Nairobi: Gichugu, Kirinyaga County: National Treasury Principal Secretary Dr. Chris Kiptoo has assured Kenyans that the country’s economy remains stable, stating that the government has made significant progress in restoring macroeconomic stability despite global economic shocks experienced over the past few years. Speaking in Gichugu, Kirinyaga County, Dr. Kiptoo noted that the economy faced major external challenges from 2022, including the effects of the COVID-19 pandemic and the Russia-Ukraine war, which triggered high inflation, depreciation of the Kenya shilling, and increased pressure on public debt management.
According to Kenya News Agency, Dr. Kiptoo highlighted that through deliberate government interventions over the last three years, the economy has steadily recovered. He mentioned that inflation had decreased to as low as almost 2.7% before stabilizing around 4.4%, and the Kenya shilling had been stabilized as well. Dr. Kiptoo also encouraged Kenyans to invest in the Nairobi Securities Exchange, noting that investors who entered the stock market in recent years have more than doubled their investments due to improved market performance.
Despite these gains, Dr. Kiptoo acknowledged ongoing fiscal challenges, particularly in balancing revenue collection with rising public expenditure. He emphasized the government’s commitment to fiscal consolidation to reduce debt and sustain economic stability. On the ongoing crisis in the Middle East, he stated that Kenya has been shielded from severe economic impacts due to resilience built over the past three years, ensuring adequate energy supplies despite global uncertainties.
Dr. Kiptoo also appealed to Kenyans to remain united, stressing that national cohesion is essential for development. His sentiments were echoed by Principal Secretary for the State Department for Forestry, Gitonga Mugambi, who urged Kenyans to uphold peace and patriotism, emphasizing that unity and cooperation are vital for the nation’s prosperity. The leaders were attending the burial of Josphat Simon Karinga Njagi, the father of Dr. Jane Wangu Njuguna, CEO of the Kenya Forestry Research Institute (KEFRI).
