- Mbadi took oath of office on August 8 succeeding Njuguna Ndung’u at a time the country is grappling with high cost of living.
- This is despite Kenya’s annual inflation rate having fallen to 4.3 per cent in July 2024, down from 4.6 per cent in June.
Image: JOHN MBADI/X
Treasury CS John Mbadi has asked Kenyans to be patient with the government as they work on reviving the economy.
Speaking in Kisumu while accompanying President William Ruto on the second day of his Nyanza tour, Mbadi said the economy will be stabilised in a record 24 months.
“Hii uchumi ya Kenya mtupatie tu one year, the second year itafufuka (On Kenya’s economy, give us one year, the second year we shall revive it),” he said.
Mbadi took the oath as the new National Treasury and Economic Planning CS on August 8, succeeding Prof Njuguna Ndung’u at a time when the country is grappling with the high cost of living.
This is despite Kenya’s annual inflation rate having fallen to 4.3 per cent in July 2024, down from 4.6 per cent in June.
Statistics from the Kenya National Bureau of Statistics indicate that food and non-alcoholic beverage prices remained steady at 5.6 per cent in June from the previous month, while monthly consumer prices decreased by 0.2 per cent in July after rising by 0.4 per cent in June.
Mbadi is among the fresh blood that President William Ruto is counting on to turn things around after a series of Gen Z-led street protests charted his government into murky waters with demands for accountability, better governance, and calls for him to step down.
In a statement on July 24, shortly after his nomination, Mbadi said he would fully cooperate with the President and the Cabinet in revitalising the economy, even as he admitted it wouldn’t be a mean task.
“Of course, I'm very much aware the task bestowed on me is not a mean assignment, especially during this time the country is experiencing deep economic challenges,” he said, whilst exuding confidence that he’s up to the challenge.
While addressing Kisumu residents on Thursday, Mbadi assured the President that the issue of economic rivals was as good as solved.
He further said that the Treasury will set aside an inclusivity budget for the purpose of ensuring that development projects are spread equitably across the country.
“Your Excellency, we have had problems here in Nyanza. The average national electricity penetration is 76 per cent but here in Nyanza, the penetration is 40 per cent. So, we will have an inclusivity budget to ensure that even people on this side receive equitable development,” he said.