Kenya’s Debt Stock Now Past $69bn

Kenya’s debt stock is on a worrying trend. The stock of Kenya’s overall debt has crossed the Ksh10 trillion ($68 billion) mark on increased borrowing during President Willam Ruto’s first year in office, burdening the taxpayer with more repayment obligations.

New data from the Treasury and the Central Bank of Kenya (CBK) place Kenya’s debt stock at Ksh10.189 trillion ($69.3 billion) at the end of June 2023 in contrast to Ksh8.579 trillion ($58.4 billion) in June last year.

The rate of debt accumulation has surpassed previous projections by the National Treasury. For instance, the Treasury had in its 2023 Budget Policy Statement estimated the size of the country’s debt stock to stand at Ksh9.412 trillion ($64 billion) at the end of June 2023.

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The debt stock is also already above the Ksh10.13 trillion ($69 billion) that had been projected for June 2024 — mirroring the faster-than-expected accumulation of public debt and borrowing.

The split of Kenya’s public debt stands in favor of external borrowing at Ksh5.452 trillion ($37.1 billion) against Ksh4.736 trillion ($32.2 billion) in the domestic account.

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