The cost of doing business in Kenya has seen entrepreneurs and corporates plunge into debts and collapse after a few years into operations. Despite their massive contribution to the Gross Domestic Product of the country, the government has not been proactive in creating a lasting solution to their problems or a favourable environment for them to thrive.
A cabinet meeting chaired by President Uhuru yesterday saw the approval of Business Laws (Amendment)Bill 2019, aimed at improving the business environment in the country so as to attract more investments and accelerate economic growth. Policies discussed in the meeting focused on boosting the country’s economy including the Kenya Youth Development Policy (KYDP) 2019 which seeks to mainstream issues affecting the youth.
Among the statutes identified for amendment include the Law of Contract Act, the Industrial Training Act, the Registration of Documents Act, the Survey Act, the Stamp Duty Act, the Kenya Information and Communications Act, and the National Construction Authority Act. Others include the Occupational Safety and Health Act, the Land Registration Act, the Business Registration Act, the Companies Act, and the Insolvency Act.
Also, the National Cooperative Policy, which establishes an institutional framework for the enhancement of coordination of cooperative societies in the country was approved. The policy seeks to deepen the deployment of ICTs in the management of SACCOs as well as promote good corporate governance.
Non-deposit taking SACCOs will also be regulated to protect Kenyans against risks of poor investment decisions, inadequate transparency, information disclosure, disregard for members’ interests as well as self-preservation by officials of SACCOs.