Strategic Plan to cut cost of living - Govt
12 December 2013, 16:39
Nairobi - Consumers have been assured of reaping the benefits of the nation's liberalised markets during the launch of the first Strategic Plan and the Conduct for the Competition Authority of Kenya (CAK).
Henry Rotich, the National Treasury Cabinet Secretary, said the government is committed to ensuring that the Constitution's Article 46 Consumer Rights and Consumer Protection provisions are enjoyed by citizens.
"The CAK has jurisdictional competence to inform the government's initiative in reducing the cost of living, thus, it should conduct market inquiries focusing on specific agriculture inputs' prices, with the aim of establishing whether they are signaled by the forces of supply and demand," said Rotich.
"Successful minimization of the inputs will lead to lower farm-gate prices for the benefit of the consumers," he added.
Rotich noted that the banking sector's level of interest rates should be reviewed by CAK because it is slowing the investment pace in other sectors of the economy. He urged the Authority to deepen its effectiveness by prioritizing regulatory interventions directed to markets with the greatest impact, especially to the poor in the society.
Rotich further said the Authority's launched Strategic Plan that encompasses: problem solving of market competition activities, building symbiotic links with academic and research institutions, and a communication plan in education and networking initiatives with stakeholders, especially consumer lobby groups will foster its operation's effectiveness and efficiency.
He also noted that Authority's developed Code of Conduct to strengthen its corporate governance will be integral to enforce its Competition Act as it employs the Strategic Plan.
The CAK was enacted from Vision 2030's first Medium Term Plan that aimed at realization of competitive and dynamic markets to increase productivity and increase the welfare of citizens.
The latest survey conducted by World Economic Forum, Global Competitiveness Index, ranked Kenya at position 35 out of 148 on the indicator of "intensity of local competition" under the market efficiency pillar.
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