Kenya's economy is recovering and 2025, in this respect, has started auspiciously.
The optimism of the experts of the international rating agency Moody's, which on Saturday revised Kenya's financial outlook from negative to positive, showing confidence in the country's future, was matched by the words of President William Ruto, who told the media that Kenya's economy ‘is healing’ and that the country ‘is set to go places’.
In fact, international economic markets are still doubtful, and even Moodys, apart from the potential reduction in liquidity risks and the improvement in debt affordability over time, also confirmed that debt remains high and the local currency may have problems.
‘Kenya is going far, our economy is healing and, working together, inflation, interest and exchange rates have come down. We have seen a great movement towards the recovery of our economy so that we can move with pride as a nation. I believe 2025 will be a great year,’ Ruto said.
The president, no stranger to proclamations of this kind and responding to those who call him ‘Zakayo’ (Zacchaeus, like the biblical tax collector) replies that it is a good sign, because taxes serve to put the country back on track. Certainly not the thousands of young people who have taken to the streets for months, and also the many activists who have suffered arrests and kidnappings, as reported by various human rights organisations.
The fact remains that there are undoubtedly some signs, and the excellent response so far to the high tourist season helps, especially in hoarding foreign currency, which serves to keep the shilling stable and not suffer from inflation, especially when it comes to paying instalments for debt interest and petrol. On this last long-standing problem, the Ruto government in recent times has been very adept at forging relations with the United Arab Emirates and managing to pay for oil in shillings instead of dollars. But the agreement cannot last forever. Foreign policy, however, continues to be the strong point of ‘Zacchaeus’, who got the OK from the new US President Donald Trump on maintaining leadership of the security mission in Haiti, which involves almost 1,000 police officers on the Caribbean island. Besides international prestige, this also means funds. ‘I am very proud that President Trump and the new administration are supporting Kenya's mission in Haiti to help the men, women and children of that nation live in peace and stability,’ Ruto said yesterday.