Kenya is witnessing an unprecedented boost in its National Social Security Fund (NSSF), with contributions nearly doubling in just two years, President William Ruto said.
Speaking at State House on Tuesday while receiving the Jukwaa la Usalama report, Ruto described the growth as a major step toward using domestic savings to finance national development and reduce dependence on foreign loans.
“The money we had collected over 60 years under NSSF was Sh320 billion by December 2022. Since implementing the new model, it has grown to Sh670 billion in just two years — doubling what was collected in 60 years," Ruto stated.
The President explained that the surge reflects a revised contribution system aimed at maximizing local resources. He projected that by June 2027, the fund could reach Sh1 trillion, a milestone that could eventually allow Kenya to move away from borrowing from countries like China.
"By June 2027, we expect the fund to reach Sh1 trillion. In the next 10 to 20 years, we will not need to borrow from China or any other country,” he said.
Ruto also reflected on Kenya’s earlier economic struggles, pointing out that the country had been at risk of default due to ballooning external debts.
“Today, I can confidently tell you our economy is on sound footing. Had I not made those decisions, we would be among the countries that defaulted on their debts," he noted, recalling that foreign reserves had once fallen to $5.7 billion.
He described the difficult measures taken to stabilize the economy. "I sat in an office called number 6 with some people and agreed that we cannot be the country to default, and I had to make very difficult decisions," Ruto said.
The President highlighted the results of his policies, which include lower inflation and higher dollar reserves. "Inflation has gone from 9.6 to 4.6, the dollar has recovered from Sh167 to Sh129," he said, adding that "...the long-term benefits outweigh the short-term benefits."
International observers have taken note of Kenya’s improved financial health. The International Monetary Fund’s October 2025 World Economic Outlook projects Kenya’s GDP to rise from $136 billion (Sh17.58 trillion) in 2025 to $140 billion (Sh18.1 trillion) in 2026, making the country Africa’s sixth-largest economy.
Credit rating agency Standard & Poor’s also upgraded Kenya’s long-term sovereign rating to 'B' from 'B-', with a stable outlook, while confirming the short-term rating at 'B'.
Ruto emphasized that these achievements lay the foundation for a future in which Kenya can fund development primarily through domestic resources, ensuring greater financial independence and stability.
