Atwoli warns opposition to Sovereign Wealth Fund risks stalling Kenya’s economic transformation

Cotu Secretary-General Francis Atwoli. (Photo: Francis Atwoli/X)

By Maureen Kinyanjui
Tuesday, December 16, 2025

COTU (K) Secretary General Francis Atwoli said those against the funds are blocking progress and weakening efforts to create a resilient economy that benefits all citizens.

The Central Organisation of Trade Unions (Kenya) has raised concerns over leaders opposing the National Infrastructure Fund and the Sovereign Wealth Fund, saying their resistance risks slowing down the country’s economic transformation.

COTU (K) Secretary General Francis Atwoli said those against the funds are blocking progress and weakening efforts to create a resilient economy that benefits all citizens.

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“Those opposed to the establishment of the National Infrastructure Fund and the Sovereign Wealth Fund are actively standing in the way of Kenya’s future,” Atwoli said. “They profess fear of change, lack of exposure and a complete absence of vision.”

He warned that Kenyan workers would not accept being “held hostage by short-term thinking and reactionary politics” that threaten both the welfare of workers and the nation’s development. Atwoli reaffirmed that organised labour supports reforms that foster job creation, economic growth, and better standards of living.

“As Kenyan workers, we refuse to be held hostage by short-term thinking and reactionary politics meant to undermine the welfare of the Kenyan workers and the economic development of our beloved country,” he added.

Atwoli also expressed strong support for President William Ruto, describing his leadership as bold and decisive in driving reforms that aim to transform Kenya’s economy.

He noted that no other leader since independence has pursued development with such determination and vision.

“Kenyan workers stand firmly behind President Ruto for demonstrating boldness, clarity of thought, and vision in charting a new development path for our country,” he said. “Indeed, since independence, no Kenyan leader has pursued transformation with this level of decisiveness and ambition.”

Atwoli reflected that if previous leaders had made similarly bold moves, the country would be in a very different position today. He urged sceptics to study international examples such as Malaysia and Singapore, where long-term planning and sovereign wealth investments led to industrial growth, employment, and improved living conditions.

He also encouraged critics to witness local development in towns like Kisumu, Eldoret, and Kakamega, where affordable housing and modern infrastructure projects are already changing urban landscapes and improving life for workers.

While supporting the initiatives, Atwoli emphasised that the management of these funds must be transparent and accountable. He stressed that proper governance is crucial to ensure every shilling collected is used effectively and benefits the people.

Citing history, Atwoli pointed out that great progress is often led by figures initially considered unreasonable, mentioning Winston Churchill and Singapore’s founding Prime Minister Lee Kuan Yew as examples of leaders who faced criticism while pursuing transformative policies.