Inside Ruto’s Plan to Enlist Mama Mboga, Boda Boda Riders on Stock Exchange – Kenyans.co.ke
President William Ruto has divulged his plan that will see mama mbogas and boda boda riders trade at the Nairobi Stock Exchange – NSE and subsequently enhance their ability to save.
Speaking during the launch of the NSE Market Place in Nairobi, the Head of State underscored the importance of the stock market to his proclaimed ambition of making Kenya a self-reliant nation.
Ruto also reiterated the commitment of his administration to leverage the stock exchange market to better the lives of Kenyans.
“I look forward to many Kenyans buying, selling and growing their wealth using NSE. I also look forward to the time when a boda boda guy or a mama mboga will trade on their phone as he or she awaits for the next customer instead of betting,” he stated.
Enhanced stock market growth- the president stated- would in the long run offer a solution to the debt crisis facing Kenya at the moment.
“I came here deliberately because I believe the stock market has the capacity to help us raise capital. “There is demonstrable evidence that within this market there is potential for us to raise the resources that today we are struggling to raise using debt instruments.
We can get those resources from the people of Kenya through stock exchange,” the president stated.
“My administration intends to not only focus on strengthening and deepening our capital markets to become an alternative source of development capital, but also an alternative form of investment to most Kenyans.”
Further, President Ruto called upon the private sector to partner with Capital Markets to enhance the stock market. He vowed to iron out issues that previously locked out the sector.
“I encourage the private sector companies to work together with the Capital Markets Authority (CMA) and the NSE to list. For those that are reluctant to list because of issues around tax, we will work together with them to deal with any impediments,” Ruto stated.
Also in attendance were Deputy President Rigathi Gachagua, Nairobi Governor Johnson Sakaja and a host of corporate leaders.
On his part, DP Rigathi Gachagua reiterated the president’s message on easing barriers hindering the growth of capital markets.
“We are under instructions to do away with bureaucracy and red tape to accelerate the growth of the capital markets and we will work together with all industry players to achieve this goal,” he stated.
President Ruto’s visit to the NSE was the first by a sitting head of state since the era of late former president Mwai Kibaki.
Notably, the president has made clear his resolve to drive Kenya out of the debt burden in his first days in office. During his inaugural address to members of parliament, Ruto called upon Kenyans to embrace a culture of saving as an alternative to external borrowing by the government.
The President has also expressed his intention to work closely with the private sector in enhancing economic growth.
