Kibaki rips Christmas stocking

‘Tis the season for presents and merrymaking and no one got a better deal than Kenya’s president. Mwai Kibaki’s gift was a 180.7 percent pay rise above what he could ever possibly achieve. It’s wonderful when Santa comes to town.

Kenya’s economy is expected to grow at about 4.9 percent in 2007 according to the International Monetary Fund (IMF) from 3.3 percent in 2006. If the December 2007 election doesn’t mar investment growth, and the 4.9 percent estimate is achieved, Kibaki would have been given a salary that is 180.7 percent above his potential performance.

Perhaps the 75-year-old president-millionaire is worried that he may not win the next election and the little something extra in his Christmas stocking is something of a golden handshake. If this is the case, perhaps he shouldn’t be getting an increase at all as surely a president who has surpassed his mandate, which I assume he must have given his now significantly augmented compensation, would get voted back in?

Don’t get me wrong, I agree that presidents should be remunerated at an acceptable level, especially as CEOs earn increasingly ridiculous packages across the globe, but the danger here is enormous as the vote of confidence (someone has to believe Kibaki is worth the extra cash) can never be met. In a sense then, the pay rise is almost willing the president to fail as the economy is never going to grow anywhere near 185.6 percent. All of a sudden this ‘present’ seems just a little wicked.

Maybe this is why Kibabaki decided on Wednesday to turn down the massive hike, an increase recommended at a meeting he chaired, as "despite the major strides that the economy has made, there are other priority projects in need of urgent funding".

The good news is that this move will probably help to keep other parliamentarians' stockings from tearing when their increases come under review. Kibaki now has the high-ground; he doesn't need the extra money and neither to his MPs. Santa can stay at home.