David Ndii Ridicules Kenyans for Trusting Gachagua’s Shilling Stability Claims

On Friday, the Chairman of the Presidential Council of Economic Advisors David Ndii found amusement in the demands of certain Kenyans who are seeking an apology from the government for its promise to stabilize the shilling.

Scornfully, Ndii mocked those who were convinced by Deputy President Rigathi Gachagua’s claim that the shilling would gain strength against the dollar in the government-to-government oil deal with Saudi Arabia. He specifically targeted a tweet that called on senior government officials, including Ndii, Gachagua, and Cleophas Malala, to admit their wrongdoing in misleading and ridiculing the Kenyan people. Ndii expressed doubt and disbelief towards Gachagua’s statements.

During a press briefing in April last year, Gachagua urged Kenyans who were hesitant to let go of their dollars due to concerns about the shilling’s devaluation to reconsider their financial choices and sell their dollars on the market. He assured Kenyans that such a move would be beneficial in the future. Gachagua also emphasized that our country has been using a significant amount of dollars to buy fuel, suggesting that the demand for the dollar will decrease with the G2G agreement.

“It’s sincere advice from an honest individual. With the current situation of spending 500 million US dollars on fuel every month, the demand for the dollar will go down and the value of the shilling will increase,” Gachagua commented.

President William Ruto introduced the G2G agreement in April 2023 to maintain the stability of the Kenyan shilling against the US dollar during the oil purchase on credit. Kenya entered into this oil agreement with four Saudi Arabian companies, namely ARAMCO, ADNOC Global Trading Ltd, and ENOC.
However, shilling has experienced a significant decline against the dollar. In January of this year, Kenya affirmed that the agreement would conclude in December, but dismissed any correlation between the termination and the frustrations observed in the foreign currency market.