Kenya’s Expensive Currency!

Have you heard the buzz about the Central Bank of Kenya (CBK) teaming up with the German company Giesecke+Devrient (G+D) to print our beloved banknotes?

This is HUGE news, and it’s not just about money—it’s about our economy, security, and even our jobs! Let’s dive into what this means for us as Kenyans. 🥳💰

Why the Change? 🤔

So, here’s the scoop: De La Rue, the company that used to print our currency, has bowed out. Why? Well, they didn’t get any new orders.

That left a big hole that needed filling—especially with the KSh1,000 notes running low! Governor Kamau Thugge put it perfectly:

“The notes we have are getting old… it was really necessary that we get new notes as quickly as possible.” And who can argue with that?

We all want crisp, clean money in our wallets! 💵✨

What’s in the Deal? 📊

This partnership isn’t just about printing paper; it’s a massive contract worth KSh14.2 billion (that’s about $109 million!). Here’s what G+D will be producing for us:

That’s a whopping 2.04 billion banknotes! Can you imagine how many wallets that will fill? 😄

Security Features: Keeping Our Money Safe 🔒

Now, let’s talk about something super important—security! With counterfeiting on the rise, these new notes will come packed with advanced features:

• Color-Changing Threads: Each denomination will have unique threads that change color. Fancy, right?
• Watermarks: Enhanced watermarks to ensure authenticity.
• Microprinting: Tiny text that only shows up under magnification—perfect for catching those sneaky counterfeiters!
• Holographic Elements: Because who doesn’t love a little sparkle in their cash?

These features mean our money will be safer than ever! 💪💸

What About the Costs? 💸💔

Now, here’s where things get tricky. While this deal sounds great on paper, there are concerns about costs. Local production could have been cheaper than outsourcing to Germany. 😬And let’s not forget about the dividends we used to get from De La Rue—KSh131.2 million in 2020 alone! That’s money that could have gone toward schools, roads, or healthcare.

Job Implications 🚧👷‍♂️

One thing we can’t ignore is job creation versus job loss. With De La Rue shutting down its operations in Kenya, many employees are at risk of losing their jobs. On the flip side, G+D may create jobs in Germany—but what about here at home?What do you think? Should we prioritize local jobs over outsourcing? Let’s hear your thoughts! 💬👇

Transparency Matters! 🔍

Another hot topic is transparency. The procurement process was classified—meaning not everyone knows how G+D was chosen for this contract. Lawmakers are calling for more transparency to ensure public funds are being used wisely.As one parliamentary committee chairperson put it: “We must ensure that every shilling spent is accounted for and that our citizens can trust their government.” Trust is key, folks! 🗝️❤️

What Does This Mean for Us? 🌟

So, what does all this mean for you and me? Here are some takeaways:

1. New Notes Coming Soon: Say goodbye to worn-out bills!
2. Safer Currency: Enhanced security features mean less chance of getting fake notes.
3. Economic Impact: We need to keep an eye on costs and potential job losses.
4. Engagement is Key: Let your voice be heard! Talk to your local leaders about transparency and accountability.

Join the Conversation! 🗣️💬

What are your thoughts on this new partnership between CBK and G+D? Are you excited about the new banknotes? Do you have concerns about job losses or transparency?

Let’s spark a conversation! Share your thoughts below 👇 and tag your friends to join in! Together, we can make sure our voices are heard as Kenya steps into this new chapter of currency production! Feel free to share this post on Facebook and watch the conversations unfold!

Your engagement can help raise awareness about important issues affecting our economy and community.

Let’s keep talking! 🌍💬