RESOURCES

Corruption in the private sector of Kenya’ economy is represented in a wide variety of forms: bribery, money laundering, fraud, and collusion among others. This phenomenon is dangerous because it not only distorts markets but also has a negative impact on the Kenyan society as a whole.

It also deprives Kenyan citizens of their capital, which is needed for economic growth of the country and erodes civil confidence in public institutions. It should be pointed out that corruption in the private sector is a final link in the chain of violation of business ethics in Kenya. In fighting corruption in the private sector, it is necessary to fight it at the top leadership level because business ethics adopted there defines business ethics for lower levels of Kenya’s society. Hence, this cannot be simply reversed because corruption is confined to the Government and political spheres. It is a broad decline in moral and social values.
The purpose of this essay is to consider corruption in the private sector of Kenya’s economy. The current state of affairs in this sector and most scandalous corruption case studies have been analyzed. The key factors which resulted in the rise of corruption in Kenya such as centralized power, the absence of effective and strong institutions, impunity, and lack of public accountability are also considered here.