
companies drastically trimming their local workforce and cutting their
investment budgets by 20% to 30%. The drop in oil prices due to the COVID-19
pandemic and the ensuing lock-downs in Uganda also created uncertainty about
when the oil would be ready to sell.

The uncertainties about the completion of the development stage and crude
oil price volatility still prevail. This has raised concerns about whether
the project can generate returns for the government and foreign companies.

In my PhD thesis, I focused on estimating the influence of these
uncertainties on the value of Uganda's oil project, taking into account the
design of the production sharing agreement. I found that:

For the development stage to start, the global crude oil price must be equal
to or higher than US$63 a barrel. The crude prices, which fell below US$25
per barrel in 2020, have recovered to sell above US$80 now.

The required prices to start oil production differed among the parties. It
was US$18 for the government and US$42 for the foreign companies. This
suggests conflicting interests. I further found that when crude oil prices
are highly volatile, the government prefers to delay production. The foreign
companies prefer the opposite.

I found that as the oil price rises and the project becomes profitable, the
government's revenue share rises faster than that of the foreign companies.
But the oil price volatility exposes the government to revenue losses when
the prices fall.

What next

The development of the oil fields and pipeline has resumed in Uganda after
the COVID period lull. The government needs to design production sharing
agreements to allow for options that encourage investments by foreign
companies while stabilising government revenues from the oil sector. One
option could be delaying investment until oil prices are favourable.

My results indicate that the government's revenue share is more sensitive to
oil price shocks than the foreign companies' share. These shocks may
translate into fluctuations in government oil revenues and, ultimately,
macroeconomic instability. The government must consider these shocks when
designing and negotiating oil agreements.

Uganda also needs to manage its petroleum fund effectively. It could learn a
lesson from how Norway manages its oil fund. Some share of its oil revenues
should be put aside for the period when oil earnings begin to decline. This
would counteract the macroeconomic instability arising from sudden
government oil revenue changes.

Micah Lucy Abigaba, Energy Economics Lecturer, Makerere University

Kenya: Govt Spokesman Mwaura Urges Kenyans to Avoid Night Travels,
Unnecessary Trips Due to Heavy Rains

Nairobi — Government Spokesman Isaac Mwaura has urged Kenyans to avoid night
travels and unnecessary trips due to the challenges posed by heavy rains
which have rendered some roads impassable.

Speaking during a press conference, Mwaura stated that weather forecasts
indicate the persistence of heavy rains across different regions,
heightening the risk of flash floods and reduced visibility on the roads.

He also advised Kenyans to stay updated on weather conditions to ensure a
safe journey and that those who want to travel to suspend their travel plans
during this period unless necessary.

''When it rains flash floods are still imminent so it may not be very safe
to travel. Unless it is extremely necessary, it is advisable that we keep
off these roads all together until such a time that are fully restored,'' he
said.

He noted that those planning to travel might not be having the latest update
on the condition of the routes and roads they intend to use hence the need
to exercise caution.

Mwaura has advised that Kenyans should avoid driving when it is raining and
especially when the visibility is less than 100 metres as this may
compromise their safety.

''Night travel should be minimised as much as possible and ensure that you
have your vehicle mechanically prepared well for the journey ahead, have
with you the necessary survival kits, warm clothes, drinking water, hot
food, phone and medication if necessary,'' he stated.

''If possible do not travel with children at this time. Further do not drive
in or through rivers or in flooded areas, moving or stagnant waters. It is
important that you take your time and wait for it to subside or turn
around.''

-Capital FM.

Kenya: Ichung'wah Dismisses Odinga Call for Fuel Prices to Be Reduced By
Sh50

Kiambu — National Assembly Majority leader Kimani Ichung'wah has dismissed
calls by Azimio La Umoja One Kenya leader Raila Odinga for the government to
reduce fuel costs by Sh50.

Speaking during a church service attended by President William Ruto in
Kimende Kiambu, Ichung'wah stated that oil prices are influenced by demand
and supply.

He further pointed out that the government has put in place measures to
stabilize fuels costs in Kenya.

