By the time local investigators received court orders to freeze the accounts, an estimated Sh262.4 billion had been wired to offshore bank accounts in Dubai, Nigeria and Zambia. Bank statements attached to court
Debt distress concerns have mounted in the recent past as countries such as Ghana, Zambia and Ethiopia have engaged their creditors for a restructuring in a bid to ease the burden on their economies. At its just-concluded 2023 Spring Meetings, the International Monetary Fund (I...