Economy: Benchmark with global best practices

A general view taken from Swissotel the Stamford shows the illuminated circuit for the upcoming Formula One Singapore Grand Prix night race on September 14, 2017.

Photo credit: File

Even after 58 years of independence, Kenya is yet to realise its full economic potential. Our country has bountiful resources but they are in the hands of a few individuals and their cronies, making the economic situation to plummet over time.

The choreographed models and frameworks for economic resuscitation being bandied around occasioned by the looming general election are not viable and feasible. A peek at Singapore’s economic vitality shows the rain started beating us when greed was allowed to override reasoning and corruption became endemic.

Singapore gained independence in 1965, two years after Kenya. Although it occupies a small geographical area, the per capita gross national product (GNP) is one of the highest. The main difference between Singapore and Kenya is that the former relies on importing raw materials and refining them into export goods.

Kenya is endowed with vast resources, which should catapult it to higher echelons of economic development. Secondly, a strong educational system develops a large skilled workforce. The emphasis on practical knowledge is of essence compared to our heavily theory-oriented one. The business environment in Singapore is relatively corruption-free, which makes it to thrive.

Further, the government has made heavy investment in the diversification of the economy by promoting tourism and funding the pharmaceutical industry. Although the growth has slowed since its peak in 2004, the number of affluent residents is still on the rise. Singapore has, as a result, overtaken Hong Kong as the country with the highest concentration of millionaires.

Singapore’s economy is considered a free market. The recovery was real and smooth, owing to a well-laid-down economic strategy, high percentage of skilled workers and copious foreign investment. Our leaders should borrow the best practices and avoid lying to get votes.

Mr Maraba is a MSc Leadership and Management student at University of Pecs, Hungary.