Mokaya

Mokaya Certified public accountant

26/10/2024

This Adani KETRACO deal leaves many questions to be answered. The more I think about it, the more I wonder if we have gone mad as a country. That someone has even concocted such a deal amounts to a grave insult to our intelligence. I was shocked to hear the president say that the deal would lead to a cheaper cost of power. I will address that later in the post.

Adani is constructing three transmission lines namely 96km, 220kV Ronga-Keringet-Chemosit, 206 km 400 kV Gilgil-Thika-Malaa-Konza and 70 km 132 kV Menengai-Ol Kalou-Rumuruti. The total distance of these lines is 372 km. The total cost is KSh 96 billion. Two substations will also be constructed in Rongai and Thurdibuoro.

According to KETRACO these are the costs for the bipolar 500 kV HVDC Ethiopia-Kenya transmission line; "The 612km transmission line in Kenya has been broken into Lots 4, 5 and 6 whose tenders were respectively awarded to KEC International Ltd-India, Larsen and Toubro Limited Power Transmission and Distribution and Kalpataru Power Transmission Ltd, India at a total cost of USD 140 Million." -Sources KETRACO website.

So a 612 km transmission line cost USD 140 million but 372 km of lower specs transmission lines will cost us USD 737 million (initial cost in March 2024 was USD 1.014 billion). Regime defenders will talk about inflation but how much inflation has happened since Nov 2022 when this line was completed? Has the cost of goods risen by 7 times in two years?

To look at it another way. The total KETRACO transmission network as of June 2023 was 5,476 km. The historical cost of the network including work in progress is KSh 205 billion translating to KSh 37 million per km. Adani is doing 372 km at KSh 96 billion translating to KSh 258 million per km. Does this make sense?

KETRACO masterplan till 2042 proposes to construct 11,131 km of transmission lines at a cost of $4.778 billion (KSh 621 billion at the current exchange rate KSh 130/dollar) translating to KSh 56 million per km. Adan

12/02/2024

What makes the Developed Countries' huge debt different from Africa's?

US debt is in its OWN CURRENCY.

Industrialised countries usually borrow in their own currencies e.g. In the UK (£), China (CN¥), Canada (C$), and the US (US$) over 98% of central government debt is denominated in the local currency.

By contrast, over 70% of Africa’s total public external debt is US dollar denominated.

US is a NET EXPORTER. Africa is NET IMPORTER.

US is a hegemonic oppressor. Africa is the weak-ass oppressed.

African countries' public debts are mainly owed to international rather than domestic lenders, making debt harder to refinance or restructure.

Of the 10 African countries with data on creditor residency, seven owe more than half of public debt to overseas creditors.

By contrast, over 70% of public debt in Canada, China, the UK and US is owed to domestic creditors.

In absolute terms, Africa's public debt is lower than any other world region but Oceania.

The total debt stock owed by all African governments equates to over $1.8 trillion. Germany alone has a greater debt stock than this at $2.9 trillion.

Even adjusted for GDP, African debt does not stand out as being uniquely high with 49 African countries having lower public debt-to-GDP ratios than the US (122.2%) in 2023. Japan (258.2%) and Greece (166.0%) have higher public debt-to-GDP ratios than any African country.

External lenders prefer to lend to developing countries in their own currency or international ‘hard currencies’ (e.g. US dollar or Euro).

Foreign currency debt carries an exchange rate risk.

30/08/2022

SUPREME COURT OF KENYA 9 ISSUES FOR DETERMINATION IN THE PRESIDENTIAL PETITION:

1. Whether the technology deployed by IEBC met the standards of integrity, verifiability, transparency to guarantee credibility of results.

2. Whether there was interference of Form 34As from the polling station to the IEBC portal

3. Whether there were differences between Form 34A on the portal, Form 34A at the National Tallying Centre and Form 34A with the agents at the polling station.

4. Whether the postponement of Gubernatorial, Parliamentary and MCA elections resulted in voter suppression to the detriment of Azimio

5. Whether there were unexplained discrepancies between votes cast for president and other posts

6. Whether IEBC carried out its mandate in accordance with 138(3)(c) and 138(10)

7. Whether the President-elect got 50% + 1

8. Whether there were irregularities and illegalities of such magnitude to affect the results/outcome

9. What relieves & orders can the court grant or issue

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30/08/2022

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30/08/2022

Safaricom, East Africa Breweries Limited (EABL), KCB Group, Equity Bank and Co-op Bank now control Sh1.49 trillion of investors’ wealth out of NSE’s Sh1.93 trillion capitalization.

The five top companies at the Nairobi Securities Exchange account for 77.23% of its market capitalization, revealing continued waning investor confidence at the bourse.

29/08/2022

When the election dust settles we will all go back to our ways: the hard reality of our daily challenges.

My biggest fear- a surging dollar and the weakening shilling will continue to worsen the cost living.Unfortunately, there is very little that the government can do given our massive loan book and an economy that is import-driven. Moreover, IMF is insisting that our government removes fuel subsidy and undertakes certain structural reforms as a precondition for continued budgetary support.

When fuel sells at Kshs. 250 per litre-the cost of living will shoot up by almost 50 %. Mama Mbogas dont know that the price of kerosine,unga, and bread is a function of the weakening shilling. The Kshs. 50,000 that a person was earning in January 2022 is now equivalent to Kshs. 30,000 or thereabouts. If the fuel subsidy programme is removed the Kshs. 50,000 salary will be worth Kshs. 20,000. Employees who have benefited and will continue to do so are the ones paid in dollars.

The other day i checked how the dollar is trading locally,banks are making a killing. They buy at 119 and sell at 130. In Zimbabwe, when their currency weakened-the Reserve Bank set a fixed rate but the unofficial dollar rate was 1000 % above the fixed rate. This caused many currency speculators to benefit in a massive way-they were converting currency at the official rate and making 1000 % profits in the unofficial market. Eventually, massive inflation occured and the local currency collapsed. Now, they trade only in dollars and South African rand.

29/08/2022

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I repeat! Debit and Credit won’t pay your bills.

Talk to me on how I missed the opportunity,but catching up😂.

FFredy Nyakina MokayaNFredy Nyakina MokayaMFredy Nyakina Mokaya

29/08/2022

Azimio will be the net losers in today’s elections. They may win the gurbenatorial seats in Mombasa and Kakamega which were theirs anyway but lose in the seats that matter most, the MP and MCA seats.

Remember, Azimio is fighting to take full control of Nairobi County Assembly and the National assembly.

29/08/2022

A separate forensic analysis by DCI and East African Data Handlers (EADH) on the six data transmission servers used by IEBC showed that the IEBC Servers were Breached whereby several unauthorised individuals gained access to the system.

The analysis on IEBC’s systems by EADH further showed that there was a backward tallying of the presidential results where Form 34C was edited several times in order to correspond to forms 34B and 34A, which the audit shows were being intercepted and edited too.

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