Sole Reason Why I’m Selling KICC, Kenya Pipeline, and Other Parastatals- Ruto Breaks Silence
President William Ruto has spoken out for the first time regarding the government’s contentious choice to privatize 11 state-owned enterprises, which include the Kenyatta International Convention Centre (KICC) and Kenya Pipeline.
During his introductory speech at the Diaspora Investment Conference held at KICC on December 13, 2023, Ruto explained that the choice was made referencing a decade-old governmental document suggesting the sale 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 purported document, Ruto stated that he received guidance to sell around 150 government-owned businesses, particularly because they consume a significant amount of public funds. He argued that these entities drain resources from the public treasury, which he believed goes against the best interests of the public.
Ruto asserted that privatizing public companies is among the most challenging choices his administration will have to confront, suggesting that it would be beneficial for these companies.
He mentioned that this would generate income for the government and enable the State to make the most of its current resources.
In his declaration, President Ruto displayed assurance that the choice to divest the state-owned enterprises was correct, believing that in a decade, this decision would be validated and valued.
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“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 elaborated that this approach represents a method through which the present administration aims to revolutionize Kenya, affirming his readiness to confront any resulting outcomes in his capacity as the President.
“We are going to make those decisions because we must change Kenya,” Ruto remarked.
On November 27, 2023, the National Government designated 11 parastatals for privatization.
In addition to considering the sale of KICC and Kenya Pipeline, the government is also exploring the possibility of divesting the Kenya Literature Bureau (KLB), National Oil Corporation (NOC), and Kenya Seed Company Limited.
The government is considering selling various state-owned entities such as Mwea Rice Mills, Western Kenya Rice Mills Limited, Kenya Pipeline Company, New Kenya Cooperative Creameries, Kenya Vehicle Manufacturers Limited, Rivatex East Africa Limited, and Numerical Machining Complex.
Sole Reason Why I’m Selling KICC, Kenya Pipeline, and Other Parastatals- Ruto Breaks Silence
