President William Ruto Wednesday assured investors of a conducive business environment.
He said Kenya is open and safe for business, pointing out that the country’s investment legal framework provides adequate investor protection.
“I want to assure investors that I will go out of my way to make sure that Kenya is stable and safe for investors to unlock their potential in a peaceful environment,” he said.
Ruto noted that the government is pursuing ambitious reforms that will turn Kenya into a regional business hub, saying no one will be allowed to impede the progress of the country.
He spoke on Wednesday during the listing of Linzi Finco Trust Islamic secured residential lease security (Linzi Sukuk) on the Nairobi Securities Exchange.
He explained that investor confidence has been sustained by resilient financial markets and stable macro-economic indicators.
“To maintain this trend, the government is committed to entrenching a predictable business and economic environment through appropriate policy measures,” he said.
Ruto also fired a warning shot to individuals involved in corruption, saying the law will be amended so that corruption cases can be concluded within six months.
“We will deal with accountability issues with the seriousness they deserve,” he said.
He said the government will deal ruthlessly with those who misuse public funds, pointing out that these resources should always be used for the intended purpose.
He said the ongoing legal, policy and economic reforms are fundamental and are aimed at boosting the economy and developing competitive capital markets.
He pointed out that a robust, efficient and transparent capital market is vital for providing liquidity and raising necessary capital which, in turn, supports the overall economic plan.
“To fulfil our manifesto pledges, we have initiated key economic reforms, including in governance, under the Ownership Policy of Government-Owned Enterprises approved by Cabinet in November 2023,” Ruto said.
He noted that the policy is set to enhance corporate governance and accountability, aligning the standards of State corporations closely with those of listed companies.
He said significant reforms at Kenya Power and other State enterprises are underway, aimed at enhancing operational efficiency and governance.
“This will restore investor confidence and ensure that these entities can leverage private capital more effectively,” he said.
“As we look forward to further integrating public agencies in the securities market through privatisation, we remain dedicated to our goals of job creation and economic development that are crucial in improving overall quality of the economic environment,” he added.
He urged Kenyans to invest in the stock exchange, especially in bonds, shares and forex trading.
He pointed out that the government is introducing new, diversified and innovative financial instruments at the Nairobi Securities Exchange that will help unlock broader investment opportunities in line with the Bottom-Up Economic Transformation Agenda.
On the landmark issuance of the Shariah-compliant Linzi Sukuk, the President said it will not only promote financial inclusion, but also broaden market access, aligning with the global move towards more stable and robust economic growth.
Prime Cabinet Secretary Musalia Mudavadi, who is also the acting National Treasury Cabinet Secretary, said the economy was improving despite the challenges the country was facing.
He said there was need to build capacity and introduce new products in the Nairobi Securities Exchange to accelerate development.
Nairobi Securities Exchange Chairman Kiprono Kittony defended Ruto’s foreign trips, saying he had raised the image of the country abroad.
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