Speaking during a public engagement, Cabinet Secretary for the National Treasury John Mbadi waded into the debate with a firm defence of President William Ruto’s economic record. Mbadi argued that beyond the noise of political criticism, there are measurable indicators that point to significant progress since the Kenya Kwanza administration took office in 2022.
According to the Treasury CS, one of the clearest indicators of this progress is the performance of the capital markets.
Mbadi noted that when President Ruto assumed office in 2022, Kenya’s total market capitalisation stood at approximately Ksh 1.2 trillion.
Today, he said, that figure has grown to about Ksh 3 trillion, reflecting renewed investor confidence and improved market activity.
Mbadi questioned how such growth could be dismissed by critics who argue that the president has underperformed.
He maintained that market capitalisation does not grow by chance, but is influenced by policy stability, investor sentiment, and confidence in a country’s economic management.
These are facts, Mbadi said, adding that it was misleading to ignore tangible data while focusing solely on political rhetoric.
The Treasury CS further explained that the growth in market value has been supported by reforms aimed at stabilising the macroeconomic environment.
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These include efforts to manage public debt, strengthen revenue collection, and restore confidence in key financial institutions.
He also pointed to renewed engagement with international lenders and development partners as a sign that Kenya’s economy is regaining credibility on the global stage.
However, Mbadi acknowledged that economic growth indicators do not always translate immediately into relief for ordinary citizens.
He said the government was aware of the pressures facing households and small businesses, and insisted that policies being implemented were designed to deliver long-term stability rather than short-term political applause.
While supporters see the rising market capitalisation as proof of sound leadership, critics argue that stock market performance alone cannot capture the everyday struggles of Kenyans grappling with high taxes and living costs.
As the debate continues, Mbadi urged Kenyans to assess leadership using verifiable facts rather than emotions. He maintained that while challenges remain, dismissing measurable economic gains risks undermining an objective national conversation about the country’s future.
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