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Enforce 60-day rule on supplier payments – Business Daily

Rachel Wambui, 65 years old from Nakuru County holds up a placard during a peaceful demonstration at Uhuru Park by suppliers of various items to prisons in various parts of the country. PHOTO | FRANCIS NDERITU | NMG
It is commendable that parastatals paid a huge chunk of the billions of shillings owed to their suppliers, offering a boost to the limping economy.
Small and medium-sized businesses are feeling the financial pain that comes with years of late payments for goods and services offered to State-owned firms, the national government and counties.
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Unfortunately, parastatals and the government have delayed payments, leaving the traders at the mercy of auctioneers.
Therefore, we commend the heavily indebted parastatals for reducing their unpaid bills by Sh 91.7 billion in the three months to June.
But more needs to be done.
All genuine claims to goods and services offered should be settled for the struggling businesses to get back on their feet.
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The financial pain suppliers are feeling is destroying lives and denying Kenya the growth it badly needs.
The government’s new regulations requiring payments to suppliers and contractors to be made within 60 days of goods or services being supplied should be enforced to shield local businesses from financial pain in future.



Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.