Billionaire businessman, Jimi Wanjigi, on Thursday, April 27, claimed that the government may soon tap into the personal bank and mobile money accounts of each Kenyan to keep the economy afloat.
Speaking on Spice FM, Wanjigi called on President William Ruto to curb loan defaults which would force Kenya to enter into cruel deals.
The former Presidential hopeful drew parallels between Kenya's debt crises and Ghana's, which turned to the International Monetary Fund (IMF) after defaulting on its loans.
"IMF told them that 'before we look at you dealing with your debt, the sovereign in your county must first understand the pain'. The threat of banks collapsing was huge, so they went into bank accounts.
"Here they will raid the mobile money wallets and take 30 per cent of what is in the account. How do you starve off a bank collapse? You detain the cash, and that is coming to the country," Wanjigi remarked.
The billionaire explained that those who lent to the Ghanaian government through bonds received only 70 per cent of their investment with interest, with a promise to receive the reminder over time.
He noted that the raiding of mobile money wallets was the best-case scenario and warned that the situation may worsen.
"What happened to Ghana in four months? Their inflation rate went from 12 to 45 per cent and even the value of whatever money the people had left dropped by half," Wanjigi stated.
Meanwhile, he reckoned that the government couldn't take more loans since it was already heavily indebted.
The tycoon estimated that from every Ksh100 collected by the government as revenue, approximately Ksh80 settles Kenya's debt. He added that several other expenses ate into the funds.
"Ksh50 goes to salaries, Ksh30 goes to counties and Ksh35 goes to operational expenses, which brings us to a debt of Ksh95. Where is the government going to get this money?" He posed.
Wanjigi claimed that the counrty did not have the option of increasing taxes since Kenyans were already squeezed out.
