Tough Times for Kenyan Businesses and Households as the FY 2022/2023 Budget is Unveiled

Abstract

Kenya’s budget for Financial Year (FY) 2022/23 has been delivered against the backdrop of an upcoming general election in August 2022, recovery from the COVID-19 pandemic and the Ukraine-Russia war. Themed as accelerating economic recovery for improved livelihood, the general prospect was relief for struggling businesses and households. However, a review of the budget statement and the Finance Bill 2022 dims these expectations. The government is projecting to finance one of the biggest expenditure in post-independence Kenya as she faces stifling debt and rising cost of living.