President William Ruto announced that Kenya’s economy is now stable, following two years of focused reforms since he assumed office in September 2022.
Speaking on Thursday, January 9, 2024, during a development tour of Elgeyo Marakwet and Uasin Gishu Counties, Ruto exuded confidence in the performance of the economy.
Ruto stated that over the past two years, efforts have been focused on stabilizing the economy, which according to him is now stable.
He emphasized the importance of continued collaboration to address challenges and build a better Kenya while discouraging retrogressive politics.
“We have spent the past two years fixing the economy. I am glad our economy is now stable. We will keep working together to address our challenges and build a better Kenya. This is not the time for retrogressive politics,” Ruto stated on X.
During the visit to Elgeyo Marakwet County, Ruto inspected the construction of the 30-kilometer Kapcherop-Kipkundul-Kapyego-Kamelei road in Kibirech and reviewed progress on the Kapcherop Technical and Vocational College.
Later, he updated residents on the ongoing development agenda.
In Uasin Gishu, Ruto broke ground for the Ksh1.9 billion Matunda Water Supply Project in Moi’s Bridge.
The President said the project is set to benefit over 100,000 residents across Uasin Gishu, Trans Nzoia, and Kakamega counties.
“We are committed to fulfilling our pledges by delivering priority projects that directly enhance the lives of our people.
“So far, we have made significant progress in education, agricultural productivity and healthcare, and we are now expanding our focus to infrastructure development,” Ruto said.
Economy slowed down
President Ruto’s optimistic remarks come amidst a report by the Kenya National Bureau of Statistics (KNBS) which showed that the economy contracted by 2 per cent in the third quarter of 2024.
According to a report by KNBS released on January 7, 2025, Kenya’s economy grew by 4 per cent in the last three months to September 2024, a noticeable slowdown from the 6 per cent recorded in the same period in 2023.
The deceleration in growth was primarily attributed to contractions in key sectors such as construction and mining.
“The growth was constrained by contractions in Construction and Mining and Quarrying activities. Construction activities contracted by 2.0 per cent while Mining and Quarrying posted a contraction of 11.1 per cent in the quarter under review,” part of the report read.
