NAIROBI, Kenya, Sep 18 — President William Ruto has touted economic gains by his administration despite taking over what he described as a fragile economy on the brink of default.
Ruto said that when he assumed office in 2022, Kenya was in a dire situation, with inflation at 9.6 per cent, the shilling trading at 165 to the dollar, and foreign reserves down to USD5.7 billion — barely enough to cover two and a half months of imports.
He recalled former President Uhuru Kenyatta’s prediction that his presidency would collapse within three months, a remark Uhuru reportedly made to the opposition after losing the 2022 election, suggesting it would pave the way for them to clinch power.
“My predecessor told the opposition that Kenya would default in three months. But today I stand here to tell you Kenya did not default,” Ruto said during Evangelical Alliance of Kenya (EAK) 50th Jubilee Celebration Conference, Nairobi.
He cited improved economic indicators, including inflation falling to 4.5 per cent, the shilling strengthening to 129 against the dollar, and foreign exchange reserves doubling to USD11.8 billion.
Ruto added that IMF data now ranks Kenya as the sixth-largest economy in Africa, after overtaking Ethiopia and Angola, while global credit rating agencies have upgraded the country’s rating from B– to B.
The President also pointed to reforms in education, agriculture, and housing as evidence of progress. He said 100,000 teachers had been recruited to support the Competency-Based Curriculum (CBC), while a new student-centered university funding model had rescued public universities previously declared insolvent.
In agriculture, Ruto highlighted an increase in maize harvests from 40 million bags in 2022 to 64 million last year, with 75 million expected in 2024, alongside higher earnings for coffee and tea farmers.
He further noted that sugar production had risen to 815,000 metric tons, projecting that Kenya could become a net exporter within four years.
On housing, Ruto defended the affordable housing levy, saying 170,000 units are under construction, employing 320,000 young people, with a target of one million jobs by next year.
He also highlighted reforms in the National Social Security Fund (NSSF), where savings have grown from Sh320 billion to Sh650 billion in two years, with projections of Sh1 trillion by 2027.
“By mobilising our own resources, Kenya can reduce reliance on foreign borrowing. The foundation we are building will secure the country’s future,” Ruto said