Unpacking the Illegal Investment of Ksh 20 Billion Housing Levy Funds in Treasury Bonds
by admin on | 2024-11-05 18:38:30
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The allure of power and wealth can be a powerful motivator for most politicians as leadership positions offer access to significant resources like public funds, lucrative contracts and influential networks. Unfortunately, this access can tempt some to prioritize personal enrichment over genuine public service. In today’s political climate marked by widespread distrust in leaders and a growing sense of greed, the menace of greed and selfishness is evidently prevalent. In Kenya, this concern has been particularly revealed by recent developments regarding the Affordable Housing Fund which surfaced in May. The use of Ksh20 Billion collected from the housing levy particularly its investment in Treasury Bills has sparked a debate that raises serious legal and ethical questions. The Affordable Housing Fund was created under the Affordable Housing Act of 2023, a law that has since been declared illegal. This law requires that funds collected from the housing levy be used exclusively for affordable housing projects. The levy, a 1.5% deduction from Kenyan employees\' gross salaries matched by employers is intended to support the construction of the so-called “affordable housing units”.
