State House Spokesperson Hussein Mohammed has outlined four economic transformations that President William Ruto’s Kenya Kwanza government has achieved.
In a statement on X, the State House spokesperson indicated that Ruto’s administration had ushered in significant changes, notably in fertilizer, unga (maize flour), and fuel pricing, alongside a strengthening currency.
“You are watching the promised economic transformation by President William Ruto unfold in real time,” read the statement in part.
Further, he underscored President Ruto’s agricultural reforms by a targeted approach to alleviate the burden on farmers and enhance productivity.
Central to this endeavor is the fertilizer subsidy program, which has witnessed a dramatic reduction in prices.
Initially priced at Sh7,000 per 50kg bag, Ruto’s administration slashed the price to Sh3,500 during the last planting season.
“Upon assuming office, I announced that the government will prepare farmers for the planting season that was late last year by making available 300,000 metric tonnes or six million bags subsidized fertilizers at Ksh3,500 each down from Ksh7,000 a bag last season,” said President Ruto at a past address.
Building on this success, Ruto recently announced a further reduction, bringing the cost down to an affordable Ksh2,500 per bag.
At his inauguration, Ruto articulated his resolve to phase out subsidies on fuel and food, citing their adverse impact on the national budget.
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Hussein Mohammed Justified by EPRA New Fuel Prices
In addition, on Thursday, March 14, the Energy and Petroleum Regulatory Authority (EPRA) announced a notable decrease in fuel prices, with super petrol, diesel, and kerosene witnessing substantial reductions.
The prices reduced by Ksh7.21 for Super Petrol by Diesel by Ksh5.09 and Kerosene by Ksh4.49
“In the period under review, the maximum allowed petroleum pump price for Super Petrol, Diesel and Kerosene decreases by Ksh7.21 per litre, Ksh5.09 per litre and Ksh4.49 per litre respectively,”
“The prices are inclusive of the 16 per cent Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” read the statement released by EPRA.
Currency’s resurgence
Amidst the economic reforms spearheaded by President Ruto, the Kenyan shilling has witnessed a resurgence against the dollar.
After months of volatility, marked by a significant depreciation in December 2023, the shilling has rebounded, currently standing at Ksh138 against the dollar.
This remarkable turnaround has been attributed to various factors, including increased tourism and diaspora remittances.
With the tourism industry poised for further growth and remittance inflows on the rise, Kenya’s economic outlook appears promising under Ruto’s stewardship.
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The currency’s resurgence not only enhances macroeconomic stability but also instills confidence among investors and stakeholders.
Hussein previously noted that that President William Ruto is committed to orchestrating a turnaround in our economy.
“By freeing the nation from the burdens of excessive debt, President Ruto seeks to chart a course towards sustainable economic growth and prosperity,” states Hussein Mohammed.
