https://en.sputniknews.africa/20231123/kenya-to-privatize-35-state-owned-companies-trapped-in-government-bureaucracy-president-ruto-1063750366.html
Kenya to Privatize 35 State-Owned Companies 'Trapped in Government Bureaucracy': President Ruto
Kenya to Privatize 35 State-Owned Companies 'Trapped in Government Bureaucracy': President Ruto
Sputnik Africa
The Kenyan government had previously attempted privatization in 2009, when the cabinet approved a list of 26 companies to be sold, including energy companies... 23.11.2023, Sputnik Africa
2023-11-23T16:50+0100
2023-11-23T16:50+0100
2023-11-23T16:50+0100
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kenya
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The Kenyan government plans to privatize 35 state-owned companies and is looking at a further 100 firms following the recent passage of a law aimed at cutting red tape, the leader of the east African nation told a gathering of African stock market officials in Nairobi.According to the president, identified state-owned enterprises mired in bureaucracy will be able to attract more workers and fill the treasury with taxes if they are transferred to private hands.A law signed by the president in early October aims to speed up the privatization process of state-owned enterprises by giving the National Treasury the right to sell companies without parliamentary approval.The Privatization Commission has lined up 25 companies for state divestiture, including the Kenya Pipeline Company, the Kenya Ports Authority, the Kenya Tourist Development Corporation, the Consolidated Bank, the Development Bank of Kenya and the Agrochemical and Food Corporation.According to the budget office, privatization of public enterprises could generate an annual revenue of 30 billion shillings (about $196 million).Kenya last privatized a state-owned firm in 2008 when it issued an initial public offering for 25% of the shares in telecommunications company Safaricom.
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kenya, east africa, economy, william ruto, privatization , trade, finance
kenya, east africa, economy, william ruto, privatization , trade, finance
Kenya to Privatize 35 State-Owned Companies 'Trapped in Government Bureaucracy': President Ruto
The Kenyan government had previously attempted privatization in 2009, when the cabinet approved a list of 26 companies to be sold, including energy companies and banks, but the move did not materialize.
The Kenyan government plans to privatize 35 state-owned companies and is looking at a further 100 firms following the recent passage of a law aimed at cutting red tape, the leader of the east African nation told a gathering of African stock market officials in Nairobi.
"We have identified the first 35 companies that we are going to offer to the private sector. We have another close to 100 we are working with financial advisers on what to do," the leader said.
According to the
president, identified state-owned enterprises mired in bureaucracy will be able to attract more workers and fill the treasury with taxes if they are transferred to private hands.
"If we can unlock the potential of these would-be lucrative companies, especially those that trapped in government bureaucracy, and allow them to flourish as the private sector companies, they will employ more people, generate more resources and pay more taxes," Ruto said.
A law signed by the president in early October aims
to speed up the privatization process of state-owned enterprises by giving the National Treasury the right to sell companies without parliamentary approval.
The Privatization Commission has lined up 25 companies for state divestiture, including the Kenya Pipeline Company, the Kenya Ports Authority, the Kenya Tourist Development Corporation, the Consolidated Bank, the Development Bank of Kenya and the Agrochemical and Food Corporation.
According to the budget office, privatization of public enterprises could generate an annual revenue of 30 billion shillings (about $196 million).
Kenya last privatized a state-owned firm in 2008 when it issued an initial public offering for 25% of the shares in telecommunications company Safaricom.
