President William Ruto said the government was keen to expand the composition of the Nairobi Securities Exchange (NSE) and predicted that ten more companies would join the NSE by October 2023.
President Ruto said Tuesday October 11 at the NSE office in Westlands, Nairobi that the listing of ten more companies on the stock exchange would present an opportunity for more Kenyans to hold shares and improve their economic well-being.
The head of state said he was “looking forward to a situation where many Kenyans would act on the NSE, including boda-boda operators and Mama Mbogas”.
“I look forward to the time when a Boda Boda operator or Mama Mboga will be able to trade on their phones on the NSE while waiting to serve their next customers. That would be better than gambling,” he said.
The President said if listed companies do well in the NSE, the government has a good chance of raising capital from the bond market.
“It is time to unleash the potential of the NSE to power our country’s economy,” he said.
Kiprono Kittony, chairman of the NSE, said the stock market’s future is bright as companies around the world continue to recover from the negative impact of the Covid-19 pandemic.
“The NSE market will help highlight opportunities for global companies looking to expand internationally, particularly in Africa,” said Kittony.
President Ruto said his government will reconsider the Kenyan Business Privatization Act to allow companies wishing to join the NSE to do so with ease and convenience.
The review, he said, will take place within his first 100 days in office.
The President has made it his mission to improve Kenya‘s economic situation while trying to fulfill the promises he made on September 13 when he took the oath of office as the country’s fifth head of state.
In his inaugural address, President Ruto said his government would prioritize improving the business environment and supporting small and medium-sized enterprises.
dr Ruto has pledged an annual Sh50 billion Hustlers Fund that would allow small traders to access capital from the government at low interest rates.