World Bank Report Reveals Corruption Costs Kenya Billions Annually, Hindering Economic Growth
A recent World Bank report, published on Wednesday, indicates that widespread corruption in Kenya is costing the nation billions of dollars each year. This financial drain stems from lost tax revenues, inefficient public spending, increased borrowing costs, and other corruption-related issues. The report highlights that Kenya is among the most corrupt lower middle-income countries, with governance weaknesses contributing approximately 370 billion shillings (US$2.8 billion) annually to the country's fiscal deficit, which is equivalent to 2% of its GDP. This figure is considered a conservative estimate by the report's authors. Corruption manifests at all societal levels, from petty police bribes to significant government procurement scandals, and has been a major factor fueling mass protests over the past two years, including those in mid-2024 when the government attempted to raise taxes. The World Bank emphasizes that Kenyans would be more willing to contribute to the economy if they had greater trust in th...
