The Goldenberg conspiracy: The game of paper gold, money and power

This paper shows how these corrupt activities which had a devastating impact on one of Africa’s most promising economies, were crafted and carried o

Goldenberg was a high level conspiracy by senior officials of the Moi administration in Kenya, together with local and international wheeler dealers, who capitalised on the government’s desperation for foreign exchange and the greed of the administration’s cronies. It was the most blatant case of corruption associated with the Moi government. This paper shows how these corrupt activities, which had a devastating impact on one of Africa’s most promising economies, were crafted and carried out. The political and economic environment in Kenya in the early 1990s probably mirrors that of other countries in the region and for that reason, this paper holds useful lessons for the region.

About the author

An economist by profession, Peter Warutere has been an advisor on Governance and Communications in the Office of the President of Kenya since July 2004. He has also rendered his professional expertise in the investigation of corruption in general and to the commission of enquiry into the Goldenberg corruption cases in August 2003. He holds a B Ed from the University of Nairobi, Kenya and an MA in Development Economics from the University of Manchester, UK.