Deputy President Kithure Kindiki has highlighted economic gains recorded under President William Ruto’s administration, saying the government has laid a foundation that should guide Kenya’s development beyond 2030.
Speaking during the launch of the National Beyond 2030 Conversation on Wednesday, Kindiki said Kenya’s foreign exchange reserves had risen to $15.1 billion, the highest level in the country’s history, while inflation had moderated from 9.6 per cent to below six per cent.
“We have $15.1 billion, the highest foreign exchange reserves in the history of our country,” Kindiki said, adding that foreign exchange was critical for international trade and economic stability.
He said the government had also succeeded in lowering interest rates and improving Kenya’s standing with international sovereign rating agencies.
“Standard & Poor's has now upgraded the economy of Kenya to a stable economy,” he said.
Kindiki also cited increased foreign direct investment as evidence of improving economic conditions.
He said Kenya attracted $3.2 billion in foreign direct investment last year, describing it as the highest amount in the country’s history based on a United Nations Conference on Trade and Development (UNCTAD) report.
The Deputy President said the Central Bank lending rate to commercial banks had declined from 13.5 per cent to 8.7 per cent, while the cost of government securities had also fallen.
“The private sector can access credit and so forth and so on. We have stabilised the economy,” he said.
On agriculture, Kindiki said the government had registered 7.2 million farmers, providing data on their location, crops, farm sizes and fertiliser requirements.
He said maize production had increased from 44 million bags in 2022 to 75 million bags last year, while the price of a two-kilogramme packet of unga had declined from Sh250 to about Sh141.50.
The Deputy President also highlighted changes in the coffee, tea and sugar sectors. He said coffee farmers were now earning between Sh120 and Sh160 per kilogramme of cherry, compared with Sh6 to Sh70 previously.
Tea earnings increased from Sh138 billion in 2022 to Sh215 billion last year, while sugar production rose from 472,000 metric tonnes to 815,000 metric tonnes.
Kindiki said processed milk production had also increased from 4.6 billion litres in 2022 to 5.5 billion litres last year, making Kenya the largest producer of processed milk in Africa.
He further said the government had vaccinated 8.9 million cattle as part of efforts to achieve herd immunity and expand livestock exports.
On education, Kindiki said government funding had increased from Sh500 billion in 2022 to Sh784 billion this year.
University funding rose from Sh2 billion to Sh82 billion last year, while scholarships increased from Sh17 billion to Sh41 billion.
He said the government had employed 100,000 teachers and constructed 23,000 classrooms.
On healthcare, Kindiki said the number of Kenyans covered by public medical insurance had increased from eight million under NHIF to 32.2 million.
He said the government was also working to improve medical equipment, drug supplies and the welfare of health professionals as it pursues universal health coverage.
Kindiki said these gains should form part of the foundation for discussions on Kenya’s development beyond 2030.