Cabinet Secretary for the National Treasury and Economic Planning, John Mbadi, has dismissed claims of currency manipulation and emphasized that the resilience of the Kenya Shilling is a result of solid economic fundamentals.
Speaking during a courtesy call by Swedish Ambassador to Kenya Hakan Akesson, at the Treasury Building, CS Mbadi highlighted the role of prudent macroeconomic management and growing investor confidence in sustaining the currency’s stability.
Mbadi noted that the shilling’s strength is supported by several key factors, including an 8 percent increase in diaspora remittances, improved export earnings, and recent reforms that allow Kenya to procure fuel without exclusive reliance on the U.S. dollar.
This shift, enabled through a Government-to-Government (G2G) arrangement, has alleviated pressure on the country’s foreign exchange reserves.
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Kenya’s economy, CS Mbadi added, is continuing to grow at a commendable rate of around 5 percent, with the government aiming for 7 percent growth to boost employment and create new opportunities. This growth is being driven by strong performances in key sectors that support the country’s ongoing economic transformation.
In his remarks, CS Mbadi invited Swedish investors to take advantage of Kenya’s expanding market, particularly in sectors such as manufacturing, green energy, and value-added exports.
He emphasized that increased Swedish investment would not only generate employment and facilitate technology transfer but also strengthen trade ties between Kenya and Sweden, aligning with the country’s Bottom-Up Economic Transformation Agenda (BETA).
Ambassador Åkesson praised Kenya’s economic progress and reiterated Sweden’s commitment to deepening bilateral cooperation. Both sides expressed their shared desire to enhance collaboration and build on the enduring partnership between their nations.
By Obegi Malack
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