Olekina warns IMF policies threaten Africa’s economic growth
By Kenneth Mwenda, November 18, 2025Narok Senator Ledama Olekina has sharply criticised the International Monetary Fund (IMF) over its approach to Kenya’s economy, calling its demands blatant economic bullying.
In an X post on Tuesday, November 18, 2025, Olekina stated that Africa will remain underdeveloped if it continues to follow IMF directives, particularly the insistence that Kenya devalue its currency to address an unfavourable trade balance.
“The IMF’s insistence that Kenya devalue its currencies for an unfavourable balance of trade is blatant economic bullying. Africa will remain perpetually underdeveloped if it is continually forced to play second fiddle to Western interests,” he said.
“The IMF should never be allowed to dictate policy for sovereign nations; its role must be limited to that of a lender, not a puppet master dragging African economies back into the Stone Age while the rest of the world speeds ahead into the future. Until Africa rejects these shackles, it will never truly know development or independence.”
Olekina has long voiced opposition to IMF involvement in Kenya. In June 2024, he defended his proposed amendments to the Conflict of Interest Bill, which the IMF and other institutions opposed, urging Kenyans to hear the proposal directly rather than rely on media reports. In July 2024, he further called on the government to focus on domestic resources and reject IMF loans.
IMF questions Kenya stability
The senator’s latest comments come amid fresh discussions between Kenya and the IMF. The shilling has remained unusually stable against the US dollar, hovering around Ksh129 for most of 2025. This stability stems from strong foreign exchange reserves, steady remittances from the diaspora, and sound monetary policies by the Central Bank of Kenya (CBK).
Despite this, the IMF has expressed concerns that the stable exchange rate may hinder monetary policy transmission and complicate inflation targeting. Kenya Revenue Authority chairperson Ndiritu Muriithi described the IMF’s position as out of touch with the realities of developing economies.
The IMF staff mission, led by Haimanot Teferra from late September to early October 2025, focused on assessing Kenya’s economic situation and discussing a potential Fund-supported programme. While progress was noted, no staff-level agreement has been reached, a crucial step before any funds can be released.