The Treasury is actively involved in the disposal of state-owned companies to raise funds for depleted government coffers as tax revenues continue to fall below target.

Kenya is struggling to contain skyrocketing inflation and a plunging currency that has sent debt repayment costs soaring.

Among those identified for disposal is Kenya’s oil and gas corporation, pipeline operator, various agricultural businesses and a book publisher.

According to the Treasury, the move is meant to bring fiscal consolidation and spur economic development.

There is, however, emerging concern that the once profit-making assets that were plagued by mismanagement and plunder could be sold for a song to well-connected individuals with land they sit on as the primary motive.

This means that the new buyers will discard the assets and use the vast land for profiteering. In that way, Kenyans would have lost their golden assets, some which they remain sentimental about.

Stable entities lined up for privatisation – the either through an initial public offering (IPO) or sale to a strategic investor – include the Kenya Pipeline Company, Kenyatta International Convention Centre and book publisher and printer Kenya Literature Bureau.

Financially troubled entities up for sale are the National Oil Corporation of Kenya, Rivatex East Africa Ltd, Numerical Machining Complex Ltd, Kenya Vehicle Manufacturers Ltd, Mwea Rice Mills and Western Kenya Rice Mills.

An emotive debate has erupted over plans by the government to lease out sugar millers, with stakeholders calling for a transparent and competitive process.

Kisumu Governor Anyang’ Nyong’o has been particularly vocal that the process must involve farmers, workers and county governments to ensure success and accountability.

According to the government, the leasing out of the millers will ensure a new era of efficiency, increase productivity and stabilise the sector, which has been plagued by debt and mismanagement.

While the argument that the government should get out of the business of running companies still holds, there are certain critical services that only a State agency can offer.

More importantly, the sale of public assets must be above board and involve Kenyans.