Ruto: Kenya's economy has stabilised after four years of reforms

President William Ruto has defended his administration's economic record, saying Kenya has successfully stabilised the economy after four years of reforms and is now well-positioned to begin planning its next phase of long-term national development.

Speaking during a Special National Address on Thursday evening, the President said the country had moved beyond the economic challenges that confronted his administration when it assumed office and had restored macroeconomic stability, investor confidence and the foundation needed for sustained growth.

Ruto said that four years ago, the government's immediate priority was to help the country withstand global economic shocks, restore confidence in the economy and put public finances back on a stable footing before embarking on a new long-term development agenda.

"Four years ago, our priority as a nation was not to imagine Kenya's next chapter. It was to survive global economic turbulence, restore stability, rebuild confidence and place our economy back on a firm foundation," he said.

According to the President, the reforms undertaken over the past four years have yielded positive results across several key economic indicators.

He said Kenya has restored macroeconomic stability, stabilised the value of the shilling, rebuilt foreign exchange reserves to nearly US$14 billion, providing almost six months of import cover, while inflation has declined and borrowing costs have eased.

Ruto also said investor confidence had returned, pointing to what he described as record levels of foreign direct investment into the country.

"Together, we achieved that. We have restored macroeconomic stability. We have stabilised our currency. We have rebuilt our foreign exchange reserves to nearly US$14 billion, providing almost six months of import cover. Inflation has fallen. Borrowing costs have declined. Investor confidence has returned," he said.

The President said Kenya attracted a record US$3.2 billion in foreign direct investment last year, more than double the amount recorded in 2022.

He also cited the 2025 IMD World Competitiveness Ranking, which he said placed Kenya as the most competitive economy in Africa, attributing the performance to reforms undertaken by his administration.

"The 2025 IMD World Competitiveness Ranking placed Kenya as the most competitive economy in Africa, reflecting the confidence our reforms have restored," he said.

Ruto said the progress achieved over the past four years now provides an opportunity for Kenya to focus on its long-term development ambitions beyond Vision 2030.

"Because we have restored stability, rebuilt investor confidence, and laid a firm foundation for our economy, now is the perfect opportunity for Kenya to begin shaping the next phase of our national development," he said.

The President said the government had already begun laying institutional foundations to support long-term economic transformation.

He pointed to the establishment of the National Infrastructure Fund, which he said would provide sustainable financing for strategic infrastructure investments, and the Sovereign Wealth Fund, which he said would preserve and invest national wealth for the benefit of future generations.

According to Ruto, the two institutions are intended to support long-term national development by strengthening investment, promoting economic sustainability and ensuring prosperity is shared across generations.

The remarks formed part of the President's broader address announcing plans for a national conversation on Kenya's development agenda beyond Vision 2030, which he said would culminate in the formulation of a new national development charter anchored in the Constitution.

He said the conversation would seek to define Kenya's long-term development priorities and ensure future economic planning rises above political cycles while focusing on sustained national transformation.