President William Ruto addressed a gathering during an interdenominational service in Bungoma County, pledging his administration’s commitment to resolving the long-standing challenges facing the sugar industry in the Western region.
“We are dedicated to addressing the persistent issues affecting the sugar sector in this region. I assure you that we will work towards a comprehensive solution,” President Ruto stated.
Amidst his promise, President Ruto emphasized his determination to counter any external interference, asserting that no entities would be allowed to exploit the people of Kenya. “The sugar industry belongs to the people of Kenya, and we are steadfast in preventing any exploitation of our citizens. Our loyalty lies with the people, not profiteers,” the President asserted.
In a significant move, President Ruto proposed the waiver of a substantial debt amounting to Sh117 billion owed by various sugar factories. This initiative aims to inject fresh life into a sector that has grappled with financial challenges.
The revival plan is set to benefit five major sugar millers, including Nzoia, South Nyanza (Sony), Chemelil, Mumias, Muhoroni, and Miwani. The latter two are currently under receivership.
Kakamega Governor Fernandes Barasa praised the government’s commitment to the sugar industry’s revival and welcomed the upcoming sugar conference as a platform to address a majority of the sector’s challenges.
“We appreciate the government’s measures, particularly the debt waiver, which will accelerate the industry’s recovery. Your support is invaluable,” Governor Barasa acknowledged.
National Assembly Speaker Moses Wetangula also added his voice to the conversation, urging fellow Governors within the Lake Region Economic Bloc to prioritize the reformation of the struggling sugar sector.
“Effective leadership and innovative management are essential to avoid repeating past mistakes,” Speaker Wetangula urged.
With President Ruto’s commitment and the proposal to waive sugar factory debts, the Western region’s sugar industry is on the brink of a transformative revival. As stakeholders collaborate towards this goal, there is optimism that the industry will soon regain its vitality and contribute to the region’s growth.
Photo Source: Google
By: Montel Kamau
Serrari Financial Analyst
26th August, 2023
