Ruto Reveals The Only Reason For Selling KICC

President William Ruto recently addressed the controversial government decision to privatize 11 parastatals, including notable entities like the Kenyatta International Convention Centre (KICC) and Kenya Pipeline.

During the opening remarks at the Diaspora Investment Conference held at KICC on December 13, 2023, Ruto provided insight into the rationale behind the move, citing a decade-old government report that recommended the disposal of these state assets.

Emphasizing the financial burden posed by sustaining numerous companies, Ruto expressed his commitment to the privatization process.

He highlighted the existence of 350 public entities, many of which consume significant budgetary allocations without clear contributions. Ruto remarked, “We are spending billions of shillings sustaining companies… so we are going to make a decision.”

Ruto asserted that he received counsel from the aforementioned report advising the sale of 150 government companies, particularly those deemed to be draining public funds.

According to him, this measure aligns with the public’s best interests, preventing further strain on the national budget.

Acknowledging the gravity of the decision, Ruto stated that privatizing these public companies is among the toughest choices his administration will face. He argued that such a move would optimize the performance of these entities and redirect resources to more pressing national priorities.

The President’s remarks at the conference underscored the necessity, in his view, of aligning government actions with long-standing recommendations to ensure fiscal responsibility and prioritize the welfare of the Kenyan public.

This he said, will rake in revenue for the government and allow the State to optimise its existing resources.

In his statement, President Ruto exuded confidence that the decision to sell the parastatals was the right one and the move would be vindicated and appreciated 10 years down the line.

“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 further clarified that this is one of the ways the current government will be able to transform Kenya and as the President, he is ready to face the consequences.