The President appealed to wananchi to stay focused and not lose track of
the many economic and social engagements that they must attend to.
Saying there is much work that lies ahead, President Kibaki reminded
Kenyans that elections are not due until March next year.
To those seeking political office, the Head of State advised them to be
“Our democracy has now come of age. Sell your ideas peacefully without
resorting to name calling,” President Kibaki said.
President Kibaki was speaking today at the Nation Centre when he launched
the trading of C.I.C. Insurance Group shares listed on the Nairobi
The Head of State, at the same time, called on insurance companies to
develop innovative products that will serve more Kenyans.
The President expressed concern that although insurance companies in Kenya
have been experiencing impressive growth over the years, insurance
penetration in the country remains very low at about 3 per cent.
He, therefore, encouraged Kenyans to think proactively about the future of
their loved ones and take steps to ensure that their financial security is
guaranteed, saying one way of doing this is by taking an insurance cover.
President Kibaki noted that the reluctance by many Kenyans to take up
insurance is tied to some cultural beliefs which discourage people about
thinking of death.
“However, failing to plan for one’s future by taking insurance or saving
consistently, often means that when a family’s bread winner passes on,
their families are left struggling financially,” President Kibaki said.
Noting that micro-insurance offers a vehicle for reducing vulnerability of
low income earners, the President commended C.I.C. Insurance for leading
the way in micro-insurance in Kenya.
Said the President: “I also commend the company for taking the lead in
developing new insurance products that target crucial sectors of the
economy like the livestock and crop insurance. These new products address
the risks in the agriculture sector, which remains the backbone of our
President Kibaki also saluted the co-operative movement for the support it
has extended to many organizations, saying the co-operative movement is
part of the economic success story recorded in the country in the last ten
“Today one out of every four Kenyans is a member of a co-operative society
while about 60 percent of our people directly or indirectly derive their
livelihood from Co-operative activities,” President Kibaki said.
He observed that co-operatives are responsible for about 40 per cent of
the country’s Gross Domestic Product and about 30 per cent of national
savings and deposits.
For the co-operative movement in Kenya to maintain its position as the
leader in the continent and respond effectively to the interests of
members, the President said it must be committed to world-class corporate
In this regard, President Kibaki directed the Ministry of Co-operative
Development to continue putting in place policies and practical measures
that will ensure that co-operatives across the country are managed
Cooperative Development and Marketing Minister Joseph Nyaga, in his
remarks, appreciated the budgetary allocations to his ministry to provide
policy and other regulatory guidelines for better service delivery.
Mr. Nyaga, on behalf of the 12 million member movement, also thanked
President Kibaki for the many Head of State commendations to cooperative
leaders in recognition of the role the sector played in the
social-economic development of the country.
The Minister said the cooperative movement in the country remained an
integral part of the Government strategy of wealth creation and poverty
reduction with activities cut across all the sectors of the national
economy and contributed 43 per cent of the Gross Domestic Product and
mobilized 31% of the national savings
Others who spoke during the occasion include the CIS Insurance Group
chairman Japheth Magomere, Capital markets Authority chairman Kung’u
Gatabaki, and Nairobi Securities Exchange chair Mr Eddy Njoroge.
The occasion was attended by Defense minister and acting minister for
Internal Security Yusuf Haji and senior government officials led by acting
Head of Public Service and Secretary to Cabinet Mr Francis Kimemia.
Courtesy of PPS