All recommendations made by the Competition Authority to streamline agriculture products markets must be implemented immediately, the President said Thursday.

Addressing delegates at the World Competition Day celebration, President Uhuru Kenyatta said this would boost wealth creation by farmers.  

He told the Competition Authority to work closely with other government agencies in implementing the recommendations of market studies in tea, artificial insemination, seeds and sugar.

“Eradication of marketing distortions may reduce our poverty levels by a further 1.5 per cent. This is our key agenda and we have to achieve it,” he said in a speech read on his behalf by National Treasury Cabinet Secretary Henry Koskei.

FINANCIAL INCLUSION

The function was at Safari Park Hotel, Nairobi.

The President also told the Competition Authority to expedite the Product Market Regulatory Indicative Study, which it is conducting and have the findings discussed with stakeholders in February.

This will aid in modernising regulatory aspects and help in realisation of Vision 2030, he said.

The study covers telecommunications, transport, investment policy, retailing, banking, insurance and energy.

The President said the government had increased the authority’s budget to enable it conclude cases such as abuse of market dominance in telecommunications.

“These cases will go a long way in deepening financial inclusion, through easing access to mobile money transfer and also lead to consumer savings,  as a result of increased competition,” he said.

He told county governments not to introduce regulations and restrictive conditions in issueing licences that could impede the proper functioning of demand and supply of products.

ACTION PLAN

The progress made so far 

• Competition Authority: We dealt with 88 merger applications by June, compared with 65 the previous year, says Director-General Wang’ombe Kariuki.

• Also finalised 23 cases of restrictive trade practices, compared with 16; and 15 consumer cases compared with six in 2013.

• World Bank: An impact assessment supported by the global lender shows that the retailing trade restrictive case resulted in consumers saving about $1 million (Sh90 million), while money transfer rates fell by 67pc.