In a significant move to bolster Kenya’s economic landscape, the Cabinet, under President William Ruto’s leadership, has greenlit several crucial financial reforms.
- Treasury Single Account (TSA) Implementation:
The Cabinet’s approval for the implementation of the Treasury Single Account (TSA) for both national and county governments signifies a pivotal step towards streamlining government banking. The TSA structure, consisting of the National Exchequer Account, TSA Sub-Account, and County Revenue Fund, is poised to enhance transparency and consolidate public funds, curbing fragmentation in commercial banks. - Electronic Government Procurement (e-GP) System:
In tandem with the TSA, the Cabinet has given the go-ahead for the Electronic Government Procurement (e-GP) system. This digital procurement initiative aims to inject fairness and transparency into public procurement processes. Anticipated cost savings of Sh90 billion annually align with the government’s digital transformation agenda. - Public-Private Partnerships (PPPs) Regulations:
The approval of crucial regulations in Public-Private Partnerships (PPPs) seeks to improve the structure and performance of PPP projects. This move creates a stable environment for public and private entities involved in PPPs, fostering a conducive investment climate. - Railway Amendment Bill 2024:
The Cabinet’s approval of the Railway Amendment Bill 2024 signals a major shift in the management of railways. The proposed separation of freight, commuter, and land development businesses opens doors for private sector involvement, with Kenya Railways transitioning into a regulatory role. - Kenya’s Sovereign Green Bond Framework:
Addressing environmental concerns, the Cabinet approved Kenya’s Sovereign Green Bond Framework. This financial instrument aims to secure alternative funding for green and resilient investments in the face of rising climate change costs. - Kenya Social Protection Policy 2023:
The approval of the draft Kenya Social Protection Policy 2023 underscores the government’s commitment to social welfare and poverty alleviation. This policy aligns with constitutional mandates and national development goals.
In addition to these key reforms, the Cabinet also approved the Recognition of Prior Learning Policy, Establishment of the African Legal Support Facility, and the Memorandum to Join the Asian Infrastructure Investment Bank.
These measured and strategic reforms highlight the government’s commitment to economic resilience, transparency, and responsible governance. The approved regulations will undergo parliamentary scrutiny, marking a significant stride toward a more transparent, efficient, and financially robust governance framework for Kenya.
By: Montel Kamau
Serrari Financial Analyst
18th January, 2024
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