Treasury PS Kiptoo: Kenya's economic outlook promising

A fishmonger in Migori County prepares her fish for sale. [Caleb Kingwara, Standard]

The 2024 economic outlook appears positive, and Kenyans are anticipated to soon experience the benefits of government fiscal measures, according to National Treasury Principal Secretary Dr Chris Kiptoo. Dr Kiptoo highlighted that a bountiful harvest has already alleviated the cost of living, notably reflected in a substantial drop in retail prices of maize flour during the Christmas season, with 2 kg bags reaching as low as Sh130 in certain outlets.

The recent announcement by the Kenya National Bureau of Statistics indicating a slight drop in inflation from 6.8 per cent in November to 6.6 per cent in December further supports the positive economic trends. Dr. Kiptoo emphasized ongoing efforts to reduce the Consumer Price Index, acknowledging that fuel prices are significantly influenced by the international Brent.

Attributing the rise in retail fuel prices to the rapid appreciation of the US Dollar against various global currencies, including the Shilling, Dr Kiptoo emphasized the impact of external factors such as the COVID-19 pandemic and the Ukraine-Russia war on world commodity trading, particularly grain.

Treasury PS Dr Chris Kiptoo congratulates Elgeyo Marakwet politician and Businessman Barnabas Boit upon graduating with a degree in Political Science and Public Administration from the University of Nairobi. [George Orido, Standard]

Highlighting Kenya's resilience in the face of these challenges, Dr Kiptoo cited the Africa Development Bank's projection of a GDP growth of 5.6 per cent in 2023 and 6.0 per cent in 2024, driven by services and household consumption. g a robust and healthy economy.

Discussing the tax regime introduced by President William Ruto's government, Dr Kiptoo expressed confidence that it would contribute to the economy's self-sustainability and reduce reliance on external borrowing.

Speaking at the graduation party of businessman and Elgeyo Marakwet politician Barnabas Boit, Dr Kiptoo emphasised the positive impact of government plans aimed at creating jobs for the youth.

GSU Commandant Eliud Lagat commended Mr. Boit's achievements, citing determination as a key factor. Boit, who graduated with a degree in Political Science and Public Administration, applauded the government's initiatives to generate employment opportunities for the youth.