NAIROBI, Kenya — Treasury Cabinet Secretary John Mbadi has reaffirmed the resilience of the Kenya shilling, dismissing allegations of currency manipulation and attributing its stability to solid economic fundamentals and prudent fiscal management.
Speaking during a courtesy call by Swedish Ambassador to Kenya Hakan Akesson at the Treasury Building, Mbadi said the shilling’s steadiness mirrors growing investor confidence and effective macroeconomic stewardship by the government.
“The strength of our currency is supported by sound fundamentals, including an 8 P.c rise in diaspora remittances, improved export earnings, and reforms that allow procurement of fuel through the government-to-government framework, reducing reliance on the U.S. dollar,” he said.
Mbadi emphasized that Kenya’s economy remains on an upward trajectory, expanding at an estimated 5 P.c growth rate, with the government targeting 7 P.c in the medium term.
He credited the momentum to strong performance in key sectors such as agriculture, manufacturing, and energy, which continue to drive the Bottom-Up Economic Transformation Agenda (BETA).
“The stability of the shilling and sustained growth are not accidents; they are outcomes of disciplined management and deliberate reforms to strengthen our economy,” he added.
The Cabinet Secretary invited Swedish investors to take advantage of Kenya’s expanding market, particularly in manufacturing, green energy, and value addition for export industries. He noted that enhanced Swedish investment would foster job creation, facilitate technology transfer, and deepen trade relations between the two countries.
Ambassador Åkesson commended Kenya’s economic progress and reaffirmed Sweden’s commitment to bolstering bilateral cooperation. “Sweden remains a steadfast partner in Kenya’s development journey, and we are keen to explore new areas of collaboration,” he said.
The meeting underscored the enduring partnership between Kenya and Sweden, highlighting their shared commitment to sustainable development and inclusive economic growth.
