Its official, we have sold our country to the Chinese, Kenyans are happy with all these investments we are witnessing like the standard gauge railway, the southern bypass, mining projects and building of “collapsing bridges” i.e Sigiri Bridge in Busia county.
This is my observation, we are taking part in a potential cold war between China and the USA hence the inroads made by China in Africa and sadly Kenya. The fact is China has become a major superpower since the year 2000 and they therefore have the need to flex their economic muscle and show the west we are in town.
This has seen a modern form of neocolonialism and favors to the Chinese that are quite unbelievable to be honest. The price we as Kenyans have to pay is for instance, the huge grant given to us by China. Speculation is rife that our great grandchildren will pay this grant despite the poverty levels in Kenya.
There are other dangers. Many of the largest companies are state-owned enterprises, meaning that even though it is possible for foreign investors to own a stake, shareholders may find themselves relegated to second priority behind the government. Corporate governance is also a problem in China – company accounts are often incomplete or incorrect.
Fidelity China fund manager Anthony Bolton fell foul of fraud in 2011, investing cash into the wrong companies. The manager has altered his approach so as not to fall victim again.
So Kenya watch out.