spot_img
9.3 C
New York
Thursday, April 18, 2024
spot_img

44% Devaluation, Effects, Solutions and 2024 Prophecies

BY BASHIR AL BASHIR

Devaluation- Long mind engaging post:

2020 you were getting K100,000.00 net income, dollar was selling to equivalent of K720.00. So, your salary was equal to $139.00.

3 years your salary grows to netting K150,000.00 in 2023, at present dollar is selling equivalent to K1,700.00. So, your salary is equal to $88.00.

What you see in 3 years is rise of your salary from K100,000.00 to K150,000.00 but you don’t see it’s dropping in equivalence from $139 to $88 losing $51 in the process. You are losing out

_________________________________________________

Effects:

1. You need 3 times of value in 2023 to buy the same thing of 2020. For instance, bread which was selling K350.00 in 2020, will be selling at minimum of K2,000.00.

2. Your disposable income depletes. Instead of doing more with your salary, you are forced to squiz and do less

3. You will not be able to save. The very salary which was enabling you to save and buy bags of cement monthly, can’t afford you a pair of socks.

4. Increase in loans, theft, and corruption indulgences by workers in order to beef up on salary gaps created through devaluation.

________________________________________________

Solutions:

1. Other than devaluation, the government was supposed to put forward strict austerity measures, let the president sit in office, ban him from any international travel. No minister equally should get out unless critical roles of the President , otherwise the embassies and PSs can monitoredly do the job

2. Procure from country with options other than the dollar

3. Revive Community Colleges with technical lead skill and machinery to start producing less sophisticated items we import i.e. toothpicks, earpicks etc

4. Instead of allocating 21billion to state house which has made some Wodemayas in there, allocate K5 billion, allocate 16 billion and more to youth farming initiatives where among other things procurement of solar irrigation systems, fertilizer, seeds on farming initiatives that would run purely on irrigation. Let them produce maize, and two intervals of commercials produce i.e. wheat, groundnuts, beans, soya etc per year

5. Revise upwards with at least 30% salaries of civil servants and ban workshops that require accomodation and general allowances.

6. Reduce the cabinet to 15 people including the president and his vice

7. Reduce local and foreign borrowing

8. Make the country a food basket, produce exporter and embark of value addition through community colleges and other avenues.

9. Make ACB independent, recruit a foreign independent ACB director, let him or her report to Parliament.

10. Recall those in Embassies whose presence is hardly felt back home, even if it means closing some Embassies which are bringing no value.

_______________________________________________

2024 Prophecies:

1. There will be hard hitting hunger in the country

2. Those in formal employments would suffer most

3. Theft and corruption will rise

4. Discontentment amongst citizens will rise

5. There will be another devaluation of about 50% in 2024, the dollar will remain scarce in the banks

6. Most government projects will stall, and will be revised upwards to figures that couldnt be supported in the current budget as such most projects will be postponed to the next last budget of 2024-25.

6. MCP will reach 2025 with 70% unfulfilled promises.

7. All of us shall bear testimony of the fact that “kugwa mmanja mwa Yehova nkoopsa.”

Signed

Bashir Al Bashir

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest Articles