Aston Lukoye
- Renowned lawyer Donald Kipkorir has issued a stark warning about the growing menace of illegal activities, such as “wash wash,” and the black economy that is flourishing in Kenya.
Kipkorir cautions that if the government fails to tackle the black economy effectively, Kenya could be blacklisted on the international stage. The alarming rise of these illicit activities has exacerbated the financial challenges faced by the Kenyan government, as the black economy continues to thrive while the legitimate sector struggles.
Donald Kipkorir’s call for urgent action
Kipkorir’s concerns highlight the urgent need for decisive action to curb the illicit practices that are eroding Kenya’s economic stability. The prevalence of wash schemes, involving money laundering and fraudulent financial transactions, has reached alarming levels.
The consequences of inaction could be severe for Kenya domestically and internationally. Kipkorir warns that the government risks being blacklisted if it fails to address the burgeoning black economy. Blacklisting would have detrimental effects on the country’s reputation, potentially leading to restricted access to international financial markets and impeding foreign investment.
The disparity between the struggling legitimate economy and the thriving black economy has raised concerns about the nation’s overall financial health. While the government grapples with financial constraints, a substantial amount of cash is allegedly being hoarded by a privileged few. This lopsided distribution of wealth further exacerbates the social and economic inequalities prevalent in the country.
“Wash wash, fake Kshs & fake gold trade is up in the open in Kenya. Our Black Economy is doing better than the Legitimate one. Whilst GoK is running out of money, so much cash is awash in the homes of few. Unless we stamp out Black Economy, Kenya is going to be blacklisted!” Korir posted.
Wash wash, fake Kshs & fake gold trade is up in the open in Kenya. Our Black Economy is doing better than the Legitimate one . Whilst GoK is running out of money, so much cash is awash in the homes of few. Unless we stamp out Black Economy, Kenya is going to be blacklisted!
— Donald B Kipkorir (@DonaldBKipkorir) May 18, 2023
Need for immediate action
Kipkorir’s warning serves as a wake-up call for Kenya to take immediate action to address the scourge of the black economy. By implementing effective measures to eliminate illegal practices and promoting a transparent and accountable financial system, Kenya can safeguard its reputation, protect its economy, and regain the trust and confidence of the international community.
