More than 1,000 Kenyan CEOs from the private sector have issued advice to President William Ruto’s administration on urgent steps needed to revive and grow the economy.
According to findings from the May 2025 CEOs Survey by the Central Bank of Kenya (CBK), top business leaders have identified opportunities and threats to the country’s economic trajectory.
Additionally, they have offered a 10-point recommendation plan that could help unlock business growth in the country, ease operations, and attract investment.
The survey, conducted between May 12 and 23, 2025, captured insights from executives across 14 key sectors, including tourism, manufacturing, finance, ICT, health, agriculture, and real estate.
However, the majority of the respondents (68%) were from privately-owned domestic firms, while 17% represented foreign private businesses.
The remaining respondents were from government-owned entities and publicly listed companies.
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Issues Raised by the Kenyan CEOs
Among the issues raised was the rising cost of doing business in Kenya. The CEOs attributed the problem to inflationary pressure, high energy prices, and persistent tax burdens.
According to them, this continues to erode profits and reduce consumer purchasing power, explaining that many firms expressed alarm over the anticipated impact of U.S. trade policy changes.
Also, they are worried about the potential end of the African Growth and Opportunity Act (AGOA), which may reduce Kenya’s competitiveness in export markets.
Despite the challenges, the CEOs remained cautiously optimistic about economic prospects for the next 12 months, because on ongoing macroeconomic stability, favourable weather conditions for agriculture, and expectations of lower interest rates that may improve access to credit.
In addition, many of the firms reported experiencing reduced bank loan rates in May 2025 compared to March.
However, the executives warned that slow consumer demand, trade wars, and political uncertainty could derail the positive outlook.
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Advise to Ruto and his Government
They advised the government to provide a predictable policy environment, especially ahead of the 2027 general election.
Reducing political tension and ensuring electoral stability was also listed as a key condition for investor confidence and growth.
In their recommendations, the CEOs called for the implementation of business-friendly policies, immediate clearance of pending government bills, and the reduction of taxes and levies.
They also advised the government to improve engagement with the private sector, streamline regulatory processes, and support the growth of tourism and manufacturing through targeted incentives and better regional trade integration.
“Stabilise the economy by ensuring sufficient cash flow, reduce corruption and inefficiencies, and promote access to affordable financing,” the report noted.
Key drivers of expected growth over the next year include expansion into new markets, operational efficiency, and maintaining customer-centric strategies.
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