Diaspora bond: State burns midnight oil as economists urge caution

President William Ruto and Prime Cabinet Secretary Musalia Mudavadi during a church service at Ekambuli Church of God, Khwisero, in Kakamega County on November 10, 2024. [PCS, Standard]

In a bid to diversify government revenue, the President William Ruto administration seeks to tap into the vast financial resources of the global diaspora with a groundbreaking Diaspora Bond aimed at raising half a trillion shillings in the first quarter of 2025.

Traditionally, the government has relied on increasing taxes and borrowing from development partners, including banks, non-governmental organizations, and foreign governments.