President William Ruto has assured Kenyans living abroad that the country's economy is stable, citing significant improvements in inflation, interest rates, and foreign exchange reserves. Speaking to Kenyans in the United States in New York on Sunday, Ruto said his administration had implemented deliberate interventions and made difficult decisions to stabilize the economy. He highlighted the economic challenges Kenya faced in 2002, including high inflation and foreign exchange shortages.
Ruto's remarks come ahead of the 81st United Nations General Assembly, where he aims to advance Kenya's investment drive, attract African and global capital, and strengthen Africa's role in the digital and artificial intelligence economy. During his visit, Ruto will engage with investors, business leaders, and government officials to promote Kenya's economic opportunities. He emphasized that his administration is focused on expanding trade and investment while driving growth in key sectors such as energy, infrastructure, and technology.
The President cited impressive economic indicators, including a decline in inflation, lower interest rates, and a significant increase in foreign exchange reserves from $5.7 billion to $15.3 billion. He urged Kenyans abroad to rely on official economic data and disregard reports suggesting otherwise. Ruto expressed confidence in the country's economic position, stating that Kenya is no longer facing the threat of defaulting on its foreign debt.
Ruto described the Kenyan diaspora as a vital part of the country's growth, contributing not only through remittances but also through investment, expertise, innovation, and global networks. He witnessed the signing of a Joint Declaration of Intent involving the Kenyan government, the United Nations in Kenya, and Equity Group Holdings. The platform aims to strengthen the diaspora's participation in community impact projects, catalytic financing for micro, small, and medium enterprises, and skills and knowledge transfer.
The Kenya Diaspora Impact Platform seeks to connect Kenyans abroad with verifiable opportunities to contribute to the country's development. Ruto emphasized that trust and transparency would be critical to the successful implementation of the initiative. He pointed to housing, health, and agriculture as investment opportunities available to Kenyans living and working abroad. The platform is expected to help Kenyans in the diaspora convert their assets and enterprises into long-term wealth.
Prime Cabinet Secretary Musalia Mudavadi signed the Letter of Intent on behalf of the 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 stressed that the initiative would help build a stronger bridge between Kenyans abroad and opportunities at home, founded on trust, transparency, and measurable results.
The President's engagement with the diaspora is part of his efforts to promote Kenya's economic opportunities and strengthen ties with Kenyans abroad. He emphasized that his administration is committed to creating jobs and opportunities for Kenyans while opening new markets for farmers and businesses. With a focus on transparency and trust, the Kenya Diaspora Impact Platform is expected to play a significant role in Kenya's economic development.
Key points
- President Ruto assures Kenyans in the diaspora that the country's economy is stable, citing improved inflation, lower interest rates, and increased foreign exchange reserves.
