Ahmednasir Abdullahi says, “Even judges have stopped taking bribes in Kenya shilling,very soon the police will follow suit!”
The Kenyan shilling has recently faced a significant decline in its value against the US dollar, causing concern among economists, policymakers, and the general public. Lawyer Ahmednasir Abdullahi, a prominent legal figure in Kenya, has offered his perspective on why the Kenyan shilling is experiencing a rapid depreciation.
Ahmednasir argues that the depreciation of the Kenyan shilling can be attributed to a now common trend involving the conversion of ill-gotten wealth into foreign currencies, particularly the US dollar.
According to him, this practice has become prevalent among those who amassed vast fortunes during President Uhuru Kenyatta’s tenure and, more recently, during the early months of Deputy President William Ruto’s regime.
One of the key drivers behind the devaluation of the Kenyan shilling, as Ahmednasir suggests, is the rampant corruption that has plagued the country’s political landscape for years.
During President Kenyatta’s rule, a substantial amount of money was allegedly siphoned off from state coffers, with many individuals reportedly converting their illicit gains into US dollars.
Similarly, in the first ten months of Deputy President Ruto’s tenure, accusations of embezzlement and bribery have emerged, further escalating and worsening the issue.
Ahmednasir Abdullahi emphasizes that President William Ruto’s administration must undertake a massive anti-corruption drive.
By launching a comprehensive campaign against corruption, the government can effectively mop up Kenyan shillings from those who have accumulated vast wealth through illegitimate means. This would reduce the demand for foreign currencies, particularly the US dollar, and help stabilize the Kenyan shilling.
Satirically, Ahmednasir Abdullahi notes that even judges in Kenya have reportedly stopped accepting bribes in Kenyan shillings.
He tweeted, “The Kenyan shilling is in a free fall because those who stole trillions during Uhuru Kenyatta’s tenure converted their loot into dollars. Those in H.E Ruto’s regime who stole billions in the past 10 months are taking bribes in American dollars only. After imports, the second largest sectoral demand for dollar is created by government officials changing their loot into dollars. To slow the demand for dollars and with a view to stabilise the Shilling President Ruto must undertake a massive anti-corruption drive to mop up shilling so as to reduce demand for the America dollar. Even judges I hear have stopped taking bribes in Kenya shilling…very soon the police will follow suit!”
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