The Cabinet on Tuesday approved Privatization Bill 2023 which will enable the Government to sell off non-performing public entities without the bureaucratic process of approval by Parliament.
The Cabinet meeting on Tuesday 21 March during the approval of the Privatization Bill 2023.
Some of the corporations that the government has earmarked for privatization 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 as well as public universities.
Although there’s fear that certain actors in government might use the opportunity to massively enrich themselves and their cronies losses incurred by several Parastatals have been biting on the economy.
A good number of the institutions targeted for Privatization are located in Western Kenya.
Under the approved Bill, the National Treasury could proceed to sell non-strategic parastatals with ease without the legal and policy bottlenecks and the green light to approve the privatization process without any legal or policy framework barriers.