Home General KEPSA urges stiffer penalties for corruption – KBC

KEPSA urges stiffer penalties for corruption – KBC

by kenya-tribune
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Corruption, tax regulations and rates as well as bureaucracy within the public sector are factors suffocating Kenya’s economic growth.

This is according to the Kenya Private Sector Alliance, which believes that 74 percent of the country’s assets are misappropriated, 47 percent lost to corruption while over 30 percent is lost to procurement and accounting fraud.

KEPSA underlines the need for concerted efforts to fuel the economy, as it calls on the National Assembly should be vigilant in stemming the economic vices.

The Kenya Private Sector Alliance is worried over the growing public debt as well as the economic vices, factors that the private entities say is chocking the country’s economic growth.

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Of greater concern is the alleged reluctance by legislators to stem these vices and enactment of some laws that impede the growth of businesses.

According to KEPSA, 47 percent of the annual budget is lost to corruption, 74 percent is misappropriated, 37 percent is lost to procurement fraud while 30 percent is consumed by accounting fraud.

KEPSA says it acknowledges the need to fast-track Public Private Partnerships to realize the Big Four agenda, but this should be anchored by a sober legal and policy framework.

Speaking when officiated the 4th KEPSA speaker’s round table in Diani, Kwale County, National Assembly Speaker Justin Muturi encouraged the legislators and private entities to promote action based practices to safe guard the country’s economic prosperity.

Speaker Muturi said the private sector is a critical engine of growth of any country adding that successful businesses drive growth, create jobs and pay the taxes that finance services and investment.

“We need to identify what the National Assembly can do to create enabling plans for the Private sector in Kenya. Issues touching on revenue generation, debt management and effective taxation will come to the fore,” Muturi said.

 

 

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