President William Ruto has announced a significant increase in Kenya’s public savings, which have nearly doubled in three years from Sh320 billion in 2022 to a projected Ksh600 billion by the end of 2025.

Speaking at the World MSME Day celebrations held at the Kenyatta International Convention Centre (KICC) on June 27, the president credited the growth to his administration’s economic reforms aimed at cutting government borrowing, strengthening financial stability, and empowering citizens.

“With improved public savings, we can now lend internally and better manage interest rates,” Ruto said, describing the development as a milestone in building a resilient economy.

The president also took a swipe at commercial banks, urging them to shift focus toward customer needs. “It’s not the government’s role to lend it’s the job of banks. You’re posting strong profits; now step up for your customers and support growth in this sector,” he challenged.

Ruto highlighted several macroeconomic indicators to support his claims of progress: inflation has fallen from 9.6% to 3.8%, the Kenyan shilling has strengthened from Ksh165 to Ksh129 against major currencies, and treasury bill rates have declined from 15% to 8.5%, reflecting rising investor confidence.

“I am proud of the work we’ve done to steady the economy,” he said, crediting strategic policy choices for the turnaround.

To promote transparency and widen access to government opportunities, the president also announced the full digitization of public procurement. Beginning July 1, 2025, all government tenders will be accessible online via an e-procurement system.

“No more gatekeeping. Every interested Kenyan can now view and bid for government tenders digitally,” he said.

The measures are part of a broader agenda to realign the financial sector with national priorities. With an emphasis on growing MSMEs, fostering fair lending, and cutting reliance on external debt, Ruto says the goal is to build a fairer, more accountable economy.

“We’re laying the groundwork for a future defined by opportunity, integrity, and economic independence,” he concluded.