KWS Kenya Wildlife Service declared technically insolvent
KWS has accumulated Sh4.4 billion in losses that have left it technically insolvent, according to a newly-released report on the agency’s finances.
Tourism in Kenya is the second-largest source of foreign exchange revenue following agriculture with the main tourist attractions being safaris through the 19 national parks and game reserves.
Kenya is one of the leading tourist destinations in the world and every year millions of tourists land in the country bringing valuable foreign currencies in the process.
Therefore it would come as a surprise how the State agency can accumulate so much losses.
Daniel Stiles comments – If KWS had been able to sell the 105 tonnes of ivory and 1.5 tonnes of rhino horn they destroyed, worth about $100 million in April 2016, they would have a healthy surplus now instead of being insolvent