Treasury says it is committed to expanding Kenya’s use of public-private partnerships (PPP) to boost economic growth despite recent public backlash.
National Treasury and Economic Planning Cabinet Secretary, John Mbadi, noted that Africa, and Kenya specifically, face significant financial challenges and one solution is through public-private partnerships.
He said that the Treasury is taking deliberate steps to drive the desired spike of growth, by reinvigorating partnerships with key stakeholders in the Capital markets space such as the Nairobi Securities Exchange (NSE), Kenya Bankers Association (KBA), Capital Markets Authority (CMA) and Kenya Association of Stockbrokers and Investment Banks (KSIB).
“This partnership aims among others to improve the enabling policy and tax environment that will attract services. Anticipated boosters to the economic agenda include a consultatively developed Infrastructure Investment Funds Trust Bill in line with Articles 206 (2) (a) and 207 (2) (a) of the Constitution of Kenya 2010,” he said in a statement.
Additionally, Mbadi said, through such partnerships, the National Treasury aims to step up the liquidation of the public sector pending bills through specific action by the Cabinet Secretary National Treasury and Economic Planning in line with section 24 (4) of the Public Finance Management Act. This will stimulate the economy via working capital injection into the affected businesses. This is even as Kenyans are outraged about no-bid deals including one for a JKIA airport contract that could be awarded to the Adani Group, an Indian conglomerate saddled by corruption allegations.
Infrastructure projects
The PPP framework, established in 2011, has enabled the government to deliver high-quality infrastructure projects, particularly in the energy and road sectors, which have strengthened Kenya’s economy
In a speech delivered earlier on his behalf by CPA Ephantus Kimotho at the launch of the Institute of Certified Public Accountants of Kenya’s (ICPAK) 2025-2029 Strategic Plan, Mbadi urged members of the accountants’ body to play a key role in the country’s financial sector development. Mbadi revealed an opportunity for ICPAK members to advise institutions, encouraging their companies to invest in Africa’s growth, particularly in infrastructure development.
He also acknowledged ICPAK’s role in promoting transparency in financial reporting, emphasizing the importance of robust financial management in today’s complex economic landscape.
“As accountants, you are the guardians of financial integrity. Your responsibility is to uphold the highest standards of accuracy and transparency, fostering public trust and creating an environment conducive to sustainable economic growth,” he stated.
He expressed his gratitude to ICPAK for its support during his previous roles and transition to his current position. “The guidance and mentorship I received from ICPAK have been invaluable,” he added.
ICPAK chairperson, Philip Kaikai, also spoke at the event, highlighting the importance of accountants in a rapidly changing global economy shaped by technological advancements and evolving regulations. He emphasized the initiatives in the five-year strategic plan, focusing on accountancy development, member value, public interest, and sustainability.
“These initiatives aim to enhance the accounting sector’s professionalism and effectiveness while serving the public interest sustainably,” Kaikai said, adding that the plan’s pillars are interconnected to support professional growth and excellence.
