Finance Minister Uhuru Kenyatta

Uhuru Kenyatta, beyond his decade-long presidency of Kenya, also served as the country’s Minister for Finance from 2009 to 2012. His tenure at the Treasury came during a period of significant economic challenge and global financial uncertainty, marked by the aftermath of the 2008 global financial crisis and domestic political instability following the 2007 general elections.

Appointed by then-President Mwai Kibaki, Kenyatta’s primary task was to stabilize the Kenyan economy and steer it towards recovery. He inherited an economy grappling with high inflation, a depreciating shilling, and the lingering effects of post-election violence. A key component of his strategy involved fiscal discipline and prudent management of public funds. He aimed to reduce government borrowing and increase revenue collection through improved tax administration and broadening the tax base.

One of his notable initiatives was the implementation of an economic stimulus package designed to boost key sectors such as agriculture, infrastructure, and tourism. This involved targeted investments in projects aimed at creating jobs and stimulating economic activity in rural areas. He also oversaw the development and implementation of various financial sector reforms aimed at strengthening regulatory frameworks and promoting financial inclusion.

Kenyatta also focused on attracting foreign investment and promoting trade. He actively participated in international forums and negotiations, seeking to secure favorable trade agreements and attract foreign direct investment into Kenya. He also championed the development of infrastructure projects, recognizing their crucial role in facilitating economic growth. These projects included investments in roads, railways, and ports, aimed at improving connectivity and reducing transportation costs.

His time as Finance Minister wasn’t without controversy. He faced scrutiny over the management of public debt and accusations of corruption within government agencies. Furthermore, the International Criminal Court (ICC) charges against him, stemming from the 2007 post-election violence, cast a shadow over his leadership at the Treasury. Despite the international pressure, he remained in his position and continued to perform his duties.

Ultimately, Uhuru Kenyatta’s tenure as Finance Minister is viewed with mixed perspectives. Supporters credit him with helping to stabilize the economy during a challenging period and initiating important reforms. Critics point to the persistent challenges of corruption and inequality, arguing that more could have been done to address these issues. He left the ministry to focus on his campaign for the presidency in the 2013 elections. While his time at the Treasury was relatively short, it provided him with valuable experience in economic management, which he later leveraged during his time as President of Kenya.