- The President gave his approval to the Privatization Act 2023 by signing it into law in an effort to advance his intentions to sell a number of State-owned businesses through the Nairobi Securities Exchange (NSE) this year .
President Ruto early today, October 9, 2023 while touring the counties of Kisumu and Siaya in the Nyanza region has assented to the Privatisation Bill, 2023. This is according to KBC’s report on their official site.
The bill ascertains and encourages more participation of the private sector in the economy by shifting the production and delivery of products and services from the public sector to the private sector.
It will further improve the infrastructure and delivery of public services through the involvement of private capital and expertise and help in reducing the demand for government resources.
Generate additional revenue for the government through compensation for privatisations and improve the regulation of the economy by reducing conflicts between the public sector’s regulatory function and commercial functions.
Broaden the base of ownership in the Kenyan economy by encouraging private ownership of entities and further help in improving efficiency of the Kenyan economy by making it more responsive to market forces.
And lastly the bill assented will enhance and develop the capital markets in Kenya.
The Privatisation Bill, 2023 according to the Privatisation Commission , went through the First Reading at the National Assembly on 6th June 2023 and thereafter was referred to the Departmental Committee for Finance and National Planning.
Consequently, in compliance with Article 118(1) of the Constitution and Standing Order 129(3), the Clerk of the National Assembly invites the public to submit memoranda on the Bill by Monday, 26th June 2023 at 5p.m.
The President gave his approval to the Privatization Act 2023 by signing it into law in an effort to advance his intentions to sell a number of State-owned businesses through the Nairobi Securities Exchange (NSE) this year .
Methods like liquidation and leasing that were recommended in the 2005 law have been eliminated by the current Act.
In accordance with the suggested modifications, Treasury CS would nominate members of the Privatisation Authority without consulting Parliament, giving the exchequer a bigger say in how the organization is governed.
