Olekina Says IMF Policies Could Slow Down Africa’s Economic Progress

Narok Senator Ledama Olekina has raised fresh concerns about the role of the International Monetary Fund (IMF) in shaping Kenya’s economy, warning that some of its recommendations could harm long-term growth in Africa.

His remarks came after recent discussions between Kenya and the IMF on the country’s financial stability and currency management.

Olekina argued that international lenders often push African countries into economic decisions that do not consider local realities. 

According to him, repeated pressure to weaken the Kenyan shilling is one example of advice that may hurt rather than help the region. 

He believes that Africa risks remaining economically dependent if such policies continue to guide national decisions.

The senator said African governments should have the freedom to manage their own economies without being forced into changes that only benefit stronger global economies. 

He added that lenders should act strictly as financial partners, not as institutions that direct national policies. 

Olekina urged African leaders to defend their independence and protect long-term growth rather than accept recommendations blindly.

His comments come at a time when the Kenyan shilling has remained stable for most of 2025, trading at about KSh129 against the US dollar. 

Economists credit this stability to steady diaspora remittances, healthy foreign reserves, and strong decisions made by the Central Bank of Kenya. 

Despite this, IMF officials have expressed concerns that the stable exchange rate may interfere with key monetary tools such as inflation control.

The IMF recently sent a team to Nairobi to review the country’s economic situation and explore the possibility of a new support programme. 

While the discussions made progress, the two sides have not yet reached a staff-level agreement, which is normally required before funds are released. 

Kenyan officials and several economists have questioned some of the IMF’s proposals, arguing that developing nations face unique challenges that should not be compared with wealthier countries.

Olekina has been consistent in opposing what he views as unfair influence over Kenya’s financial decisions.

In previous years, he urged the government to reduce reliance on foreign loans and instead build stronger local revenue systems. 

He maintains that African countries must prioritise local solutions if they hope to achieve sustainable development and real economic freedom.