Serrari Group

President William Ruto of Kenya is facing tough times following the rejection of a crucial finance bill aimed at tackling the country’s massive $80 billion debt. Deadly protests, driven by public frustration over proposed tax changes, led to the bill’s downfall, prompting President Ruto to issue stark warnings about its implications for the future.

With the finance bill off the table, which was meant to address a $2.7 billion budget deficit, President Ruto now confronts Kenya’s highest debt-to-GDP ratio in two decades. The economic situation remains uncertain, especially amidst worries about more borrowing and its potential impact on interest rates and economic growth, given global uncertainties like the COVID-19 pandemic and geopolitical tensions.

Economists like Mbui Wagacha are calling for strict fiscal reforms similar to the U.S. Office of Management and Budget to ensure financial stability. Meanwhile, Ken Gichinga stresses the need to focus on boosting economic growth and creating jobs before considering higher taxes, suggesting incentives for sectors such as tourism and agriculture.

Despite public resistance to tax hikes, highlighted by recent protests, international organizations like the IMF continue to support Kenya’s efforts to strengthen its economy. Their role remains pivotal in helping Kenya navigate through economic challenges and work towards stability and prosperity.

Kenya finds itself at a critical juncture where smart financial management and strategic economic policies will be crucial for its economic future. Stay tuned to our website for the latest updates on Kenya’s economic landscape.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

10th July, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023