CBK Tops Wealth List of Kenya’s Parastatals in 2024
Treasury attributed the 8% growth in assets to the appreciation of property, plant, and equipment, along with rises in investments and long-term receivables. As of June 30, 2024, assets for state corporations, autonomous agencies, and public funds reached Sh9.807 trillion, up by Sh616.83 billion from the previous year.
The Central Bank of Kenya (CBK) remains Kenya’s wealthiest parastatal, with assets rising to Sh1.96 trillion as of June 30, 2024, up from Sh1.78 trillion the previous year, according to the latest financial report.
Central Bank of Kenya leads with Sh1.96T in assets as state corporations grow 8% in 2024; KeNHA overtakes Kenya Railways in ranking.
CBK Remains Kenya’s Wealthiest Parastatal with Sh1.96 Trillion in Assets
By Charles Wachira
The Central Bank of Kenya (CBK) has retained its top spot as the country’s wealthiest parastatal, according to the latest consolidated financial report on state corporations and public funds for the financial year ending June 30, 2024.
CBK’s total assets climbed to Sh1.96 trillion, up from Sh1.78 trillion the previous year.
The total asset base across Kenya’s state corporations rose 8% to Sh9.8 trillion as of June 2024, up from Sh9.19 trillion in 2023—an increase of Sh616.83 billion.
According to the National Treasury, the growth was attributed to the appreciation of property, plant, and equipment, alongside increases in investments and long-term receivables.
“As of June 30, 2024, state corporations, autonomous agencies, and public funds’ total assets amounted to Sh9.807 trillion,” the report states.
Breakdown of Asset Growth:
Property, Plant, and Equipment: +Sh218.02 billion
Investments: +Sh31.19 billion
Long-Term Receivables: +Sh69.89 billion
Other Top Asset Holders
Among the over 300 state corporations, other notable parastatals and agencies by total assets include:
These organisations largely manage long-term assets, such as infrastructure investments, public utilities, and government securities.
Privatisation Plans Face Legal Hurdles
The Ruto administration has signalled a renewed focus on privatising underperforming parastatals, in line with IMF recommendations to reduce the fiscal burden and boost private-sector efficiency.
However, a recent High Court ruling declared the Privatisation Act unconstitutional, halting plans to privatise 35 state-owned entities. Of these, 11 were slated for sale in the first phase.
Conclusion
With nearly Sh10 trillion in assets, Kenya’s state corporations remain central to the country’s economic backbone. While institutions like CBK, KAA, and KeNHA continue to thrive, the future of state asset management will largely hinge on the government’s ability to implement reforms amidst legal and structural challenges.
