The Okoa Uchumi Campaign has called on Parliament to suspend the Sovereign Wealth Fund Bill, 2026, warning that the current legislative process risks undermining constitutional standards and exposing the country to new fiscal vulnerabilities.
In a press statement issued on Thursday, the lobby group stated that the Bill should not be passed without a well produced Sessional Paper. According to the campaign, such a policy paper is critical for defining the Fund’s mission, governance structure, and alignment with Kenya’s long-term development aspirations.
Process Under Scrutiny
The Okoa Uchumi group expressed worry about how the Departmental Committee on Finance and National Planning handled public engagement. It accused the Committee of failing to appear on the first day of scheduled stakeholder hearings, leaving participants who had prepared submissions stranded without explanation.
On the second day, just a few members apparently attended digitally, with only one in person. The problem was compounded by the decision to combine submissions on three significant bills, including the Sovereign Wealth Fund Bill, into a single session of fewer than three hours.
The group questioned the hurry, implying that the pace of the procedure was meant to minimize scrutiny.
“This pattern reflects a broader trend where legislation is rushed through Parliament under conditions that do not allow meaningful public engagement,” the statement noted.
Concerns Over Broader Fiscal Reforms
The Sovereign Wealth Fund Bill is part of a wider set of legislative changes, including the recently processed National Infrastructure Fund Act 2026 and proposed amendments to the Public Finance Management Act and Public Audit Act.
According to Okoa Uchumi, these laws collectively have far-reaching implications for how public resources are raised, managed, and audited. It warned that pushing such reforms through Parliament without adequate scrutiny risks weakening constitutional safeguards.
The group emphasized that Article 118 of the Constitution requires not just the appearance, but the substance, of public participation. It argued that the compressed hearings fail to meet this threshold.
Key Governance and Accountability Questions
Okoa Uchumi outlined several unresolved issues that Parliament must address before passing the Bill. These include the absence of a clear policy framework, ambiguity over who controls the Fund, and inadequate safeguards to protect intergenerational savings.
It specifically flagged concerns about the role of the Cabinet Secretary, arguing that granting withdrawal authority to a single executive office would contradict constitutional provisions that assign such powers to the Controller of Budget.
Call for Parliamentary Intervention
The Campaign has urged the Speaker of the National Assembly to take note of the procedural shortcomings before the Committee’s report is tabled for debate.
It maintained that public finance legislation must be anchored in transparency, accountability, and constitutional integrity.
“A law dictates how a fund operates, but policy dictates why it exists,” the statement said. “Without a clear policy foundation, the legislation is fundamentally deficient.”
The lobby group concluded by warning that Parliament must prioritize national interest over legislative speed, stressing that fiscal decisions of this magnitude require careful deliberation and public trust.
