(Bloomberg) -- Kenyan President William Ruto’s administration wants to speed up economic growth to 7.2% by 2027 by implementing its so-called Bottom-Up Strategy.

That’s an acceleration from an estimated 6.1% last year and 6.3% forecast for the current year, according to projections in a five-year economic plan to 2027 presented on Thursday. 

Some of the goals in the plan include constructing of one million affordable housing units, laying 4,600 km (2,858 miles) of high voltage transmission lines and creating 1.2 million jobs annually.

The main focus areas are agriculture, small- and medium-sized businesses, housing, universal healthcare and the digital economy, according to Treasury Secretary Njuguna Ndung’u.

The East African economy continues to grapple with widening inequality, low productivity, and remains susceptibility to economic shocks, Ruto said. It’s also in the midst of a cost-of-living crisis with inflation near the upper limit of the target band.

“These challenges demand urgent and resolute interventions to regain lost ground and align ourselves with our aspirations,” Ruto said.

Kenya, classified as being at high risk of debt distress by the International Monetary Fund, in February successfully repurchased the bulk of its $2 billion Eurobonds due in June, easing investor jitters and boosting confidence in its currency.

Key Targets in the 2023-2027 Plan:

  • Lower annual price growth to 5%.
  • Narrow the budget gap to 3.2% of gross domestic product in the 2027-28 fiscal year from 5.6% in the current period to end-June.
  • Improve foreign exchange reserves to 6.1 months of import cover through promoting exports.
  • Construction of 6,000 km of new roads.
  • Extension of a standard gauge railway from Naivasha to Kisumu (262 km) and onward to Malaba (107 km).
  • Build 100 dams to provide 1.5 billion cubic meters of water.
  • Construct 200,000 affordable housing units annually.
  • Add a terminal facility at Nairobi’s main airport with a capacity for 20 million passengers yearly.

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