For the first time, President William Ruto has addressed the government’s contentious decision to privatise 11 parastatals, including the Kenyatta International Convention Centre (KICC) and Kenya Pipeline.
During his opening remarks at the Diaspora Investment Conference at KICC on December 13, 2023, Ruto clarified that the decision was based on a 10-year-old government report that recommended the disposal of government assets.
The President affirmed his commitment to seeing the process through.
“We are spending billions of shillings sustaining companies, we have 350 public entities that just take from the budget but some you ask, what is this one doing, so we are going to make a decision,” Ruto stated.
According to the alleged report, Ruto was advised to sell 150 government companies, especially because they gobble up public funds, taking money away from the public purse, which he claims is against the public’s best interests.
Ruto stated that privatising public companies is one of the most difficult decisions his regime will ever be forced to make.
This, he claims, will generate revenue for the government while also allowing the state to better utilise its existing resources.
In his statement, President Ruto expressed confidence that the decision to sell the parastatals was the right one, and that the move would be vindicated and appreciated in ten years.
“I am just giving you an example of why we must save Kenya, and I promise you we are going to move this country in the right direction, we are going to make the difficult, smart decision” Ruto commented.
He went on to say that this is one of the ways the current government will be able to transform Kenya, and that as President, he is prepared to face the consequences.
“We are going to make those decisions because we must change Kenya,” Ruto remarked.
