PRESIDENT WILLIAM RUTO SWORN INTO OFFICE ON SEPTEMBER 13, 2022
One year ago, Kenya witnessed the inauguration of its fifth president, William Ruto, amidst considerable anticipation. His ascendancy to power was marked by promises to reinvigorate the sluggish economy and enhance the financial well-being of small-scale traders, informal workers, and individuals living on the margins of society.
However, the reality has not lived up to these pledges. Instead of alleviating economic woes, Ruto’s administration introduced new taxes, leading to an escalation in the prices of essentials like petrol, electricity, and food. This has left many of his supporters disillusioned and disheartened.
Robert Kiberenge, an unemployed financier, expressed his disappointment, stating, “We have not witnessed any positive changes in the economy. In fact, conditions are deteriorating. There is much talk, but little action. These leaders promised the moon and stars, but their promises remain unfulfilled.”
Upon taking office, Ruto inherited an economy grappling with the burdens of debt, inflation, and a depreciating currency. His government’s implementation of tax hikes and reductions in fuel and food subsidies received international approval from institutions such as the International Monetary Fund and the World Bank, resulting in extended loans.
However, these measures did not yield the expected outcomes. Ken Gichinga, the chief economist at Mentoria Economics, remarked, “Reflecting on Ruto’s first year in office, it has been an exceptionally challenging period for two key reasons. Firstly, the global economic environment has been unfavorable. Secondly, the policies enacted have proven ineffective, with some even needing to be reversed.”
The government has defended its actions over the past year, asserting that they were essential for rectifying the economic issues inherited from the previous administration. Nevertheless, these actions have exacerbated the hardships faced by the Kenyan population.
Gichinga expressed deep concern about the nation’s trajectory, emphasizing, “I’m highly apprehensive about the path we are on. Maintaining an environment characterized by high commodity prices, rampant unemployment, and oppressive taxation makes it exceedingly challenging to foster prosperity.”
Amidst these economic challenges, President Ruto has projected an image on the global stage as an advocate for environmental causes and a proponent of reforms in international lending institutions.