Written By John Mutiso 📝
The Institute of Certified Public Accountants of Kenya (ICPAK) is seeking to explore strategies for economic recovery ahead of the 2022 Election season.
The plan recognizes Kenya’s rigorous election season that cripples the economy as its experts ponder on ways the government can secure economic growth.
The institute wants the government to make early preparations for the election which grants public confidence in the electoral process hence reducing anxiety and uncertainty in the country.
According to ICPAK CEO Edwin Mokua, as the National Treasury prepares to submit the Budget estimates to Parliament, consideration should be made to ensure sufficient funding to enable IEBC and all organs directly involved with elections prepare for the General Elections in August.
It also called for collated efforts to be harnessed to ensure key electoral activities like civic education, clearance and nomination of candidates, polling and counting and results management are done efficiently.
Icpak also added that corruption within the public sector has been partly attributed to financiers seeking political favors after campaigns.
“The country should not tolerate a system of campaign financing that makes our leaders accountable to donors rather than voters, that makes it possible for money to buy political outcomes or buy politicians!” Part of the statement read.
Icpak calls upon all agencies to provide critical information to the Controller of Budget and the National Treasury at the earliest opportunity – preferably before April 2022 to guide in an objective way, the Budgeting process going forward.
It also argued that countries are moving towards establishing Sovereign Wealth Funds (SWFs) which have an important role in macroeconomic management and global financial stability.
“Countries such as Norway and China have successfully implemented the Sovereign Wealth Funds. For instance, Norway has over US$1 trillion in assets, including 1.3% of global stocks and shares, making it the world’s largest sovereign wealth fund. Countries such as Norway and China have successfully implemented the Sovereign Wealth Funds.”
Therefore, the Institute urges the Government to revisit this discussion and develop a policy framework and legislation to guide its implementation.
It also urges all Kenyans to respect and tolerate each other during this electioneering period and focus their energies towards initiatives that spur growth, promote unity and cohesiveness.
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