The relentless disclosure of widespread corruption in handling public funds is deeply disturbing on a national scale.
From the vanishing Eurobond money to issues like the alternative data recovery project, SGR and Arror and Kimwarer dams, Kenya is witnessing an alarmingly ever-expanding list of financial scandal.
County governments are not immune, facing horrors such as ghost workers, inflated pending bills and double payments as per the Auditor-General’s reports.
Luca Pacioli’s revolutionary double-entry accounting, designed for traceability of assets, stands in stark contrast to Kenya’s persistence with the outdated single-entry system.
This choice, combined with the absence of integrity and transparency in political leadership, compounds challenges in financial management.
In response to these issues, the Kenyan population burdened by heavy taxation should advocate transition to a more inclusive and trustworthy system.
This shift, facilitated by blockchain technology and its Trust protocol, has the potential to transform transactions into a dynamic ledger, offering real-time recording and a comprehensive history of assets and relationships.
The current scenario, where malpractices are exposed long after the fact, contrasts sharply with the benefits of real-time audit enabled by blockchain.
Deployment of the Kenya’s Central Bank Digital Currency can bolster this approach. Additionally, amending the Public Finance Management Act, 2012 (Amendment Bill 2022) to formally recognise and incorporate blockchain technology in financial management systems is a necessary step forward.
– Mr Njenga, an interdisciplinary content creator, is a Web 3.0 enthusiast. [email protected].
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