Public Finance is not just about numbers; it is about accountability, sustainability, and ensuring resources are used efficiently to drive national growth. For the past 12 years, the Institute of Public Finance (IPF) has been at the forefront of Kenya’s fiscal policy space, shaping conversations that ensure public finance works for the people.

Leading this effort is James Muraguri, IPF's CEO, a respected voice in Public Finance Management, Fiscal Policy, and Economic Governance. Under his leadership, IPF has built a reputation as a leading think tank, bridging the gap between data-driven insights and real-world policymaking. IPF is a research and policy think tank dedicated to advancing the principles of public finance management in Kenya and beyond.

IPF’s mission is rooted in the belief that well-managed public resources lead to long-term economic growth. To achieve this, the organization focuses on research, technical assistance, and policy engagement, working across key fiscal areas:

1) Macro-Fiscal Analytic Snapshot & Annual National Shadow Budget – Flagship reports that shape national and county-level fiscal decisions.

2) Youth Public Finance Literacy Programs – Equipping university students with the tools to analyse and influence budget processes.

3) Strengthening County Government Financial Management – Helping local governments improve fiscal responsibility and public accountability.

4) Gender-Responsive Budgeting – Ensuring that fiscal policies are inclusive and equitable.

5) Public Debt & Taxation Advisory – Driving conversations on sustainable tax policies and responsible debt management.

IPF’s research isn’t just for policymakers; it’s shaping the way businesses, communities, and institutions engage with fiscal governance.

Collaboration is at the heart of sustainable policy change, and IPF’s partnership with Kenya Private Sector Alliance (KEPSA) has been a game-changer. Since joining KEPSA as a Silver Member in 2019 and progressing to Platinum Membership in 2023, IPF has leveraged KEPSA’s networks to amplify its influence in the public finance space. KEPSA has strengthened IPF’s reach by:

1) Providing direct access to policymakers, business leaders, and senior government officials, ensuring that IPF’s research informs real decision-making.

2) Expanding IPF’s visibility within Kenya’s business and policy ecosystem, positioning the organization as a thought leader in fiscal governance.

3) Enabling high-level engagements on taxation, public debt, and budget transparency, fostering a stable regulatory environment for businesses.

4) Strengthening IPF’s advocacy efforts on regulatory reforms, ensuring that policies support long-term economic stability and business growth.

During the COVID-19 pandemic in 2020, KEPSA even extended a membership waiver, helping IPF stay engaged when businesses and organizations needed financial leadership the most. Through KEPSA’s executive roundtables, we’ve engaged directly with government leaders, business executives, and industry experts to push for smarter fiscal policies that benefit everyone.

Policy influence is only meaningful when it translates into impact. Here’s how IPF’s work is making a real difference:

1) Engaging Youth in Public Finance: Through training and mentorship, university students are now actively participating in Kenya’s budget-making process, submitting fiscal policy recommendations that have been adopted in national planning.

2) Gender-Responsive Budgeting Success: A collaborative effort with KEWOPA led to the revision of the 2025 Budget Policy Statement, securing crucial funding allocations for education and county government stability.

3) County Budget Transparency Leadership: In Kwale County, IPF’s advocacy efforts helped the county rise from 3rd place in 2022 to 1st place in 2023 in the County Budget Transparency Survey (CBTS).

4) CountRevenue System Reformin Kakamega: Through Sauti ya Bajeti Mashinani, IPF worked with county leadership to implement a cashless revenue collection system, improving efficiency and reducing revenue leakages.

5) Healthcare Budget Advocacy:

Fiscal advocacy networks in Kakamega County successfully lobbied for increased government funding for sexual and reproductive health services, ensuring more resources for critical health programs.

These success stories highlight IPF’s ability to transform research into tangible fiscal reforms ensuring that financial policies work for all Kenyans.

From his journey leading IPF, James Muraguri shares three key lessons for young entrepreneurs looking to build impactful, sustainable businesses:

1) Know Your Core Values – Before starting any venture, ask yourself: What truly drives me? Your values will shape your work, guide your decisions, and keep you motivated even when challenges arise. For James, his passion for impact-driven change made public finance the right space for him.

2) Take Risks & Stay Resilient – Entrepreneurship is about stepping into uncertainty and embracing risks. Success doesn’t come from playing it safe. It comes from taking calculated risks, learning from setbacks, and continuously adapting to new challenges.

3) Leverage Data & Insights – Whether you’re building a startup or influencing policy, evidence is your strongest tool. Make decisions based on real data, market insights, and long-term vision rather than just gut feelings. fostering a stable regulatory environment for businesses.

James believes that entrepreneurship is more than just making money; it's about creating solutions that drive meaningful change. And in today’s ever-evolving business and policy landscape, staying informed, agile, and purpose-driven is key to long-term success.

As Kenya’s fiscal landscape evolves, the need for institutions that champion transparency and accountability has never been greater. For donors and development partners, credibility, impact, and financial integrity are key and IPF has built a strong reputation as a trusted, results-driven leader in public finance management.

IPF’s proven track record in managing multi-stakeholder projects—spanning gender-responsive budgeting, public debt, taxation advisory, and county-level fiscal governance has reinforced confidence among funders seeking tangible, lasting impact. With robust financial management systems and an evidence-based approach, IPF ensures every resource is effectively utilized to drive policy reforms that improve governance and economic equity.

By working at both national and county levels, IPF turns donor investments into actionable reforms, directly influencing policies and enhancing public finance accountability. As it looks ahead, IPF remains committed to strengthening partnerships and ensuring that every dollar invested translates into measurable economic and social progress.

For donors seeking a reliable, high-impact partner in fiscal governance, IPF continues to be a leading force in shaping Kenya’s public finance future.

With Kenya’s fiscal landscape constantly evolving, IPF’s work remains more critical than ever. The organization will continue pursuing transparency, influencing policy, and ensuring that public finance is a catalyst for inclusive growth.

With strong partners like KEPSA and a commitment to evidence-based advocacy, IPF is well-positioned to shape Kenya’s economic future, ensuring that financial decisions serve the people, the economy, and national development priorities.

To learn more about IPF’s work, visit: https://ipfglobal.or.ke