President Ruto assents Bill that gives Treasury CS power to privatise state firms
President Ruto assents to the Privatisation Bill 2023 which aims to boost efficiency, remove bureaucratic processes in privatisation of non-strategic and loss-making government entities and promote private sector involvement.
President Ruto assents to the Privatisation Bill 2023, which aims to speed up the privatisation of non-performing state-owned enterprises.
The new Bill will repeal the Privatisation Act, 2005, which gives power to the National Treasury to privatise public-owned enterprises without the approvals of Parliament.
The Bill also aims to turn the Privatisation Commission into a parastatal that will be called the Privatisation Authority, which will be domiciled at the Treasury.
Privatisation of parastatals has emerged as a priority in President William Ruto’s fiscal consolidation plan, with proceeds from the sales to mainly be deposited into the Consolidated Fund for budgetary spending.
Some of the corporations that the government has earmarked for privatisation include Chemelil Sugar, South Nyanza Sugar, Kabarnet Hotel, Mt Elgon Lodge, Golf Hotel and Nzoia Sugar.
Others are Miwani Sugar, Sunset Hotel Kisumu, Kenya Safari Lodges and Hotels, Consolidated Bank, Development Bank of Kenya, Agro-Chemical and Food Company, Kenya Wine Agencies, Kenya Meat Commission and public universities.
