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Thursday, November 06, 2008

Kenyan 'business' reporting - Pathetic or Worse?

Kenyan newspapers need to hire reporters who have a better understanding of ECONOMICS, FINANCE & BUSINESS.

An article by Wshington Gikunju titled "Foreign currency reserves slip below minimum" makes little sense!

I quote "The worsening of import cover position means that Kenya, a net importer, may face commodity shortages as importers struggle to obtain dollars to clear outstanding import bills."

There is no 'struggle' to obtain dollars. It's simply a question of paying for KShs for the US$. Furthermore, Kenya also imports from other countries e.g. Japan, Korea & the UK which can be paid in their own currencies & may have depreciated vs the US$.

Kenya has been importing foodstuffs among other non-essentials. These imports will be pricier thus benefiting local producers. Why do we import cereal (Weetabix is pretty good), eggs (crazy!), milk products like butter & cheese?

Fewer bags of grapes, apples & lychees isn't going to cause Kenyans much harm!

Fewer bottles of imported liquor, wine and beer will be good for KWAL, EABL & Keroche.

I quote "CBK could also be forced to limit its supply of dollars to the priority sectors of the economy such as oil, food and medicine importers. "

Huh? Did the guy say food? Except for wheat... there are few 'essential' foods that Kenya needs to import! Anyway, we should be encouraging production of sorghum & millet. Yes, these are much better 'foods' than wheat or maize.

Furthermore, in the long-term Kenyan importers will only import what Kenyans can afford. After all... they are businessmen...

As much as I shake my head at the silliness of importing cereals & eggs... at some point these will be too expensive to import & Kenyans will turn to local products.

I think Nation needs to hire someone with some sense of economics to review what these 'journalists' put out... Some of these comments/opinions create a sense of panic even though there is no need to be overly concerned!

BTW... in typical Kenyan style... when someone becomes 'powerful' the sycophancy starts! So Kogelo, a back water village will soon have electricity, piped water & adequate security!


Anonymous said...

On the one hand; folks over at Nation can't write. Next moment you are directing us there for info. Funny at best.

Chebet said...

Does this mean you have now Vukad to CNBC Africa's reporting...pathetic and worse are words you are least likely to use if this will be the case...

Anonymous said...

No it is not worse just pathetic as usual. Even if the journalist lacked economics sense, he could have done "a man on the street" perspective, gone and interviewed economists, business people, govt. officials etc.

This is just sloppy, careless work. Sounds to me the editor just looked for the cheapest, green reporter, and gave the assignment. A thoughtful in-depth article, looking at various points of view is what was needed.
I for one would pay to subscribe for such a newspaper or magazine.

Oh how I miss the Weekly Review!!!!

For those young ones, it was a magazine of the Economist caliber.

coldtusker said...

Anon1: Do you work for the Nation?

Of course, I linked you to the article... in case you thought I was making it up!

The sycophancy link was not about 'business' but politics!

Chebet: Yes. Much better!