Kenyans Support Sale of Government Safaricom Shares, Call for Safeguards

As public participation on the proposed divestiture of the government’s stake in Safaricom Plc continues across all 30 counties, a clear message is emerging: Kenyans are largely in favour of the plan, but only if strict legal and financial safeguards are put in place. The proposal involves the sale of 15 per cent of Safaricom shares to Vodafone at Sh34 per share. The government currently holds 35 per cent of the company, a stake valued at between Sh280 billion and Sh300 billion. While the plan has been welcomed as a practical alternative to higher taxes and new public debt, participants say Parliament must move beyond policy statements and enact a law to ring-fence the proceeds, ensuring the money is used strictly for development and not lost through waste or mismanagement. Public forums have already been held in counties including Kitui, Nairobi and Nakuru, where residents told the National Assembly’s Joint Committees on Finance and National Planning, and Privatisation and Public Debt, that any divestiture must be backed by a clear legal framework to guarantee transparency and accountability. Participants also warned that the transaction must not weaken Kenyan control of Safaricom, trigger job losses, increase consumer costs, or expose the company to undue foreign influence. For many, the sale represents a strategic shift in how the state manages its assets, particularly in the face of rising national debt and limited fiscal space. Some noted that the transaction could raise around Sh200 billion, funds that could revive stalled infrastructure, housing and social programmes without placing additional pressure on taxpayers. Speaking during the consultations, Moro MP Kimani Kuria said the government opted to sell the shares to Vodafone, a long-standing sector partner, rather than to an unfamiliar investor. He said the move would help reduce debt accumulated by previous administrations while unlocking resources for development. “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. Across the forums, residents said the divestiture makes economic sense, provided the money is used for visible and meaningful development. Jerusha Muthoni, from New Mukuru Estate, said the sale should translate into tangible projects on the ground. “I fully support the move 100 percent because the money will be for development,” she said, praising the government’s affordable housing initiatives. From Njiru Sub-County, Samson Kumenda welcomed the plan but stressed the need for full transparency, noting that the sale had always been part of the original vision. “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,” he said. In Bahati Constituency, residents argued that selling part of the stake was a better option than burdening citizens with more taxes. “This is a good move. The money will be used for development purposes,” said Eddie Odongo, adding that the proceeds must be managed responsibly. John Maina, also from Bahati, said the funds should fast-track national development. “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. Others urged the government to ensure the benefits are felt at the grassroots. Elizabeth Kosgei, from Rongai Constituency, called for visible community projects, saying: “Don’t forget us! Pesa ikitoka, construct roads for us as we pregnant women have been suffering and we will appreciate it.” From Kitui, Gideon Muthoka said the divestiture would reduce Kenya’s reliance on foreign borrowing while allowing stalled projects to move forward. “The government is just selling what they own — you sell what is yours, and this is what they are doing,” he said. Nicholas Musili echoed the same sentiment, saying the move would cushion the government from excessive borrowing. “Instead of borrowing and overtaxing Kenyans, let the government sell the shares,” he said.