President William Ruto has handed over a Ksh 2.65 billion cheque to the Kenya Tea Development Agency (KTDA) at State House, Nairobi.

In a statement on his X account on Thursday, September 11, the head of state said the funds were deposits previously held by the Kenya Deposit Insurance Company following the collapse of Chase and Imperial Banks.

“At State House, Nairobi, I presented a cheque of Ksh2.65 billion to the Kenya Tea Development Agency, which were deposited held by the Kenya Deposit Insurance Company under the defunct Chase and Imperial Banks,” Ruto stated.

The President used the occasion to hail the tea sector as one of the country’s biggest success stories. He said agriculture remains central to Kenya’s economy and transformation plans.

“It remains the backbone of our economy: contributing nearly half of our GDP, creating millions of jobs, driving exports, and ensuring food security.”

Ruto highlighted reforms his administration has undertaken to boost the sector. These include registering 6.5 million farmers, distributing 21 million bags of subsidised fertiliser, dismantling cartels, streamlining management, opening up new markets, and strengthening support systems.

“The impact is visible across every subsector, with tea standing out as a powerful success story. Prices have risen from an average of Sh51 to Ksh64 per kilo, while export earnings have surged from Sh138 billion to Ksh250 billion. With continued value addition, the modernisation of factories and the branding of our tea, we project that earnings will reach Ksh280 billion by 2027,” the President said.

He also cited broader achievements in agriculture, noting that Kenya is on course for a record maize harvest of 70 million bags this year.

He attributed the growth to the Fertiliser Subsidy Programme, which has cut farmers’ input costs to Ksh 330 for every Ksh 1,000 previously spent.

According to Ruto, tea production has grown by 12 per cent while earnings jumped 40 per cent from Ksh 154 billion in 2022 to Ksh 215 billion in 2024.

He stressed that more money is now going directly to farmers, helping improve rural livelihoods.

The President linked these gains to his government’s broader agenda of economic transformation, poverty reduction, and national unity, saying progress in tea, maize, and sugarcane demonstrates that reforms are delivering results.