Privatization of state parastatals: the need for the promotion and protection of the public interest in the process of privatization

Abstract

The research explores the regulatory framework surrounding privatization in Kenya, primarily governed by the Privatization Act, and highlights its significance in economic policymaking. It delves into the imperative of safeguarding public interest throughout the privatization process, examining elements such as transparency, accountability, social welfare, and economic stability. Emphasizing the importance of transparency and public participation, the paper argues for alignment of privatization policies with societal goals. Additionally, it scrutinizes the role of regulatory frameworks in mitigating adverse effects on vulnerable populations and preventing monopolistic practices post-privatization. Through comparative analysis and case studies, the study identifies international best practices and lessons to inform policymakers and stakeholders, aiming to manage challenges and ensure public interest protection during privatization. Ultimately, it advocates for a comprehensive approach prioritizing citizen welfare, sustainable economic development, and principles of justice and equity in privatization endeavours.