Ruto wants privatization law repealed if not amended in 100 days
President William Ruto now wants the Privatisation law repealed if it is not amended within 100 days in a bid to help parastatals raise funds easily.
Speaking during the launch of the Nairobi Securities Exchange (NSE) Marketplace, Ruto promised to push the privatization of between five and 10 parastatals in the next 12 months. The NSE Marketplace is an initiative that seeks to revive market activity and boost the growth of the stock market.
"We have a bad privatization law and instead of the law helping us in privatization, it has stalled the process. I have given an order that if we can’t amend it in our first 100days in office, we will repeal it. I believe and there is demonstrated evidence that the stock market under the NSE has significant potential to grow this economy through providing development capital through among other things listing of public companies," Ruto said.
under the current structure of the Privatization Act, only the Privatization Commission is mandated to exclusively manage and implement any privatization programme.
Ruto also urged stakeholders to make it easy for common citizens to be able to invest at the NSE without many restrictions.
"I look forward to the government of Kenya raising more resources for our development using NSE, whereby many Kenyans grow their wealth using the NSE, whereby that Boda boda guy is trading on his phone as he awaits the next customer, instead of betting. When Mama mboga, when waiting for her next supply, is on her phone buying shares," said President Ruto.
Ruto on tax issues
He has also invited private companies to stop shying away from the bourse due to tax issues that may arise if some information is made public.
"The government is willing to work with you so that we can remove those impediments. We are ready to forgive some sins, let me put it that way, so that we can all move together," he said.