Speech by Hon. Moses Kuria)Ladies and gentlemen,

Story by Ayubu John Afrimedia news 

Ladies and gentlemen,

Allow me to share a reflection—not just as a leader, but as a student of change in a rapidly evolving world.

Over the past year, I have taken deliberate time to study global trends. I did this because I firmly believe that leadership without awareness of the global context is incomplete. We cannot afford to ignore what is happening beyond our borders, nor can we assume that we are insulated from it. The truth is, the world is deeply interconnected, and every shift out there has a ripple effect here at home.

As I observed these developments, I came to appreciate something even more profound: the importance of perspective. As a marketer and policymaker, I have learned to listen—not just to data, but to people. I have sought to understand how citizens, investors, and global partners perceive what is happening, and how those perceptions shape our national journey.

Let me take you through a simple but powerful example.

Over the last five years, the global economic landscape has changed dramatically. And as we often say, if you do not understand where you are coming from, you will struggle to define where you are going.

At one point, while preparing for a policy engagement, I revisited a critical piece of data—interest rates in the United States. In 2020, toward the end of the administration of Donald Trump, interest rates were almost negligible—between 0% and 0.5%. Fast forward to 2023, under Joe Biden, those rates had risen sharply to about 5.5%.

Now think about that for a moment—that is nearly a twentyfold increase.

If African economies, including Kenya, had attempted a similar adjustment, the outcome would not have been stability—it would have been economic distress. This contrast alone tells you that the global financial system is not structured evenly. It places different burdens on different regions.

And that is the reality Africa has had to navigate.

We have endured global shocks—COVID-19, prolonged droughts, disrupted supply chains—all within a short span of time. When global interest rates were low, capital flowed into our markets more easily. But as those rates increased, that flow reduced sharply, making borrowing more expensive and exposing our vulnerabilities.

This is not merely about fairness—it is about structure. A system that, even in normal times, leans against us. And in times of crisis, the pressure becomes even greater.

That is why economic decision-making at the national level is never simple.

I recall vividly a moment in January 2024 during Cabinet deliberations. We were faced with a critical decision: should Kenya return to the international financial markets?

At that time, the exchange rate stood at around 159 shillings to the dollar. We had stayed out of the market for some time. Returning carried risk—serious risk. If we went in and failed, the consequences would have been severe. But if we stayed out, we risked sending a dangerous message—that Kenya lacked the confidence or ability to meet its obligations.

It was a delicate balance.

In that moment, I sought the guidance of the President. Because such decisions are not made in isolation—they require collective responsibility and clarity of vision.

In the end, we chose courage.

We returned to the international market in January 2024. It was not an easy decision, but it was the right one. And slowly, we began to see the results—renewed investor confidence, a stabilizing exchange rate, and a stronger signal to the global community that Kenya remains resilient and reliable.

Today, some may ask why inflation still feels high. And that is a valid concern. But we must understand this: managing an economy is not about instant results. It is about consistency, discipline, and long-term stability.

For nearly three years, we have faced continuous shocks. Yet despite all this, our economy has not collapsed—it has held steady.

And that, ladies and gentlemen, is what I call the quiet work of leadership.

It is not always visible. It does not make headlines every day. But it is the foundation upon which progress is built. Because while people may not notice stability, they will certainly feel instability.

So my message is simple:

Before we engage in criticism or debate, let us first understand the context. Let us appreciate the journey—where we are coming from, the challenges we have faced, and the decisions that have shaped our current position.

Only then can we have meaningful, informed conversations about where we are going.

Thank you.