President William Ruto is celebrating a stunning economic turnaround, revealing how his tough decisions on debt have catapulted Kenya to the forefront of African economic powerhouses. Speaking from State House in Nairobi, where he hosted a delegation from Sharjah, UAE on November 10, 2025, Ruto painted a picture of economic transformation.
The President, addressing the nation after receiving the Jukwaa la Usalama report, detailed the perilous financial state Kenya was in, battling ballooning external debts and the looming threat of default. “We were staring into the abyss,” Ruto admitted, highlighting the “painful decisions” he was forced to make to save the nation. He claimed Kenya narrowly avoided joining the ranks of several African nations facing debt crises.
“Today, I can confidently tell you our economy is on sound footing,” Ruto declared, underscoring the success of his strategies. “Had I not acted, we’d be among those countries defaulting.” He recalled a critical moment when foreign reserves had plummeted to $5.7 billion, leading many to believe Kenya couldn’t meet its financial obligations. “We decided that wasn’t an option.”
The impact of Ruto’s actions is undeniable. He announced that inflation has plummeted from 9.6% to a remarkable 4.6%, and the nation’s dollar reserves have soared to an all-time high of $12.1 billion. The Kenyan Shilling has also significantly strengthened, moving from Ksh 167 to Ksh 129 against the dollar. “The long-term benefits outweigh the short-term sacrifices,” he added.
Recent economic data backs up Ruto’s claims. The International Monetary Fund (IMF) projects Kenya to rank sixth among Africa’s largest economies in 2026, with a GDP of $140 billion (Ksh18 trillion), a substantial increase from $136 billion (Ksh17.5 trillion) in 2025.
Adding to the positive momentum, Standard & Poor’s, a leading financial rating agency, upgraded Kenya’s long-term sovereign credit rating to ‘B’ from ‘B-‘, with a stable outlook. S&P cited reduced external liquidity risks, data improvements, and strong performances in coffee exports and diaspora remittances as contributing factors.
Further showcasing Kenya’s financial savvy, a $1.5 billion (Ksh193.8B) Eurobond issuance and buy-back operation in February 2025 significantly reduced annual Eurobond principal repayments for the period 2025-2027 to $108 million (Ksh13.9B) per year, down from $300 million (Ksh38.7B) annually.
Ruto’s ability to host a delegation from Sharjah, UAE, is a testament to Kenya’s growing global influence. The country’s economic resurgence is undeniably making waves and solidifying its position as a dominant force in Africa.
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