Ruto's sovereign fund plan draws scrutiny over governance gaps

The National Treasury building in Nairobi. Sovereign wealth funds are designed for longer-term strategic objectives, such as stabilising the national budget against revenue volatility [File, Standard]

The Kenya Kwanza government’s draft legislation to create the country’s first sovereign wealth fund (SWF) is drawing criticism from financial experts who question its economic rationale, governance structure and vague operational rules.

This has attracted scrutiny of the President William Ruto’s government’s ambition to manage future resource revenues.