Ruto reveals plan to have Mama Mboga, and Boda Boda riders enlisted on the stock exchange
Ruto’s plan to have many Kenyans, especially Boda Boda riders, and Mama Mboga invest in the stock market exchange instead of relying on betting.
Mama Mbogas and Boda Boda riders would be able to trade on the Nairobi Stock Exchange (NSE), improving their capacity to save, according to President William Ruto’s plan.
President Ruto emphasized the value of the stock market during his remarks at the NSE Market Place’s Nairobi debut as part of his stated goal of making Kenya an independent country.
He 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 the 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.”
Additionally, President Ruto urged the private sector to work with capital markets to improve the stock market. He promised to resolve the problems that had previously kept the sector out.
“I urge businesses in the private sector to collaborate with the NSE and the Capital Markets Authority (CMA) to list. We will work with people who are hesitant to list because of tax-related concerns to address any obstacles “Ruto said.
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