Ruto: Kenya is on course to economic growth

President William Ruto has said Kenya is on course to economic stability and long-term prosperity, citing strong growth in agriculture, lower inflation, and a stronger currency as signs of progress.

Speaking during the 62nd Madaraka Day celebrations at Raila Odinga Stadium in Homa Bay, Ruto said his administration had overcome major economic challenges and laid a solid foundation for the country’s recovery and growth.

“Since August 2022, Kenya has recorded an average annual growth rate of five per cent, outperforming the global average of 3.3 per cent and the regional average of 3.8 per cent,” Ruto said.

He added that the International Monetary Fund had projected Kenya’s GDP to reach $132 billion, or Sh17 trillion, making it the largest economy in East and Central Africa, and the sixth-largest in Africa.

Ruto credited the gains to reforms under his Bottom-Up Economic Transformation Agenda, which he said is now delivering real benefits across the country.

“Bottom-Up is not just a mere slogan. Today, it is a lived reality…transforming lives and reshaping destinies across the country, day by day,” he said.

The President pointed to a drop in inflation from 9.6 per cent in October 2022 to 3.8 per cent in May 2025, saying this was achieved through fiscal discipline and coordination with the Central Bank of Kenya.

He also noted that the shilling had strengthened by almost 20 per cent, from Sh162 to Sh129 to the US dollar, making it one of the best-performing currencies globally this year.

In addition, the Central Bank Rate had fallen from 13 per cent to 10 per cent, improving access to credit and encouraging private sector growth.

“These improvements are not by chance—they reflect the strength of our economic fundamentals and the impact of our reform agenda,” Ruto stated.

He closed his address with a call for unity and belief in the country’s future.

“We must remain steadfast in our belief in Kenya’s potential and in our ability to realise our dreams,” he said. “Let us never become a nation that stopped believing, nor a people who only dreamt but were too afraid to act.”