In his New Year message delivered at the State House in Nakuru on Sunday, President William Ruto of Kenya celebrated the nation’s triumph over economic adversities faced in the previous year. President Ruto highlighted significant strides in economic recovery, emphasizing the government’s commitment to restoring the country to its former glory.
Despite acknowledging the economic crisis, President Ruto pointed out that Kenya’s resilience and the implementation of various measures had led to undeniable progress. Notably, he mentioned that inflation had dropped to 6.8%, indicating positive economic trends.
President Ruto attributed the country’s economic growth to the sacrifices made by the Kenyan people. He expressed pride in the accomplishments, emphasizing that Kenya had overcome the threat of economic stagnation and had achieved security in managing sovereign debts.
To address economic challenges, President Ruto disclosed a substantial reduction in government spending, slashing up to KSh400 billion ($2,542,955) in an effort to lower borrowing. He reassured citizens that the government remained dedicated to its Bottom-Up Economic Transformation Agenda.
Highlighting successes in the agricultural sector, President Ruto noted a nearly 40% increase in food production. He credited this growth to the fertilizer subsidy program designed to assist farmers in enhancing their agricultural output.
Looking ahead, President Ruto outlined ambitious goals for 2024, aiming to double efforts in collaboration with farmers to reduce Kenya’s KSh500 billion food import bill to zero.
President Ruto concluded his address by spotlighting initiatives such as “The Hustler Fund” and the new NSSF contribution model, which, according to him, exemplify the government’s commitment to inclusive economic growth, financial well-being, and social security for all.
