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May 22, 2024
Agribusiness Featured

Kenya Kwanza to Invest in Agriculture to Stem Spiraling Cost of Living

Nairobi — Deputy President William Ruto says his government will invest in agricultural productivity to counter the spiraling cost of living.

Speaking during The Nairobi Economic Forum in Karen organised by the civil society on Tuesday, Ruto said he intends to establish a revolving fund, instead of the unrealistic 6,000 shillings promised monthly to two million families by his rival Raila Odinga.

“As Kenya Kwanza, we will work with 30 billion, a quarter of what they proposed to use, we will target 2 million households that are today in food deficit. We have done the calculations. We just need between Ksh15,000 – Ksh18,000 to be able to provide enough input for one acre,” he said.

The Kenya Kwanza Presidential candidate noted that Kenya is facing a serious problem in cost of living that is caused by food insecurity.

He added that his Sh30 billion fund will be a revolving fund while their Sh140 billion will be a sinking fund.

“Every Kenyan spends 52% of their income on food according to the Kenya National Bureau of Statistics report, if we bring that down to 35% or 40% even by 10%, we will do a lot of saving for us to spend in other areas,” he added.

The Kenya National Bureau of Statistics Economic Survey 2022 indicated that inflation rose to a four year high to 6.1 percent from 5.4 percent the previous year.

This being the highest cost recorded in the country since 2017 when it hit eight percent.

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