The Orange Democratic Movement (ODM) party has been ranked as the richest political party in Kenya with a net worth of a whopping Ksh10 billion.
ODM’s latest disclosures showed how the party generates revenue with most of its income coming from the government.
Political parties in Kenya receive money from the government through the Political Parties Fund.
The government allocates 0.3 per cent of the national government revenue each year to be disbursed to qualified parties through the Political Parties Fund.
ODM has been receiving a lion’s share of the fund as it is the only dominant political party that has been active since its formation in 2005 during Kenya’s constitutional referendum campaign.
Figures show that the Raila Odinga-led party’s net worth increased by 12.4 per cent from Ksh8.9 billion in June 2021 to Ksh10 billion in June 2022.
96 per cent of ODM’s value is monies owed by the Political Parties Fund, according to its statement.
The opposition party says it is now owed Ksh9.62 billion by the Political Parties Fund, an increase from Ksh8.55 billion last year.
The figures released also show ODM generated a net income of Ksh1.1 billion during the 2021/2022 financial year.
The party also registered Ksh51.5 million from public contributions and donations. It also earned Ksh1.54 billion in arrears from the government during the same financial year.
The figures shared also show ODM spent Ksh688.76 million on campaigns in the 12 months to June 2022.
Jubilee second richest party after ODM
Jubilee Party, which is led by former President Uhuru Kenyatta, is the second richest party in Kenya with a valuation of Ksh429.44 million.
Although ODM and Jubilee parties are the richest and second richest respectively, President William Ruto’s United Democratic Alliance (UDA) is currently the most popular party in Kenya having the most elected Members of Parliament (MPs) and Senators.
UDA didn’t feature in the list because it only became a dominant party after the August 9, 2022, General Election.
UDA will only receive more funds than ODM from the Political Parties Fund in the coming financial year 2022/2023.
