Former Kenyatta International Convention Centre (KICC) Board Chairperson Irungu Nyakera has warned that while Kenya’s economy remains stable, the country risks missing out on meaningful prosperity unless it accelerates economic growth and transformation.

In a statement shared on his X account on Wednesday, June 10, 2026, Nyakera said the latest assessment by the Monetary Policy Committee (MPC) confirmed that Kenya’s economy remains stable, but argued that stability on its own is not enough to improve livelihoods.

“The MPC yesterday confirmed that Kenya’s economy remains stable. The challenge, however, is that stability alone does not create prosperity,” he said.

Nyakera noted that at the current projected growth rate of 4.9 per cent, Kenya would take between 14 and 15 years to double the size of its economy.

He contrasted this with a growth rate of between 7 and 8 per cent, which he said would allow the economy to double within nine to 10 years.

Growth key to jobs and incomes

According to Nyakera, the difference between the two growth trajectories would have far-reaching implications for employment, incomes and poverty reduction.

“At a sustained growth rate of 7 per cent to 8 per cent, the economy would double in just 9 to 10 years. That difference translates into millions of jobs, higher incomes, greater government revenues, more investment, and a much faster reduction in poverty,” he stated.

He argued that policymakers should now shift focus from maintaining stability to pursuing economic transformation capable of generating broad-based prosperity.

Call for economic transformation

Nyakera said the country’s development agenda should prioritise increasing exports, revitalising manufacturing, improving agricultural productivity and attracting private sector investment.

“The real debate going forward should therefore not be about macroeconomic stability, but about economic transformation,” he said.

He further called for deliberate measures to lower the cost of doing business, saying such reforms would unlock economic potential and accelerate growth.

Stability must lead to prosperity

While acknowledging the importance of stable economic fundamentals, Nyakera maintained that growth remains the ultimate driver of improved living standards.

“We need a deliberate national agenda focused on increasing exports, driving a manufacturing renaissance, unlocking agricultural productivity, mobilising private capital, and significantly lowering the cost of doing business,” he said.

“Stability is the foundation, but growth is what creates jobs, raises incomes, and changes lives.”

Lending rate retained

This comes as the Central Bank of Kenya (CBK) held the Central Bank Rate (CBR) at 8.75 per cent for a second time in a row following its Monetary Policy Committee (MPC) meeting on June 9, 2026, as it seeks to anchor inflation expectations amid rising global and domestic price pressures.

The decision came at a time when inflation in Kenya is rising again, mainly driven by higher energy costs linked to global oil price increases. Headline inflation rose to 6.7 per cent in May 2026, up from 5.6 per cent in April 2026.