Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Govt seeks to cure retail sector of payment lethargy

Shelves were left bare when suppliers refused to restock Uchumi and Nakumatt for late payment/FILE

NAIROBI, Kenya, Dec 26 – Principal Secretary for the State department of Trade in the Ministry of Industry Chris Kiptoo now says the  payment predicament witnessed in the retail sector will be a thing of the past as the government intends to introduce a prompt code of payment that will ensure the retail sector stays vibrant and steady.

Kiptoo has said the new regulation is part of the larger reforms in the industry the government is fronting.

“The retail sector has in the past had enormous challenges and the government is focusing towards correcting the huge lack of payments that the industry faces of up to about Sh50 billion shillings,” said Kiptoo.

The PS noted that going into the New Year the government is also targeting to expand the manufacturing industry through consolidation of international markets to address the demand side of the market.

“The government is targeting at least moving from 9.2 per cent contribution of manufacturing to GDP to 15 per cent by 2022 and the ministry is going to play a key role in this because we have to create the market for the products,” said Kiptoo.

Kiptoo further said that despite the political uncertainty that was witnessed for the better part of this year, the future looked bright for the trade industry with promising business opportunities ahead.

“The prolonged electioneering period had a negative effect in the business sector and a lot of enterprises suffered a lot but all is not lost as we look towards the next year which will no doubt be a fruitful one,” said Kiptoo.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...