Saturday, July 9, 2022

Next government should enhance economic capital to create jobs and grow economy

Nairobi Expressway 
KENYA: 

On 27th June, I keenly listened to the panel interview of Azimio presidential candidate Raila Odinga and his running mate Martha Karua. In the whole discussion, two crucial things got my attention; the creation of job opportunities and the economy.

Indeed, these are the two aspects of concern to every Kenyan, considering the high cost of living that has been occasioned by the Ukraine-Russia war, changing weather patterns, and the Covid-19 pandemic.

In his book, The Coming Jobs War, Jim Clifton, pollster, and chairman of Gallup, illustrates that job creation and economic growth pose the most significant challenge for world leaders.

Kenya is facing high unemployment rates, mostly among youths. The challenge is casing increased hopelessness, making many of them indulge in unregulated businesses such as cryptocurrency for survival.  

Therefore, any aspirant should address the two challenges that the country is facing.

In the interview, Azimio presidential candidate clearly elaborated that the government cannot provide enough employment to the citizens. According to him, the current civil servants in the country stand at 700,000, already occupied. Therefore it is difficult to have new opportunities unless the servant retires or dies. He estimates that there can be at least 70,000 vacancies in a year.

This shows how private sectors play a vital role in job creation.

Understanding this, therefore, draws concern to enhancing the sectors so that more job opportunities are created, and the economy flourishes.

READ: Why you should consider side hustle

For the past two decades, the government has paid attention to enhancing economic and social overhead capital, which are necessary for the private sectors to thrive. For instance, the government has constructed roads and improved telecommunication and power transmission systems on financial overhead capital. On the other hand, it has invested in social capital in various ways, such as enhancing security, education, and health sectors.

We can see that private businesses can now transport their products easily. Telecommunication has enabled them to sell their commodities and link with oversea companies. This is a milestone.

However, the aspirants, who want to change the lives of millions of Kenyans, should master a common feature of economic infrastructure. This is because its benefits accrue to many diverse groups.  READ: Prevent children in growing digital environment

It is pivotal in transitioning the poor to an affluent society; thus, essential in achieving self-sustaining growth.

It is important to understand that the economic infrastructure not only paves the way for faster growth but also provides shared benefits for all.

Although the process is difficult, thanks to the outgoing government, which heavily invested in infrastructure, albeit receiving a lot of criticism. Additionally, power systems have penetrated the rural areas. Also, communication in the country has been enhanced. Much has been done in the ICT sector, which is also crucial in communication.

The process requires huge expenditure, perhaps the reason the Jubilee government accumulated debts. Therefore, the next government should develop private businesses and foreign investors. This will see job creation and grow our economy.