Deputy President Kithure Kindiki received by Labour CS Alfred Mutua at the Jamhuri National Trade Fair, KICC in Nairobi on December 11, 2024/DPCSDeputy President Kithure Kindiki has said that Kenya’s macroeconomic situation is at a better place compared to where it was two years ago.
Speaking on Wednesday, when he presided over the closing of the Jamhuri National Trade Fair, Kindiki said the worst is now behind and the economy is stable.
“We have come from a very difficult economic situation. In the past two years the Macroeconomic indicators in many parts of the world were looking not so good including for Kenya,” he said.
“I am pleased to report that the worst is behind us. Two years down the line and by the Grace of God, and the handwork of this administration under the leadership of President William Ruto the macroeconomic situation has been brought into stability. Today inflation, which was at 9.7% is at 2.7% the lowest in 17 years.”
The Deputy President said Kenya found itself in this situation as a result of the two years of the Covid-19 pandemic between 2020 and 2021 when the economy of the country and many other parts of the world were closed down completely.
He said it was further enhanced by the global high interest rates, the war in Ukraine and a few other factors.
Kindiki insisted that currently, the situation looks good beginning with inflation, which has dropped to an all-time in 17 years.
He said the shilling has also stabilized against the US Dollar and the prices of fuel and basic food commodities also dropping.
The DP said that even with this, the Kenya Kwanza government is still committed to creating more jobs and increasing household incomes for all.
“Today, the strength of the Kenyan shilling which was weakening every day is stable from a high of nearly Sh170 to a stable Sh127 to Sh129 for the last one year. The prices of fuel have been stable and decreasing every month. The prices of essential commodities are reducing especially maize flour and other staple foods. Therefore the macroeconomic situation looks good," Kindiki said.
“The interest rates for the middle class are going down every month from a high of 15.5% today we are at about 11.2%, which is a record decrease. The macroeconomic situation is under control, what remains in the coming days is to strengthen the macroeconomic situation, provide jobs and enhance incomes for households."
During the event launched the Global Labour Market Strategy and the National Strategy on skills for labour mobility at the COMESA Grounds, KICC, Nairobi and also flagged off the cohort of Kenyan workers heading to Qatar.
Cabinet Secretary
for Labour and Social Protection Dr. Alfred Mutua, Principal Secretaries;
Shadrack Mwadime (Labour), Roseline Njogu (Diaspora Affairs) and Dr. Esther
Muoria (Technical, Vocational Education and Training), diplomats and senior
Government officials were present.
