When the Nation Lives on Borrowed Time — Kenya's Sovereign Debt Story

Sovereign debt accumulation does not happen overnight. Kenya's current debt position is the result of decades of policy choices, external shocks, structural economic limitations, and political economy dynamics. This episode traces the arc from the colonial-era public debt structure through structural adjustment in the 1980s and 1990s, the Kibaki-era infrastructure push, the devolution dividend and its fiscal cost, and the COVID-era borrowing surge. Understanding the history is essential to understanding the present crisis — and what realistic solutions look like.