Kenya’s government has announced a groundbreaking initiative to provide financial literacy education to the nation’s sports stars. Deputy President Rigathi Gachagua unveiled the plan during the inaugural Great Chepsaita Cross-Country Run 2023 at Chepsaita Chepkemei Primary School in Uasin Gishu County on Saturday. Gachagua emphasized the critical need to equip athletes with financial literacy skills to ensure the responsible management of their earnings.
“Athletes earn substantial incomes, and as a government, we intend to educate them on prudent financial management to prevent them from facing financial hardships in the future,” stated Gachagua. Despite the significant earnings of athletes from local and international competitions, many have encountered financial difficulties as they age. The government aims to assist athletes in becoming astute investors, securing their financial well-being in the long term.
Gachagua urged athletes to invest their earnings in legitimate and reputable businesses to protect themselves from fraudsters. He cautioned against falling victim to scams, emphasizing personal responsibility and vigilance.
The government has also taken steps to complete the construction of all unfinished stadiums across the country, including the Kip Keino Stadium in Eldoret and the Kamariny Stadium in Elgeyo Marakwet County. Gachagua reiterated the government’s commitment to investing in inspirational champions who contribute to the nation’s future.
The Great Chepsaita Cross-Country Run 2023 featured a distinguished lineup of veteran champions, including World Marathon Champion Eliud Kipchoge and Tegla Loroupe, along with prominent leaders like Sports Cabinet Secretary Ababu Namwamba and Farouk Kibet, President William Ruto’s aide and the event’s patron. The event aimed to enhance the financial literacy and overall well-being of Kenyan athletes while promoting positive societal change.
Deputy President Gachagua highlighted the broader impact of such events, emphasizing the importance of raising awareness about issues like illicit alcohol, doping, and substance abuse. He praised the participants as ambassadors for positive change, committed to securing the nation’s future. This initiative signifies a significant step toward empowering Kenyan athletes with financial knowledge, ensuring their sustained success beyond their sports careers.