KISUMU, Kenya Jul 11 – Interior Principal Secretary Raymond Omollo has called on Kenyans to embrace the newly established Sovereign Wealth Fund, describing it as a critical instrument for protecting the country’s natural resource wealth and securing prosperity for future generations.

📻 Breaking It Down

Speaking during the Siaya Women Economic Empowerment Forum and Celebration of Widows held at Barkalare Primary School in Gem Constituency on Saturday, Omollo said the fund marks a significant milestone in Kenya’s efforts to manage revenues generated from natural resources more responsibly.

The Principal Secretary noted that the establishment of the fund, following President William Ruto’s assent to the Sovereign Wealth Fund Act, will ensure that proceeds from the country’s natural wealth are invested strategically to support economic growth and improve livelihoods.

“We must plan better for the natural resources that we have in this country by setting aside a portion of the proceeds to cater for the welfare of future generations,” Omollo said.

📌 What You Need to Know

He explained that the fund will not only preserve wealth for generations to come but will also strengthen investor confidence by ensuring that revenues generated from natural resources deliver tangible benefits to citizens.

“As we continue attracting private investments, we must ensure that the resources and revenues generated translate into meaningful improvements in the lives of our people. The Sovereign Wealth Fund Act has made this possible,” he said.

Omollo observed that while Kenya has exploited natural resources for many years, the country lacked a structured framework for preserving and investing part of the proceeds for long-term national benefit.

“For many years we exploited our resources without an effective mechanism to account for them in a sustainable manner. Going forward, this framework will change how we manage those resources,” he added.

The Principal Secretary also highlighted the government’s efforts to decentralize services through the expansion of administrative units across the country.

He said more than 1,800 new administrative units, including locations and sub-locations, have been operationalized since President Ruto took office, significantly improving access to public services.

📰 Source: Capital FM Kenya