Political analyst Mutahi Ngunyi has encouraged President William Ruto to remain devoted to his economic policies and ignore critics.
Ngunyi was responding to the President’s remarks made Wednesday that his economic policies were beginning to bring positive gains just a year since he took office including the stabilisation of the shilling against the US Dollar.
“There are people who thought Kenya would default on her debts. I told you I would never allow Kenya to be among countries that have been auctioned for defaulting on debt payment…even the Kenyan shilling will strengthen to levels never seen before,” Ruto said.
The President was speaking in Murang'a County where he commissioned the Kangema Kenya Medical Training College.
It was on the same day the Kenyan shilling strengthened to exchange at 156.70 units to the US dollar from a low of 164.50 quoted by commercial banks on Friday.
“Dear Ruto, the devil is alive and well. And Kenya is his political residence. Today the dollar dropped from 162 on Saturday to 150. And maybe it will drop to 115 as you projected,” Ngunyi told the President.
“For goodness sake, do not listen to Kenyans. Listen only to your God-given purpose.”
The exchange rate of the Kenyan shilling against the dollar officially crossed the 150-unit mark on October 23, 2023, preceded by a period of sustained freefall in months prior.
This was 17.7 per cent depreciation since the beginning of 2023, more than double the 8.3 per cent drop recorded the entire 2022.
It dropped further on January 15 to officially cross the 160-unit mark before taking a steep dip again to an average of 164.50 a week ago.
But the shilling has since recorded remarkable performance in recent days with the Central Bank of Kenya (CBK) indicative rates showing the unit exchanging at Sh156.70 to the dollar as of February 14, 2024.
