Wamae questions Ruto’s Sovereign Wealth Fund push, says food sovereignty should come first
By Kiprono Keileb, October 5, 2025Former Roots Party presidential running mate Justina Wamae has questioned President William Ruto’s latest push to operationalise the Sovereign Wealth Fund, saying the plan is out of touch with Kenya’s economic reality and the struggles facing ordinary citizens.
In her statement posted on X account on Sunday, October 5, 2025, Wamae said the conversation takes the country back to the 2019 National Sovereign Wealth Bill, but argued that before such ambitions are pursued, the government should focus on feeding its people and stabilising the economy.
“As President Ruto tries to get buy-in to the Sovereign Wealth Fund conversation, which takes us back to the 2019 National Sovereign Wealth Bill,” she said.
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Debt burden and limited income sources
Wamae raised tough questions about how Kenya can sustain a wealth fund when the country continues to run on borrowed money and stretched revenue.
“How do we set up a sovereign wealth fund when we keep running a budget deficit?” she posed.
She noted that countries with established Sovereign Wealth Funds can do so because they manage their natural resources efficiently, generating the revenue to support such funds.
“The nations that have a Sovereign Wealth Fund have benefited a lot from their well-managed natural resources. Do you know about our natural resources?” she asked.
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Wamae also pointed out that Kenya’s high debt repayment obligations and limited formal employment leave little room for new financial ventures.
“48% of Kenya’s ordinary revenue is going to debt repayment, paying pensions, and subscriptions to international organisations. Out of an able workforce of 24 million, only 3.3 million are formally employed, meaning they will further raid your payslips with new taxes to fund these ‘schemes,” she said
Call for food sovereignty before wealth funds
In her conclusion, Wamae said that discussions about wealth sovereignty should wait until Kenyans have achieved food sovereignty. She called out the government for prioritising complex financial policies while millions face hunger.
“In light of the fact that over 1.8 million Kenyans are facing acute food shortage, Bwana Rice, first focus on Food Sovereignty, Wealth Sovereignty tutafikiria tukishiba,” she said.
