By Eddah Waithaka
During a press briefing, Government Spokesman Dr. Isaac Mwaura announced that the government is implementing decisive measures to address the high cost of living affecting Kenyans’ daily expenses. He highlighted that sector-specific initiatives are yielding positive results, as reflected in the latest economic indicators.
The government is also focusing on improving food security and making prices more accessible through a fertilizer subsidy program designed to enhance farm productivity and increase yields.
“Farmers in regions such as Riftvalley and Central Kenya have benefited significantly, reporting higher harvests that have led to more affordable stable food like maize and beans across the country”, said Dr. Mwaura.
Additionally, the Kenyan shilling has experienced significant stabilization against the US dollar, currently valued at Ksh 130, compared to Ksh 162 at the start of the year.
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“The currency stability is a major advantage especially in a global economic landscape that faces perpersest volatility, it has led to greater predictability for import costs which has ripple effects across various sectors with importers can now plan and budget more effectively as stable currency rates reduce unforeseen expenses”, added Mwaura.
Moreover, Kenya’s inflation rate has demonstrated a notable and steady decline due to targeted economic reforms in critical sectors, especially in energy and agriculture. The inflation rate has decreased significantly to 3.6 percent, the lowest level since 2012, down from 9 percent in 2024.
Several companies that had previously been facing financial difficulties are now on a path to profitability, with Kenya Power and Lightning Company (KPLC) reporting a net profit of Ksh 30 billion and adding 447,251 new customers.
In the first half of 2024, Kenya Airways reported an after-tax profit of Ksh 513 million. Meanwhile, KenGen saw a 35 percent increase in its profit after tax for the fiscal year ending June 30, 2024, with earnings rising to Ksh 6.8 billion, up from Ksh 5 billion.
“The International Monetary Fund (IMF) has affirmed that Kenya’s economic growth is above average attributing it to the prudent management of Kenya’s economy and early 2 billion USD Euro bond debt, IMF recently approved USD 606 million (Ksh 78 billion) in funding for development projects in the country”, stated the Government Spokesman.
