President William Ruto has announced Kenya has maintained an average annual growth rate of 5 per cent since August 2022, surpassing the global average of 3.3 per cent and the regional average of 3.8 per cent. "Just last month, the International Monetary Fund projected our GDP to reach $132 billion, making us the largest economy in our region and the sixth largest in Africa," said Ruto during the 62nd Madaraka Day celebration at Raila Odinga Stadium.
He reported inflation declined sharply from 9.6 per cent in October 2022 to 3.8 per cent in May this year, below the government target of 5 per cent. "The shilling appreciated by nearly 20 per cent against the US dollar, from Sh 162 to Sh 129, making it one of the best-performing currencies in the world," Ruto observed.
The Central Bank Rate fell from 13 per cent to 10 per cent, lowering borrowing costs, while foreign exchange reserves now stand at $10 billion, extending import cover from 2.5 to four months.
On housing, Ruto said he handed over keys to the first 1,080 social housing units in Mukuru Estate, Nairobi, and 110 affordable homes in Homa Bay County. "We are firmly on course to delivering 150,000 housing units, with 11,000 units already completed," he said, adding the programme has created over 250,000 jobs.
