The government is drafting a policy framework that will streamline and increase efficiency in the business sector through the establishment of an overall oversight body.
Trade Principal Secretary Dr. Chris Kiptoo says the move is geared at among others stemming multiplicity of government agencies, creating an equal playing field for entrepreneurs as well as harmonizing business policies, which have affected investments.
The government has been in pursuit of political economic and social reforms to improve the business environment, having identified the business sector as an integral component of economic development and growth.
However, the multiplicity of regulatory agencies is among challenges hindering growth across sectors due to divergent policies.
As such plans are underway to establish an overall oversight body to streamline the sector.
PS Kiptoo, says this will go a long way in weeding out the unfair competition as well as increase Kenya’s attractiveness to investment.
The new policy framework will among others integrate the informal sector and at the same time require all businesses to register under a Business Management Operations body.
Businesses are calling for speedy VAT refunds which they say affected their liquidity and hence operations.
