President Wiliam Ruto on Thursday, November 23 said the government will privatize companies to enable those that are trapped in state bureaucracy pay more taxes while generating more resources to Kenyans.
The president was speaking during the opening of the annual Conference of the African Securities Exchanges Association (ASEA) at Kempinski Hotel in Nairobi.
“I have promised the capital markets in Kenya that we will reorganize the law that gave us problems we sorted out the law,” said Ruto.
Ruto Identifies Companies to be Privatized.
Further the President highlighted the government had identified at least 35 companies set to be privatized with other 100 companies still under review.
Also Read: Ruto Under Fresh Pressure to Suspend Taxes
“We have identified the first 35 companies that we are going to offer to the private sector, we have another close to 100 that we are working with our financial advisors on what portions to let out,” said Ruto.
Likewise, the head of state while championing for the government companies to be privatized noted that the privatization will be of huge impact to the country.
“For example, we have very lucrative companies, but they are trapped in government bureaucracy when the services they offer can be better services,” said Ruto.
Trapped Companies to Flourish in Private Sectors
Additionally, Ruto affirmed that he will make the privatization opportunities available so as to see underperformed government companies flourish in private sectors.
“It is very instructive for me because if we can unlock the potential in many of the private companies especially those that are tied in government bureaucracy allow them to flourish as private sector companies,” affirmed Ruto.
Meanwhile the head of state noted that the privatization will give room for more employment as the move will generate more taxes to the government.
“They will employ more people; they will generate more resources and they will pay more taxes,” emphasized Ruto.
ASEA Stock Exchange Conference
The three-day conference starting from November 22nd through to 24th, 2023, is set to draw the attention of the financial community of Africa.
Likewise, the conference is aimed at positioning for growth in Unlocking Africa’s Stock Exchange Potential for Sustained Economic Development.
Similarly, the ASEA conference is Nairobi is rallying the cry for an economic revolution that is about to happen on the African continent.
Stock Exchange Conversations to be Held.
According to Nairobi Security Exchange Chairman Kiprono Kittony the three-day event will see 49 delegates from 29 African countries discuss challenges facing African markets.
“Over the next two days the delegates will be holding broad conversation over the challenges that face the capital markets in the galvanization of capital in Africa,” said Kittony.
Additionally, according to the NSE chairman among the conversation to be held will also be on climate financing.
“Among the conversations will be Climate Change this is timely coming two weeks before Kenya hosts COP conference,”
According to Kittony other conversations include how we can help government and private sectors mobilize funds.
Also Read: Ruto Hints at Reducing Taxes on Select Products
Role of ASEA in the Finance Market
Worth noting, the key role of the ASEA is to provide a framework for the collaboration and growth of securities exchanges throughout Africa.
Likewise, the African Securities Exchanges Association (ASEA) is essential to the continent’s financial sector as it partners with Nairobi Securites Exchange in developing Africa’s financial markets.
Furthermore, the role of ASEA goes beyond just facilitating collaboration it also serves as a central platform for sharing essential materials and information, which helps member exchanges grow and develop.
