The Orange Democratic Movement continues to increase in value despite the party’s total income taking a slight hit in the financial year ending June 2024.
Through a comprehensive financial report seen by Kenyans.co.ke, the Raila-led party experienced a net-worth hike from Ksh10.5 billion as of June 2023 to Ksh11.6 billion as of June 2024.
This is despite the party experiencing a considerable drop in transfers received from the government, which dipped from Ksh241 million to Ksh157 million.
Between June 2023 and June 2024, the party experienced an increase in contributions and donations from the public, rising to Ksh46 million from Ksh31 million in the previous financial year. These two figures are no match for the Ksh322 million in contributions the party accrued in the election year 2022.
Entrance to the ODM headquarters in Nairobi.
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ODM
In terms of expenditure, the party cut down significantly from the previous year, going from Ksh922 million to only Ksh24 million.
A majority of the party’s expenses stem from administrating expenses, branch coordination and support, campaign exercises, civic expenses, conferences, and meetings.
Part of the reason the expenses went down so rapidly was that ODM reduced the number of conferences and meetings in the June 2024 financial year. Conferences and meetings cost the party Ksh29 million in 2024, compared to Ksh109 million the previous year.
After deducting all the expenses, the leading opposition party made a net surplus of Ksh1.1 billion, up nearly twofold from the previous year, where the surplus was Ksh454 million.
The opposition party’s net current assets grew from 10.4 billion to Ksh 11.5 billion, and this has been largely because of the money owed to the party from the Treasury, which increased from Ksh10.2 to Ksh11.3 billion. This money is typically allocated to a political party to cover expenses, including to cater for election logistics.
With Raila Odinga set to loosen his 18-year grip as the leader of ODM to focus on clinching the African Union Commission (AUC) job, it will be interesting to see how the party performs in terms of revenue.
Prof Peter Anyang’ Nyong’o was confirmed as the new ODM party leader upon the exit of Odinga, and the Kisumu governor now faces an uphill task of keeping up the party’s lofty standards.
Affiliate parties within the Azimio la Umoja coalition, led by Kalonzo Musyoka are likely to rival ODM in the future, especially after Kalonzo openly declared his intentions to become the official opposition leader.
Kalonzo, who was twice Raila Odinga’s running mate in two Presidential elections, fell out with his former boss after Raila made peace with President William Ruto.
Raila Odinga speaking during the EAC Council of Ministers retreat on July 7, 2024.
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Raila Odinga
