By Pascal Ndegwa - Reporter
Kenya, October 09, 2026 - Moses Kuria has painted a mixed picture of Kenya’s economy, praising progress in infrastructure and capital markets while warning that weak exports, heavy interest payments and overspending are holding the country back.
Speaking at the Annual Economist Conference 2026, Kuria pointed to the dualing of the Rironi and Kiambu roads as evidence that funds which might once have been lost to corruption are now being used for visible projects. He also welcomed the renewed focus on capital markets, citing strong private-sector listings such as Family Bank and noting that President William Ruto has visited the Nairobi Securities Exchange four times , more than his predecessor ever did. Kuria recalled persuading the President to ring the NSE bell in 2022, a moment he said helped restore confidence in the market.
But he was blunt on the country’s structural weaknesses. Kenya’s export-to-GDP ratio has sunk to about 10 per cent, a level he described as a major reason the economy is not growing faster. He called for serious, sustained efforts to expand exports, arguing that sectors such as leather, mining, new high-value crops and tourism still have untapped potential that could lift entire communities out of poverty.
On debt, Kuria raised concern over the cost of borrowing. Kenya is paying around one trillion shillings in interest, including about three billion in domestic interest, money that largely benefits banks rather than ordinary citizens. He questioned when banks last actively “hawked” loans to ordinary Kenyans and called for the democratisation of credit so that more people, not just a few institutions, can access affordable debt.
He linked the problem to fiscal habits, living beyond means, persistent budget deficits and the failure of zero-based budgeting. About KSh700 billion in debt, he said, is not being properly serviced. The civil service, he added, is not structured to take Kenya to the level of Singapore, noting resistance to service contracts when he previously held a government docket.
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Kuria also listed areas where progress has been slow or uneven: education policy that has seen repeated changes, water coverage that still has a long way to go, and broadband and ICT infrastructure where the country has “dropped the ball.”
His overall message was measured. Kenya is making progress and is not on the brink of collapse, but too many fundamentals remain weak. Without stronger exports, tighter spending control, cheaper and broader access to credit, and faster delivery in key sectors, the country will continue to fall short of its potential.