Kenya is moving ahead with the privatization of 35 state-owned entities following the signing into law of a revised Privatization Bill by President William Ruto last month. The decision to privatize falls under efforts to stimulate economic growth by attracting foreign investments and fostering increased participation from the private sector.
“We have identified the first 35 companies that we are going to offer to the private sector, and we have nearly 100 others [to offer],” stated President Ruto.
Citing challenges such as government bureaucracy, President Ruto explained that public enterprises “can be better provided by the private sector.”
As such, the Privatization Act (2023) aims to incentivize private participation and competition while boosting the efficiency of previously state-owned companies.
