In this episode recorded on March 19, 2026, and hosted by Ramah Nyang, we unpack Kenya’s debt situation.

Our panelists:

* Churchill Ogutu - Economist, IC Group

* Benard Njiri - Senior Research Analyst, IPF

* Stellar Swakei - Senior Research Analyst, Kingdom Securities

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Show Notes

00:00:00 Introduction

00:01:33 The Debt Transparency Problem and Why Fiscal Consolidation Fails

00:09:17 Securitization, Supplier Debt, And Pending Bills

00:23:19 IMF’s Pushback against Securitization and Lessons from Ghana

00:26:44 Ringfencing and Revenues/Proceeds Disclosure

00:32:02 Securitization Lessons from 2008 Financial Crisis

00:40:20 Auditing Kenya’s Debt

00:46:22 Tanzania’s Debt Transparency Model

00:51:56 Why Governments Avoid Transparency?

00:56:42 Tanzania’s Single Treasury Account

00:58:24 The Transparency Risk Premium

01:01:24 Policy Changes to Enhance Debt Transparency

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