In 2025, Kenya initiated a major economic policy shift through privatization, primarily by selling a significant stake in Safaricom PLC to raise capital for infrastructure and reduce debt, with broader plans to divest from other state-linked enterprises.

• On December 4, 2025, the government sold 15 percent of its stake in Safaricom PLC, raising approximately Sh244.5 billion (about $1.6 billion).
• Vodafone Kenya/Vodacom Group increased its stake in Safaricom to 55 percent, while the state's direct shareholding decreased to about 20 percent.
• Proceeds from the Safaricom sale were earmarked as seed capital for the newly established National Infrastructure Fund (NIF) and Sovereign Wealth Fund.
• The Cabinet also approved reinstating the Kenya Pipeline Company (KPC) into the privatization program in July 2025.
• President William Ruto consistently framed privatization as essential for fiscal sustainability and structural reform, aiming to attract investment and reduce reliance on external debt.