NAIROBI, Kenya, April 2 – The Competition Authority of Kenya (CAK) has said that it is committed to fostering efficient markets and protecting consumers from unfair practices.
CAK initiatives, as outlined in the annual report and financial statements for the financial year ended June 30, 2023, encompass maintaining a diverse workforce, promoting procurement opportunities for special interest groups, enhancing small and midsize enterprises (SMEs), and supporting green energy investments.
The authority entered into a settlement agreement with Unilever Kenya Limited to address abuse of buyer power, resulting in improved terms for SME suppliers.
“Under the agreement, the undertaking will progressively reduce payment terms for its SME suppliers from ninety (90) days to thirty (30) days as well as increase its procurement from SMEs by KES 400 million between 1st January 2023 and 31st December 2025,” stated the report.
Additionally, they focus on preserving jobs through merger determinations, facilitating staff training for sustainability, and implementing a Young Professional Program aligned with Sustainable Development Goals.
“We are in the process of reviewing our Strategic Plan to align our enforcement initiatives with the Bottom-Up Economic Transformation Agenda,” CAK continued.
“The revised Strategic Plan focuses on: Agriculture, Micro, Small and Medium Enterprises, Housing and Settlement, and Digital and Creative economy,” it added.
“This will ease the cost of doing business and protect consumers from unfair and misleading market conduct.”
By ensuring workforce inclusion and aiming for diverse procurement practices, the agency aims to promote equality.
Using the procurement and diversity initiative, the authority seeks to achieve a procurement score of 62 percent for youth and women and 7.6 percent for persons with disabilities (PWDs) in a move to promote diversity and inclusion in procurement practices.
Their intervention in the flower sector retained 14,000 jobs, emphasizing their commitment to preserving employment opportunities.
