The Orange Democratic Party (ODM) is the richest party in Kenya with a net worth of Ksh 10 billion
The Raila-led party on Thursday September 29 issued a statement showing its income for the year ending 30th June 2022.
In the financial statement published the more than a decade-old party disclosed that Ksh1.54 billion in accrued government transfers constituted the majority of its income.
Other sources of finance for the party include public contributions and donations totaling Ksh 322 million, while government transfers totaled Ksh 220 million.
The overall income increased by 54% compared to the previous fiscal year, which concluded on June 30, 2021 and reported a total income of Ksh1.4 billion.
During the height of the campaigning period the Orange party spent a total of Ksh1.06 billion in expenses.
The majority of the amount, Ksh 688 million, was allocated to campaign expenses, while Ksh 128 million was allocated to administrative costs.
Other expenses included Ksh 93 million for conferences and meetings, Ksh 65 million for branch coordination and support, Ksh 47 million for National Super Alliance (NASA) partners, Ksh 32 million for party policy and advocacy, Ksh2 million for civic education, and Ksh881,000 for other financial costs.
The expenditures exceeded those in the fiscal year 2020/21, in which the party only spent Ksh 309 million, with the majority of the funds used to pay campaign activities and administrative costs.
The statement also revealed that the party had a net worth of Ksh10 billion, which includes Ksh 156 million in the bank.
The value of property, plant, and equipment is Ksh253 million, whereas the value of liabilities owed to creditors and accruals is Ksh1.8 million.
This means ODM is the richest party in Kenya with the former President Uhuru Kenyatta’s Jubilee Party coming in second with a value of KSh429.44 million.
President William Ruto’s UDA party which was established a few years ago is yet to reveal its financial status.The ruling party will however get more funding from the Political Parties Fund than ODM in the 2022/2023 fiscal year.
This is because it has the biggest number of elected Members of Parliament and Senators than Raila Odinga’s ODM.