Chairman of the Budget and Appropriations Committee in the National Assembly, Ndindi Nyoro, remains optimistic about the steady growth of the Kenyan economy.
According to Nyoro, the economy expanded by over 5.5 percent last year and is expected to accelerate to more than 5.7 percent this year. This impressive growth places Kenya at position 28 among the fastest-growing economies globally.
“The Kenyan economy is performing well compared to others, which is a positive sign,” he remarked.
Nyoro highlighted stability in the exchange market, with the Kenyan shilling strengthening against the dollar. He expressed confidence that the shilling will continue to gain strength and overcome any obstacles in its path.
While acknowledging current fluctuations driven by market sentiments, Nyoro emphasized that the fundamentals are strong and the shilling’s strength remains impressive. He credited this strength and economic growth to the sound monetary policies of the Kenyan government.
Speaking at the Diamond Leisure Lodge Hotel in Kwale County during GenAfrica’s Seventh Annual Investment Conference, Nyoro noted the significant profits made from lending money to the government and investing in fixed-income instruments. These profits have continued to grow, with financial institutions and individuals guaranteed returns by the government.
However, Nyoro recognized the changing economy and emphasized the need to diversify into other investment options.
“I anticipate a shift from fixed-income instruments to other areas in the capital and stock markets,” he explained.
Nyoro stressed that investments are not always linear and require a paradigm shift in decision-making for growth.
He emphasized that stabilizing the economy requires creativity, innovation, and proper planning.
Nyoro defended the government’s decision on the housing levy and affordable housing projects, stating that the Kenya Kwanza administration considered the long-term benefits in terms of development and employment opportunities.
