President William Ruto’s first year in office has been marked by a series of economic challenges and policy initiatives aimed at addressing them.
While Ruto promised to revitalize Kenya’s economy during his campaign, the results have been mixed, with successes and shortcomings evident in various sectors.
Economic Inheritance
Upon taking office, President Ruto faced an array of economic challenges that included a severe drought, high inflation rates, and a weakening national currency. Kenyans were eager to see how he would tackle these pressing issues.
Campaign Promises
During his campaign, President Ruto made ambitious promises to voters, emphasizing job creation and reducing the cost of living. In his inaugural speech, he reiterated his commitment to these priorities, pledging to implement measures aimed at achieving these goals.
“We anchored our campaign on the platform of the economy premised on job creation and the well-being of the people, and we have been working continuously on the measures to bring down the cost of living,” he stated.
Mixed Results
As President Ruto completes his first year in office, the assessment of his economic performance is mixed. Notable achievements include a decrease in inflation, attributed to favorable weather conditions and measures implemented by the Central Bank of Kenya (CBK) to stabilize prices.
However, the reduction in inflation has been accompanied by increased interest rates, driven by the CBK’s efforts to combat rising prices. These high interest rates have posed challenges to President Ruto’s goal of making affordable credit more accessible to Kenyans, particularly those at the lower end of the economic spectrum.
Controversial Finance Act 2023
President Ruto’s administration has pursued the controversial Finance Act 2023 as a solution to narrow the budget deficit, which had been a persistent challenge during his predecessor Uhuru Kenyatta’s presidency. This act has been a source of contention, sparking both street protests and legal battles.
Public Opinion
An Infotrak survey conducted recently indicates that the majority of Kenyans believe the country is heading in the wrong direction one year into President Ruto’s tenure. Public sentiment has been divided, with some citizens expressing satisfaction with his performance, while others are critical of the cost of living and other policy agendas.
Nandi Senator Samson Cherargei voiced support for President Ruto’s achievements, stating, “In one year of H.E Ruto’s administration, he has done a lot compared to Kenyatta 1, Moi, Kibaki, & Kenyatta 2, ensuring the country is on track to prosperity.” His statement on Twitter has generated mixed reactions.
However, Embakasi East MP Babu Owino offered a contrasting view, grading President Ruto’s performance poorly. He stated, “Ruto’s one year in office is a sham. Between 0-10, he scores -1. The health sector is sick, education is at a standstill, and taxes are everywhere.”
Conclusion
As President William Ruto’s first year in office concludes, Kenya’s economic landscape reflects a blend of successes and challenges. His administration has made progress in certain areas, such as reducing inflation, but has encountered obstacles, including high-interest rates and controversial legislation. Public opinion remains divided, with both supporters and critics expressing their views on his performance. As Ruto’s presidency continues, the nation will watch closely to see how he navigates these economic challenges and delivers on his campaign promises.
