The National Treasury has invited members of the public to submit their views on the draft Privatisation Bill, 2023 which seeks to provide a framework for the privatization of government-owned firms.
Under the Draft Privatisation Bill 2023 which also seeks to repeal the Privatization Act 2005 which had established the Privatisation Commission, the authority will also have a nine member board including a Managing Director, whose chairman will be a presidential appointee for a three year term renewable once.
The Bill also gives the National Treasury Cabinet Secretary the powers to countersign privatization agreement which the Principal Secretary currently has.
However, the privatization shall not apply to an agreement to sell an asset as part of liquidation if the sale price of the asset is less than Ksh 10,000,000 or such other amount as the Cabinet Secretary may prescribe.
The draft bill published by National Treasury Prof Njuguna Ndung’u for public consultation is aimed at creating a robust private sector responsible for production and delivery of products and services away from the public sector.