Political Scientist Prof Mutahi Ngunyi on Friday, January 6, claimed that Kenya dropped from position six to eight in the latest ranking by International Monetary Fund (IFM).
However, data provided by the World Bank and International Monetary Fund (IFM) affirms that Kenya is still the sixth-largest economy in Africa.
The global financial bodies also confirmed that Kenya is the third largest Sub-Saharan economy behind South Africa and Nigeria.
In his tweet, Ngunyi claimed that the country had significantly dropped to position eight within the three months of President William Ruto's reign.
"Dear Cabinet, Kenya was the 6th largest Economy in Africa. In three months, it dropped to the 8th position as per IMF.
"In September 2022, the economy grew by 9.3 per cent. By December 2022, it dropped to 4.7 per cent. This is your record," Ngunyi noted alleged.
According to the political scientist, the drop in the Kenyan economy was due to poor decisions by President William Ruto's administration.
"And you are wrong on the subsidies. Subsidies are the opium of the masses," Ngunyi added.
Ngunyi, known for controversial political assertions, noted that the country was heading in the wrong direction regarding the economy.
However, Kenya's economy was projected to grow by 5.0 per cent in 2023 (down from 5.5 per cent) and back up to 5.3per cent in 2024, according to the World Bank.
World Population Review and International Monetary Fund (IFM) reveal that Kenya's current Gross Domestic Product (GDP) stands at about Kshs14 trillion ($106.04 billion).
This places Kenya behind Morocco at number five, Algeria at 4, South Africa at 3, Egypt at 2 and Nigeria at 1.
In the top ten are Ethiopia at number seven, Ghana (8), Ivory Coast (9) and Angola (10).
"Rising food and energy prices are impacting the region’s most vulnerable, and public debt and inflation are at levels not seen in decades," World Bank noted.
International Monetary Fund (IFM) projected that Kenya to grow by some 5.3 per cent, under the heavy weight of foreign loans.
In 2017, Kenya overtook Angola to become the third-largest economy in sub-Saharan Africa, according to data from the International Monetary Fund (IMF).
On Wednesday, January 4, President William Ruto was adamant that the economy would grow after he expunged fuel, electricity and unga subsidies. Ruto alleged that the subsidies offered to cushion Kenyans by President (Rtd) Uhuru Kenyatta's administration were ill-advised.
Two days later, on Friday, January 6, he ordered his Cabinet to set three, six-month and one-year timelines for achieving his campaign pledges. Key among them was reviving the economy.
