Kenya's Ruto Plans Sale of Safaricom Stake Amid Opposition Criticism Ahead of 2027 Elections

President William Ruto's government plans to sell 15% of its stake in Safaricom to Vodafone, aiming to raise approximately Sh240.5 billion for the National Sovereign Fund and National Infrastructure Fund, crucial for financing Ruto's projects ahead of the 2027 elections. This privatization effort has prompted significant backlash from opposition figures, including former Deputy President Rigathi Gachagua and Wiper leader Kalonzo Musyoka, who accuse the government of undervaluing shares and lacking public participation in the sale.

The controversy follows similar criticism regarding the proposed privatization of the Kenya Pipeline Company, which also faced legal challenges. Despite the government's defense of the sales as necessary for economic revitalization, opposition leaders vow to reverse such transactions if they gain power. Analysts suggest the criticism stems from a trust deficit in the government and public concern over national asset management.