Kenyan president upbeat on economy as country marks independence day

Kenya's President William Ruto delivered a speech in Muhuridi, emphasizing the strides made in stabilizing the economy. Mark Bichachi, the Managing Director of DIA Consult, joined CNBC Africa to provide insights into the President's address. Ruto highlighted the reduction in the cost of living, lowered inflation rates by over three percentage points, and the stabilization of the Kenyan shilling against the dollar. While progress has been made, there are challenges such as slower development in certain sectors like construction and mining. Tourism, however, is showing signs of recovery, presenting a mixed bag of economic indicators. Ruto's aim is to inspire confidence in the economy and encourage increased spending to stimulate growth despite the lingering impact of previous hardships on Kenyan citizens. The President's efforts are focused on boosting the nation's morale and fostering economic optimism. Regarding the recent meeting between President Ruto and retired President Uhuru Kenyatta, Bichachi delved into the underlying dynamics of unity and political maneuvering. The backdrop of protests and social media dissent against Ruto's leadership underscores the need for reconciliation and consolidating support. Ruto's efforts to engage with former ministers from Kenyatta's administration signal a quest for political cohesion and countering opposing factions within the government. The meeting serves as a pivotal moment for Ruto to mend internal divisions and fortify his political alliances amid growing dissent. Looking ahead, the discussion shifted to the pressing priorities for President Ruto leading up to 2025. Bichachi highlighted the multifaceted challenges facing Ruto, including the concerns of manufacturers grappling with taxes and investment decisions. The delicate balance between revenue generation, debt repayment, and addressing the demands of younger demographics adds complexity to Ruto's agenda. The unresolved budget for 2024-2025 poses a critical hurdle that Ruto must navigate to secure public approval for future fiscal plans. Amidst the intricate web of political and economic challenges, Ruto is tasked with charting uncharted waters and steering Kenya towards sustainable growth and stability. In conclusion, President Ruto's strategic focus on economic stability, political unity, and navigating complex challenges underscores the resilient spirit of Kenya amidst adversity. As the nation commemorates its independence day, Ruto's vision for inclusive growth and transformative change sets a bold trajectory for Kenya's future under his leadership.