NEW YORK, US — President William Ruto has assured Kenyans living abroad that Kenya’s economy is on a stronger footing, citing lower inflation and interest rates, a stable exchange rate and increased foreign exchange reserves.
Addressing Kenyans in the United States in New York on Sunday ahead of the 81st United Nations General Assembly, Ruto said his administration had taken difficult measures to stabilise the economy and restore investor confidence.
He urged the diaspora to rely on official economic data rather than what he described as misleading reports circulating on social media.
“Inflation has come down, interest rates have come down, our foreign exchange reserves have grown from $5.7 billion to $15.3 billion and I can confidently tell you that we’ve stabilised the economy.”
The President said the figures could be verified through the Central Bank of Kenya.
Ruto Says Kenya Has Stabilised Economy
Ruto said Kenya had faced serious economic pressures when he took office, including high inflation, foreign-exchange shortages and elevated interest rates.
He recalled the exchange rate reaching about Sh160 to Sh165 to the dollar and said the Government had since implemented measures to restore stability.
The President has previously cited lower inflation, a more stable shilling and foreign-exchange reserves exceeding $15 billion as evidence of improved macroeconomic conditions.
Ruto said the Government was now focused on expanding trade and investment while growing sectors including energy, infrastructure, manufacturing, healthcare, agriculture and technology.
He said the objective was to create jobs, open markets for Kenyan businesses and strengthen the country’s investment base.
President Dismisses Debt Default Concerns
Ruto also told Kenyans abroad that Kenya was no longer facing the threat of defaulting on its foreign debt.
He urged the diaspora to disregard reports suggesting otherwise and instead consult official economic data.
The President said the Government’s economic interventions had helped improve the country’s ability to meet its financial obligations.
He has previously described Kenya’s macroeconomic position as more stable, citing stronger reserves, lower inflation and declining borrowing costs.
Diaspora Platform Targets Investment
Ruto also highlighted the role of Kenyans abroad in the country’s economic development, saying their contribution extends beyond remittances.
He cited investment, expertise, innovation and global networks as other ways the diaspora contributes to Kenya.
During the New York meeting, the President witnessed the signing of a Joint Declaration of Intent involving the Kenyan Government, the United Nations in Kenya and Equity Group Holdings.
The meeting also saw the presentation of the Kenya Diaspora Impact Platform, a digital initiative designed to connect Kenyans abroad with investment and development opportunities at home.
Platform to Connect Diaspora With Opportunities
The platform seeks to facilitate diaspora participation in community projects, financing for micro, small and medium enterprises, enterprise creation, and skills and knowledge transfer.
Ruto said the Government wanted to create a stronger link between Kenyans abroad and opportunities in Kenya.
“We are building a stronger bridge between Kenyans abroad and opportunities at home, founded on trust, transparency and measurable results.”
He said the initiative should make it easier for Kenyans living abroad to turn their assets and enterprises into long-term investments.
Mudavadi, Equity CEO Sign Declaration
The declaration was signed at 30 Hudson Yards in New York.
Prime Cabinet Secretary Musalia Mudavadi signed on behalf of the Kenyan Government, while Equity Group Holdings CEO James Mwangi represented the private sector.
UN Resident Coordinator in Kenya Garry Conille signed on behalf of the United Nations.
Ruto said trust and transparency would be critical to the success of the initiative and called for reliable information on investment opportunities available to Kenyans abroad.
Housing, Health and Agriculture Targeted
The President identified housing, healthcare and agriculture among the sectors offering investment opportunities to the diaspora.
He said Kenyans living and working abroad could also contribute their expertise and professional skills to businesses and development initiatives in the country.
The initiative is therefore intended to position the diaspora not only as a source of remittances but also as a potential source of capital, knowledge and business partnerships.
Ruto said the Government would seek to make these opportunities more accessible and verifiable through the new platform.
