Kindiki Boasts- “The worst is behind us, the economy is stable”
Deputy President Kithure Kindiki highlighted that Kenya’s macroeconomic status has significantly improved compared to its position two years ago.
While addressing the closing of the Jamhuri National Trade Fair on Wednesday, Kindiki emphasized that Kenya’s economy has stabilized, marking the end of a challenging period.
“We emerged from a tough economic phase. Over the past two years, macroeconomic indicators globally, including Kenya, painted a bleak picture,” Kindiki stated.
“I’m happy to announce that the worst is behind us. In two years, through God’s grace and the diligent efforts of this administration led by President William Ruto, we have stabilized the macroeconomic landscape. Inflation has dropped from 9.7% to 2.7%, the lowest in 17 years.”
The Deputy President attributed Kenya’s prior economic challenges to the global impacts of the COVID-19 pandemic during 2020–2021, which caused widespread economic shutdowns.
He added that global high interest rates, the ongoing war in Ukraine, and other contributing factors further aggravated the situation.
Kindiki affirmed that the economy is on the right track, with inflation hitting a historic 17-year low.
He noted that the Kenyan shilling has stabilized against the US dollar, while fuel prices and the costs of essential food items continue to decline.
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Despite the progress, Kindiki reassured citizens that the Kenya Kwanza government remains committed to job creation and improving household incomes.
“The Kenyan shilling, which once weakened daily, is now stable, ranging between Sh127 to Sh129 for the past year. Fuel prices have been steady, decreasing monthly. Costs of essentials like maize flour are also falling. Overall, the macroeconomic environment is promising,” said Kindiki.
“Middle-class interest rates, once at 15.5%, have reduced to 11.2%, a record drop. The macroeconomic situation is now manageable. The focus moving forward is to strengthen these gains, create jobs, and boost household earnings.”
At the event, Kindiki also launched the Global Labour Market Strategy and the National Strategy on Skills for Labour Mobility at the COMESA Grounds, KICC, Nairobi. Additionally, he flagged off a group of Kenyan workers heading to Qatar.
The occasion was graced by prominent officials, including Cabinet Secretary for Labour and Social Protection Dr. Alfred Mutua, Principal Secretaries Shadrack Mwadime (Labour), Roseline Njogu (Diaspora Affairs), and Dr. Esther Muoria (Technical, Vocational Education and Training), alongside diplomats and senior government representatives.
Kindiki Boasts- “The worst is behind us, the economy is stable”