Odinga had called for the reduction of fuel prices by between Sh45 and Sh50
saying that global oil prices have reduced.

According to Odinga, it is unfair for the Energy and Petroleum Regulatory
Authority (EPRA) not to reduce the prices of petroleum in the wake of what's
happening in the world market where prices have dropped.

He stated that the prices should be reduced by to cushion Kenyans from the
pressure caused by the high cost of living.

''With the price of petroleum products having dropped in the world market,
Azimio la Umoja Coalition demands that local prices should be reduced by
Sh45 or Sh50,'' he said.

Earlier, the government warned that motorists may face the grim possibility
of fuel prices reaching a high of Sh300 per liter soon, driven by escalating
tensions in the Middle East.

The warning by Energy Cabinet Secretary Davis Chirchir indicated that it
could surge by as much as Sh80 per liter, a significant increase from the
current Sh217 per liter, primarily attributing this alarming forecast to the
ongoing turmoil in the Middle East.

Chirchir outlined the looming crisis during a meeting with the National
Dialogue Committee, stressing that the price of crude oil could skyrocket to
as much as $150 per barrel if the conflict in the Gaza Strip between Israel
and Hamas persists.

''We can't do much when it comes to international pricing of petroleum which
has soared from $70 per barrel and I read an article from the Financial
Times that the prices could go up to $150 due to the Israel-Hamas war,'' he
said.

That, he said, ''could literally mean our prices going up to Sh300 per liter
but we hope it doesn't get there.''

-Capital FM.

Kenya: Economy Was in ICU but It's Now Alive Thanks to Us - Gachagua

Nairobi — Deputy President Rigathi Gachagua has defended the government's
endeavors to revive the economy in the face of concerns about its perceived
shortcomings.

Gachagua reiterated on Sunday during a church service in Embu that both he
and President William Ruto inherited a struggling economy when they assumed
office.

Drawing an analogy to a hospitalized patient in the Intensive Care Unit
(ICU), Gachagua acknowledged that extensive efforts are underway to better
the economy, emphasizing that there is still hope and not all is lost.

''We found the economy was at the ICU and on the verge of dying but we have
managed to keep it alive,'' he said.

He went on to state that the struggling economy has advanced, transitioning
from ICU to the High Dependency Unit (HDU), and is now discharged to home
care treatment, indicating significant progress.

''We have resuscitated the economy to the point now it is on home care
treatment,'' he said.

Despite criticisms directed at the administration for consistently
attributing challenges to its predecessor, Gachagua argued that it is
essential for Kenyans to be reminded of the origins of the economic
challenges.

''I am a man of truth and I will continue to remind Kenyans who are the ones
that contributed to our current problems. We will try our best to put things
on track but we should not forget who were the originators of our
problems,'' he said.

Gachagua however, urged Kenyans to exercise patience, expressing confidence
that the government is making strides in addressing issues related to the
high cost of living.

''It is a matter of time, we are getting there and things will be better
soon,'' he said.

President Ruto's administration faces intense criticism, especially
following Treasury Cabinet Secretary Njuguna Ndung'u's acknowledgment of the
government's financial constraints.

Ndung'u disclosed the challenges during his appearance before the National
Assembly Finance Committee on December 7, 2023.

He revealed that the government's fiscal difficulties were affecting salary
payments and the disbursement of the National Government Constituency
Development Fund (NG CDF).

Despite President Ruto and Gachagua expressing confidence in the economy's
positive trajectory, CS Ndung'u's revelations continue to highlight the
government's inconsistent messaging on the issue.

The inconsistency has left Kenyans, who are grappling with high taxation,
increasingly frustrated with each passing day.

During the campaign, President Ruto and Gachagua rode on the economic
agenda, assuring Kenyans that if elected, they would work to stabilize the
economy and reduce the cost of living.

However, the commitment has yet to be fulfilled, and according to the
majority of Kenyans surveyed by various polling firms, it is considered a
broken promise and a betrayal.

-Capital FM.

Kenya: Economy Was in ICU but It's Now Alive Thanks to Us - Gachagua