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Kenya urges private sector to lower commodity prices

Xinhua, March 31, 2016 Adjust font size:

Kenya's Deputy President William Ruto has called on private sector to lower prices of commodities in line with the reduced cost of production.

Ruto told members of the Kenya Private Sector Alliance (KEPSA) late Wednesday that the government has reduced the cost of production as witnessed in the drop in the cost of electricity and fuel.

"Now the government has brought down the cost of doing business by lowering the cost of energy and fuel. It is our wish that the private sector keeps its part of the bargain," Ruto said during the launch of the Kenya National Chamber of Commerce and Industry (KNCCI) strategic plan 2016-2018 in Nairobi.

He said the government has reduced the cost of energy from 0.19 U.S. dollars per kilowatt in 2013 to 0.14 dollars per kilowatt at the moment translating to a 25 percent reduction.

He said the private sector should consider reducing the prices of goods, adding that the government has put in place measures to create a more conducive environment for investments in the country through legislations.

"We have also improved the state of roads and security in the country as part of our measures to reduce the cost of doing business in our country," Ruto said.

He cited the Companies Act, Insolvency Act and the Registration of Business Names Act as some of the legislations, which have been passed to give the business community the opportunity to do business in a friendly environment.

"The private sector should now seize this opportunity to create more wealth and employment as we partner in the transformation agenda of our country," said Ruto.

Industrialization Cabinet Secretary Adan Mohammed said the government was committed to creating an enabling environment for business through instituting legal and regulatory reforms.

Ruto assured Kenyans that the country's economy was headed in the right direction.

According to him, Kenya's economy is at a good place, as it is growing at a faster rate than the sub-Saharan Africa average and is projected to grow at six percent over the next year or so. Endit