Oburu Urges Ruto to Show Firm Leadership as Sovereign Wealth Fund Bill Advances
Orange Democratic Movement leader and Siaya Senator Oburu Odinga on Wednesday urged President William Ruto to exercise what he described as “benevolent dictatorship” when making difficult policy decisions, saying strong leadership is essential to safeguard Kenya’s long-term economic interests.
Speaking after witnessing progress on the proposed Sovereign Wealth Fund Bill at State House, Oburu said the President should remain focused on implementing reforms that benefit the country, even when they attract political opposition.
“I encouraged the President to occasionally employ a level of ‘benevolent dictatorship’ to stand firm, cut through the political noise, and make the hard, bold decisions necessary to achieve the absolute best for all Kenyans,” Oburu said.
His remarks came as the government pushes ahead with legislation that seeks to establish Kenya’s first Sovereign Wealth Fund, a financial vehicle designed to preserve national wealth, stabilize the economy during periods of uncertainty and finance strategic development projects.
Oburu described the proposed legislation as one of the country’s most important economic reforms, saying it has the potential to transform the management of public resources and strengthen Kenya’s financial resilience.
The veteran politician said his support for the initiative dates back several decades when he served as Assistant Minister for Finance. He recalled learning about sovereign wealth funds during an official visit to Botswana, whose fund has often been cited as a model for prudent management of revenues generated from natural resources.
Drawing on his background in economics, Oburu said he became convinced that Kenya would eventually benefit from establishing a similar institution.
“The Sovereign Wealth Fund is specifically designed to cushion our economy from volatile external shocks and unexpected economic downturns, while providing long-term, domestic financing for priority national development projects that will change lives across the country,” he said.
According to the proposed law, the fund will introduce a structured framework for managing Kenya’s national wealth by dividing savings into three broad areas: preserving wealth for future generations, supporting economic stabilization during financial shocks and financing strategic infrastructure investments.
The government says the fund will invest surplus revenues generated from natural resources and other public assets, ensuring that national wealth benefits both present and future generations.
Officials have argued that the legislation forms part of the Kenya Kwanza administration’s broader economic reform agenda aimed at improving public finance management, strengthening transparency and promoting sustainable economic growth.
The proposed framework also establishes governance structures intended to safeguard the fund through oversight, accountability and transparent investment procedures.
If enacted, the Sovereign Wealth Fund would provide an additional source of long-term domestic financing for major government projects while reducing Kenya’s reliance on external borrowing for development.
Countries including Norway, Botswana and the United Arab Emirates have successfully used sovereign wealth funds to preserve public wealth, stabilize their economies during periods of market volatility and finance strategic investments for future generations.
The bill is expected to undergo further legislative consideration before it can become law.
Oburu said the initiative represents an opportunity for Kenya to build a stronger economic foundation capable of withstanding future financial shocks while ensuring that national resources are managed prudently for generations to come.
