Nairobi – President William Ruto on Monday credited the Kenyan diaspora for driving a sharp rise in remittances, which hit KSh638 billion ($4.95 billion) in 2023 up from KSh516 billion ($4 billion) just two years earlier.
Speaking at State House Nairobi to representatives from 27 countries, Ruto called the financial support from Kenyans abroad a major pillar of the economy. “Remittances play a critical role in family welfare, investment, and in supporting our foreign reserves, which now stand at $10.8 billion the highest in Kenya’s history,” he said.
The President noted that 393,000 Kenyans had secured overseas employment in the past 16 months, part of a larger strategy to address domestic job shortages and harness international labor demand. “Human capital is the jewel of our nation,” he said. “That is why from day one, I made the decision to strengthen it through education and training.”
Remittances remain Kenya’s largest source of foreign exchange, outpacing income from tea, coffee, and tourism. The Central Bank has attributed this steady rise to improved financial channels and more Kenyans pursuing work abroad in skilled sectors.
Ruto urged Kenyans living overseas to take pride in their heritage and support the country’s global image. “A nation is not built by government alone,” he said. “Speak well of your country. This is our home. God placed us here deliberately.”
The President’s remarks come amid efforts by the Ministry of Labor to expand bilateral labor agreements with Gulf and European countries. Kenya is currently negotiating new terms for the deployment of healthcare workers, engineers, and artisans to fill rising demand in foreign markets.
According to the latest Central Bank data, North America remains the top source of remittances, followed by Europe and the Gulf region.
President Ruto concluded by encouraging the diaspora to invest back home, saying their skills and income are vital to the country’s economic resilience.
