Public finance

The Pension Trade: How Kenya's Retirement Money Became a Government Bond Fund

“Of every shilling Kenyans set aside for retirement, more than fifty cents now sits in government paper. The pension industry has stopped being an investment system and started being a financing system.”

Kenya's Debt is More Than Numbers — Here's What 26 Years of Data Shows

Kenya's debt has grown 22.9× in 26 years. But the real danger isn't the size — it's the structure. Costs, currency risk, and a narrowing revenue base make Kenya's debt position far more precarious than the headline ratio suggests.

Kenya's FY 2025/26 Financial Statement: Six Things That Matter

Revenue is diversified but insufficient, deficit financing is mostly domestic, and 81.5% of spending is recurrent. A close reading of Kenya's FY 2025/26 Financial Statement.

Kenya's Debt Is More Than Numbers — Here's Why

“More than 54% of Kenya's government revenue now goes to interest payments.”

Kenya's FY 2025/26 Budget: Six Structural Vulnerabilities

“81.5% of spending is recurrent, while only 18.5% goes to development.”