NAIROBI, Kenya — President William Ruto has defended his administration’s economic record, saying Kenya has successfully stabilised its economy after four years of reforms and is now ready to embark on the country’s next phase of long-term national development.
Speaking during a Special National Address on Thursday evening, the President said his administration had overcome the economic challenges it inherited, restored macroeconomic stability and rebuilt investor confidence, laying the foundation for sustained economic growth.
Ruto said that when his government took office, its immediate priority was to shield the country from global economic shocks, restore confidence in the economy and place public finances on a sustainable path before pursuing a new long-term development agenda.
“Four years ago, our priority as a nation was not to imagine Kenya’s next chapter. It was to survive global economic turbulence, restore stability, rebuild confidence and place our economy back on a firm foundation,” he said.
According to the President, the reforms implemented over the past four years have delivered positive results across key economic indicators.
He said Kenya has restored macroeconomic stability, stabilised the value of the Kenya shilling, rebuilt foreign exchange reserves to nearly US$14 billion—equivalent to almost six months of import cover—while inflation has eased and borrowing costs have declined.
Ruto also said investor confidence had rebounded, citing what he described as record levels of foreign direct investment.
“Together, we achieved that. We have restored macroeconomic stability. We have stabilised our currency. We have rebuilt our foreign exchange reserves to nearly US$14 billion, providing almost six months of import cover. Inflation has fallen. Borrowing costs have declined. Investor confidence has returned,” he said.
The President said Kenya attracted a record US$3.2 billion in foreign direct investment last year, more than double the amount recorded in 2022.
He further cited the 2025 IMD World Competitiveness Ranking, saying it ranked Kenya as Africa’s most competitive economy, a performance he attributed to his administration’s economic reforms.
“The 2025 IMD World Competitiveness Ranking placed Kenya as the most competitive economy in Africa, reflecting the confidence our reforms have restored,” he said.
Ruto argued that the progress achieved over the past four years has created an opportunity for the country to begin planning its development trajectory beyond Vision 2030.
“Because we have restored stability, rebuilt investor confidence, and laid a firm foundation for our economy, now is the perfect opportunity for Kenya to begin shaping the next phase of our national development,” he said.
The President said the government had already established key institutions to support long-term economic transformation, including the National Infrastructure Fund, which he said will provide sustainable financing for strategic infrastructure projects, and the Sovereign Wealth Fund, which is intended to preserve and invest national wealth for future generations.
According to Ruto, the two institutions will strengthen long-term investment, promote economic sustainability and ensure the benefits of development are shared across generations.
Ruto said the proposed national conversation would seek to define Kenya’s long-term development priorities while ensuring future economic planning transcends political cycles and remains focused on sustainable national transformation.
