Kenya is hoping that its biggest sell-off of state assets in nearly two decades can fund new infrastructure spending and change a political outlook still clouded by last year’s deadly demonstrations against proposed tax increases.
The government is selling a $1.58bn stake in telecoms and fintech group Safaricom, considered the “jewel in the crown” of state assets, to provide seed capital for a national infrastructure fund due to be launched in Nairobi this week.
The planned sale to South Africa’s Vodacom, which is sharply dividing opinion in the country, is indicative of the tough choices facing many African governments as development aid dries up, debts rise and tax boosts stifle the growth needed to defuse a demographic time bomb.
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