Matiang’i promises to reduce Kenya’s public debt by 50% if elected president in 2027

Jubilee Party Deputy Leader and 2027 presidential hopeful, Fred Matiang’i, pledges to slash Kenya's public debt by half if elected to the highest office. His plan hinges on the potential revenue from the country's mineral wealth, which he claims could serve as an alternate income stream. Matiang’i suggests a dual approach, combining the renegotiation of existing debt with the commercial exploitation of Kenya's mineral resources.

He asserts that this strategy would alleviate the strain on the government to borrow domestically, thereby providing more opportunities for private enterprises to secure credit. "If executed effectively, we could potentially discharge our debt, madeni yetu, entirely," Matiang’i declares. Addressing this during an interview on August 10, 2026, he stated his immediate goal would be to pay off and renegotiate half of the nation's debt.

"Even if we pay off and renegotiate 50% of our debt portfolio, we would immediately reduce the cost of living," he adds. This proposal is part of Matiang’i's economic strategy as he campaigns for the 2027 presidential election. He argues that lowering the debt burden would not only benefit the government financially but also stimulate economic growth.

Lower government borrowing would mean less competition for credit in the domestic market, leaving more available for businesses and individuals. This could spur investment, create jobs, and foster growth. "Reducing the appetite of the government to find money locally means more money is available to individuals for business and investment," Matiang’i explains.

While Matiang’i does not provide a specific cost or timeline for his debt reduction plan, he emphasizes unlocking revenue from resources he believes have not been fully exploited. He highlights mineral deposits in regions like West Pokot, Kakamega, Narok, Kuria, and Murima Hills as a possible source of new economic value. Matiang’i proposes conducting a "ground-truthing" process to verify the presence of these minerals before commercializing them.

"The next step would be to conduct what we call ground-truthing, going to verify that these minerals are, in fact, present in West Pokot, Kakamega, Narok, Kuria, and Murima Hills," he says. He further suggests taking commercially viable mineral resources to international markets. "The next step is to find ways to commoditize these resources.

We go to international exchanges, like the European stock exchange," Matiang’i proposes. He believes that proper commercialization could generate enough revenue to significantly reduce Kenya's debt. Drawing parallels with Namibia and other countries, Matiang’i suggests that effective management of natural resources could provide lessons for Kenya.

"If we manage that effectively, we could actually wipe out our debt, madeni yetu, completely," he says. This proposal comes as debt, taxation, and cost of living remain key issues in Kenya's political discourse ahead of the 2027 election. Matiang’i’s promise aligns his presidential bid with a broader argument that Kenya can lessen its reliance on borrowing by harnessing domestic resources.