Ruto meets Kenyans living in New York, witnesses signing of Equity Group Holdings deal
President William Ruto met Kenyans living in the United States and witnessed the signing of a joint Declaration of Intent among the Kenya Government, the United Nations and Equity Group Holdings in New York on Sunday evening.
At the meeting, the Kenya Diaspora Impact Platform, a digital platform offering an array of opportunities for Kenyan and other investors in the diaspora, was unveiled.
The initiative, spearheaded by the Ministry of Foreign Affairs and the State Department for Diaspora Affairs, is structured to deepen ties, formalise declarations of intent, and unlock strategic investment and national development opportunities through the Kenyan diaspora.
During the signing of the Letter of Intent at the 30 Hudson Yard in New York, Prime Cabinet Secretary Musalia Mudavadi signed on behalf of the Government, the private sector by Equity Group Holdings CEO James Mwangi and the diaspora by the UN Resident Coordinator in Kenya Garry Conille.
Addressing gathering, President Ruto described the Kenyan diaspora as an important “part of Kenya’s growth story” not only because of the remittances they send home, but also the investment, expertise, innovation and global networks they have built.
Ruto, who is in New York for the 81st United Nations General Assembly, said the diaspora makes tremendous contribution to Kenya through remittances and support to their families.
“This platform we have unveiled today has been developed to elevate the diaspora role in community projects, financing MSMEs, creating enterprises and transferring skills and knowledge while connecting Kenyans abroad to opportunities that meaningfully contribute to national transformation,” he said.
He pointed out that the Government is building a stronger bridge between Kenyans abroad and opportunities at home founded on trust, transparency and measurable results.
“We want to make it easier for those in Diaspora to convert assets and enterprises into long-term wealth,” he explained.
The President noted that the initiative will enable Kenyans in the diaspora to know which investments are available for them at home.
He, however, cautioned that trust and transparency are crucial in the successful implementation of the initiative.
“Trust must be at the centre for this initiative to succeed. Information must be reliable and transparency should be the operating principle if the platform has to achieve its objectives,” President Ruto said.
He pointed out that there were many investment opportunities in housing, health and agriculture, among others, in Kenya for citizens living and working in the diaspora.
“Kenyans in the diaspora can be good human resource capital and can deploy their knowledge and expertise to invest in opportunities at home,” he stated.
The President explained that the new platform must create a trusted bridge for those living abroad and achieve a measurable impact of opportunities at home.
At the same time, President Ruto explained the Government-to-Government (G-to-G) fuel import model as a vital stabiliser of supply and foreign exchange, dismissing claims that handpicked local marketers act as costly middlemen.
“If there is anything we got right immediately we took over the leadership of the country in 2022, it was to eliminate brokers in the importation of fuel. At the time, most fuel stations had run empty,” the President said.
Explaining that Kenya the has the right fuel importation model, he said supply of products has been consistent and reliable and there is no run for foreign exchange as used to be the case.
He also noted that a number of countries have come to Kenya to study the model and benchmark.
President Ruto challenged those claiming that the fuel import model Kenya is using is ineffective to familiarise themselves with the system and stop misleading Kenyans.
Meanwhile, the President took the opportunity to enumerate the achievements of his administration, cautioning those in the diaspora against relying on social media for information about what is happening in Kenya.
He said his administration has introduced major reforms that are transforming the agricultural sector, education, housing, health, savings, the digital infrastructure and roads, among others.
He pointed out that national savings at the National Social Security Fund have increased from KSh320 billion in 2023 to KSh690 billion now.
“When I came to office in 2022, Kenyans were contributing as low as Sh200 to NSSF monthly. This payment was introduced in 1966. For close to 60 years, NSSF had collected Sh320 billion. But in 2023, the Government introduced a contribution of 6 per cent of an employee’s salary, with employers paying a similar amount,” he stated.
By June 2027, Ruto said national savings will hit Sh1 trillion.
The President also urged the in diaspora to ignore the critics of Social Health Authority (SHA), saying they were deliberately misinterpreting facts to achieve their selfish ends.
“The defunct National Health Insurance Fund had between six to seven million registered members. But SHA has registered 33 million Kenyans since October 2024,” he said.
He went on: “I want to say without fear of contradiction that through SHA, we have transformed the delivery of health in Kenya.”
Additionally, the President told the gathering that the digital economy, affordable housing and the Kazi Majuu Programme have created millions of jobs for young Kenyans.
Housing Principal Secretary Charles Hinga and SHA CEO Mercy Mwangangi explained to citizens in the diaspora how the two transformative programmes are changing Kenya and the opportunities available for investment.
Mr Mwangi of Equity Bank and the UN Resident Coordinator also unpacked the new initiative and how their respective organisations would work with Kenyans in the diaspora.
Other leaders present were Cabinet Secretaries Opiyo Wandayi (Energy), Alice Wahome (Lands and Housing), Hassan Joho (Blue Economy and Mining), Deborah Mulongo (Environment) and Lee Kinyanjui (Investment and Trade), among others.
