Our economy is on the right footing, Ruto assures Kenyan diaspora

President William Ruto addressing Kenyans living and working in the US at the 30 Hudson Yard in New York, September 20, 2026. /PCS

President William Ruto has assured Kenyans in the diaspora that the country’s economy is on the right footing, citing improved inflation, lower interest rates and increased foreign exchange reserves.

Addressing Kenyans living in the United States in New York on Sunday evening ahead of the 81st United Nations General Assembly, Ruto said his administration had stabilised the economy through deliberate interventions and difficult but necessary decisions.

He recalled the economic challenges Kenya faced in 2002, including high inflation, foreign exchange shortages and high interest rates.

“I remember in 2002, we had a very serious situation; inflation was 9.3 per cent, we had a very serious shortage of foreign exchange, interest rates were very high and the exchange rate had gone up towards 160, 165. I can tell you today with confidence that we have stabilised our economy,” he said.

Ruto arrived in New York on Sunday to advance Kenya’s investment drive, attract African and global capital and strengthen Africa’s role in the digital and artificial intelligence economy during the 81st United Nations General Assembly.

He said his administration was focused on expanding trade and investment while driving growth in energy, infrastructure, manufacturing, health, agriculture and technology.

The President said these efforts were aimed at creating jobs and opportunities for Kenyans while opening new markets for farmers and businesses.

Ruto also told the diaspora that Kenya was no longer facing the threat of defaulting on its foreign debt, attributing this to the country’s improved economic position.

President William Ruto is welcomed by Kenyans living in the US at the 30 Hudson Yard in New York, Septermber 20, 2026. /PCS

He urged Kenyans abroad to disregard reports suggesting otherwise and instead rely on official economic data.

“Inflation has come down, interest rates have come down, our foreign exchange reserves have grown from $5.7 billion to $15.3 billion and I can confidently tell you that we’ve stabilised the economy. Have no doubt in your mind, forget about the fake stories, these are numbers that you can verify with our Central Bank.”

The President described the Kenyan diaspora as a vital part of the country’s growth, saying its contribution extends beyond remittances to investment, expertise, innovation and global networks.

During the engagement, Ruto witnessed the signing of a Joint Declaration of Intent involving the Kenyan government, the United Nations in Kenya and Equity Group Holdings, alongside the presentation of the Kenya Diaspora Impact Platform.

Prime Cabinet Secretary Musalia Mudavadi signs the Letter of Intent on behalf of the government.

The platform seeks to strengthen the diaspora’s participation in community impact projects, catalytic financing for micro, small and medium enterprises, enterprise creation and skills and knowledge transfer.

It is also intended to connect Kenyans abroad with verifiable opportunities to contribute to the country’s development.

“We are building a stronger bridge between Kenyans abroad and opportunities at home, founded on trust, transparency and measurable results,” Ruto said.

He said the initiative would also help Kenyans in the diaspora convert their assets and enterprises into long-term wealth.

“We want to make it easier for those in the diaspora to convert assets and enterprises into long-term wealth,” he said.

During the signing of the Letter of Intent at 30 Hudson Yards in New York, Prime Cabinet Secretary Musalia Mudavadi signed on behalf of the government, while Equity Group Holdings CEO James Mwangi represented the private sector.

UN Resident Coordinator in Kenya Garry Conille signed on behalf of the United Nations.

Ruto emphasised that trust and transparency would be critical to the successful implementation of the initiative.

“Trust must be at the centre for this initiative to succeed. Information must be reliable and transparency should be the operating principle if the platform has to achieve its objectives,” he said.

The President pointed to housing, health and agriculture among the investment opportunities available to Kenyans living and working abroad.