Safaricom Share Sale Seen as Key to Kenya’s Long-Term Development

Kenyans attending public consultations on the proposed government divestiture of Safaricom Plc shares have expressed strong support, framing the move as a strategic step toward sustainable national development and economic resilience.

The proposal involves selling 15 per cent of government shares to Vodafone at Sh34 per share, while the State retains 35 per cent, valued at between Sh280 billion and Sh300 billion. 

Participants in counties such as Kitui, Nairobi, and Nakuru highlighted the potential for the sale to fund critical projects, including infrastructure, housing, and social programs, without placing additional financial strain on citizens.

Residents stressed that any proceeds from the divestiture must be safeguarded through legislation and robust oversight to ensure the funds are used effectively. 

Many noted that the partial sale could raise around Sh200 billion, which could unlock stalled projects and strengthen the country’s development trajectory.

Speaking during the consultations, Moro MP Kimani Kuria said the government is selling to Vodafone, a trusted partner with sector expertise, rather than to an unfamiliar entity. 

He added that the sale would help reduce debt inherited from previous administrations while driving national development initiatives.

“The government is only selling 15 percent, and the buyer is purchasing at Sh34 per share, compared to the current market rate of Sh28,” he said.

Residents welcomed the move but emphasized that transparency and accountability must guide the process. Jerusha Muthoni, from New Mukuru Estate, said:

“I fully support the move 100 percent because the money will be for development,” praising government efforts in affordable housing. Samson Kumenda, from Njiru Sub-County, said:

“I support the move, but there needs to be transparency in the dealing. Before the government bought Safaricom shares, they had envisioned that they would sell them one day,” underscoring the importance of open and accountable management.

From Bahati Constituency, Eddie Odongo said the sale provides a smarter alternative to increasing taxes.

“This is a good move. The money will be used for development purposes,” he said. 

John Maina, also from Bahati, emphasized that the proceeds should accelerate infrastructure projects across the country:

“I support the proposed sale of the government’s stake in Safaricom since it will help accelerate infrastructure development. Once the money is obtained, it should be used wisely,” he said.

Residents also underscored local priorities and tangible outcomes. Elizabeth Kosgei, from Rongai, jokingly urged the government to ensure communities benefit directly:

“Don’t forget us! Pesa ikitoka, construct roads for us as we pregnant women have been suffering and we will appreciate it,” she said. 

From Kitui, Gideon Muthoka said the sale could make Kenya more self-reliant by reducing dependence on foreign loans and allowing completion of stalled projects.

“The government is just selling what they own — you sell what is yours, and this is what they are doing,” he said.

Nicholas Musili added: “Instead of borrowing and overtaxing Kenyans, let the government sell the shares.”

Participants said their backing hinges on visible development outcomes, accountability, and prudent management, framing the divestiture as a strategic move to secure Kenya’s economic future.