Four Years of Economic Progress and Stability: Ruto Says Kenya’s Economy Has Stabilised, Road Construction Resumes Nationwide

President William Ruto has said Kenya has made significant progress over the past four years, citing improvements in economic stability, foreign exchange reserves and infrastructure development.

Speaking while reflecting on the commitments made to Kenyans four years ago, Ruto said his administration inherited an economy weighed down by high debt, elevated inflation, unstable exchange rates and low foreign exchange reserves.

“With a lot of humility, but with confidence, I can say that four years ago, when we stood together and made commitments to the people of Kenya, today I can say without fear of any contradiction that God has been faithful to our nation and we have made progress,” Ruto said.

Ruto highlights economic gains

The President said the economic situation had improved significantly since he took office, pointing to lower inflation and greater stability in the foreign exchange market.

“Four years ago, we had an economy that was burdened by huge debts and difficult situations. Inflation was high, exchange rates were high, our foreign exchange reserves were low,” he said.

Ruto said the country’s foreign exchange reserves had since grown two-and-a-half times, while the economy had expanded to become the sixth-largest in Africa.

“But today, with God’s guidance, I can confidently say our economy is stable, we have reduced inflation, exchange rates have stabilized, our foreign exchange reserves have grown two-and-a-half times, and today, the economy of Kenya is the sixth largest economy in Africa,” he said.

Road construction picks up

Ruto also highlighted the revival of stalled road projects across the country, saying his administration had cleared a substantial amount of debt owed to contractors.

He said thousands of kilometres of roads were previously stalled because of funding challenges and unpaid contractor bills.

“We had many kilometers of roads that had stalled, we had a huge debt to pay, most of our contractors were out of the roads,” Ruto said.

According to the President, contractors who had abandoned construction sites have since returned, with about 6,000 kilometres of tarmac roads currently under construction across the country.

“Today, with confidence again, I can say all the contractors that had left sites have come back, we have 6,000 kilometers of tarmac going on in every part of the Republic of Kenya,” he said.

Ruto added that the government had paid nearly KSh250 billion in outstanding debts owed to road contractors.

“We have paid close to 250 billion shillings of debt owed to road contractors in Kenya, and today we are up to date with our road construction that is going on in every part of the Republic of Kenya,” he said.

The President said the progress in infrastructure and the wider economy demonstrated that Kenya was moving in the direction his administration had promised, despite the financial challenges it faced when it took office.