Adopts Privatization Act, 2023

On 9 October 2023, the President of Kenya signed the Privatization Act 2023 into law, marking significant changes to Kenya's privatization framework. Key amendments include: - Renaming the Privatization Commission to the Privatization Authority, which now advises on, facilitates, implements, and evaluates privatization activities. - The Cabinet Secretary to the National Treasury, instead of the former Commission, will prepare the privatization programme, requiring approval from both the Cabinet and the National Assembly. - The new Act mandates the National Assembly to decide on the privatization programme within 60 days of receipt, with an automatic ratification if no decision is made within 90 days, aiming to eliminate delays experienced under the previous legislation.

This legislation establishes that the privatization programme set out all the public entities identified and approved for privatization, as well as the process to be followed.

• Type:

  • Entry and establishment (Ownership and control)
  • Promotion and facilitation (Investment facilitation )

• Industry:

  • Not industry specific

• Sources:

  • Government portal, The Privatisation Act, 2023, http://kenyalaw.org/kl/fileadmin/pdfdownloads/Acts/2023/PrivatizationAct_No.11of2023.pdf, 13 Oct 2023
  • Lexology, Kenya's Privatisation Bill 2023 is now law, https://www.lexology.com/library/detail.aspx?g=88ba7b10-3b76-4bcf-91d7-a23145caa573, 14 Nov 2023