Kenyas Government, Finance, Manufacturing and Other Aspects

Kenya government The type of government in Kenya is almost similar to other governments around the world. People’s representatives are elected through democratically held elections with governments and various bodies around the world sending observers to ensure transparency. However, citizens are not allowed to vote on issues that relate to policy formulation and changes in law unless in special circumstances like constitutional referendum.Advertising We will write a custom essay sample on Kenya’s Government, Finance, Manufacturing and Other Aspects specifically for you for only $16.05 $11/page Learn More The president acts both as the head of state and head of government and is elected through popular vote. He is also a member of parliament. The president chooses members of the cabinet from the elected members of the legislative assembly. The country’s laws are made by legislature in the national assembly. The numbers of legislature s, known as members of parliament (MPs), currently stands at 210. A small number of MPs are also nominated by their respective parties. Apart from the central government, there are smaller administrative units known as districts which are further divided into divisions. The government further comprises of the judiciary led by the chief justice. The judicial service commission, just like the parliamentary service commission, looks into issues of remuneration of judicial officers and their welfare. One issues that seems to bedevil Kenya is the high rate of corruption in the country, particularly in public offices. Besides, business people opting for short cuts in attaining business permits and other licenses have to bribe the authorities so that the process is hastened (Nawaz, 6). Banking sector in Kenya Kenya boasts of 43 commercial banks and one mortgage finance company. Among these banking institutions, 30 are locally owned where as 13 are owned by foreign based institutions. The g overnment has significant shareholding in three local based banks. Asset wise, Kenya Commercial Bank (KCB) is the biggest bank with over 2.78 million dollars in assets spread across the country and its neighbors. Local banks, such as Equity Bank, have also opened branches in neighboring countries such as Uganda, Rwanda, and Southern Sudan, thereby increasing their asset value. At the end of 2010, there were 12.8 million bank accounts serving the country’s population of roughly 40 million people.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This was an increase from the 4.7 million figure that was recorded in 2007. At the end of 2010, there were 1063 bank branches compared to 740 in 2007. Automatic teller machines stood at 1940 currently compared to 1012 in 2007. Agent banking has also been introduced to serve areas that lack bank structures. Fraud remains a major challenge to the banking sector with 102 fraud related cases being reported annually, resulting into the loss of 390 million shillings. 90 banks have been listed at the country’s stock exchange market (NSE) with combined market value of over 470 billion shillings in a week. There are two Islamic banking institutions- The Gulf African Bank and First Community Bank (Reuters, 2). Kenya’s financial market The Capital Markets Authority (CMA) is the institution charged with regulating the Kenya’s financial market (Capital Markets Authority, 1). It promotes market confidence, protects investors from financial losses, and controls the Kenyan capital market. Kenya’s medical fraternity The ministry of medical services and ministry of public health are solely in charge of health related issues. The Medical and Dentists’ Board is in charge of disciplinary issues in the health sector while the Kenya Medical Supplies Board ensures that drugs are distributed to hospitals. Kenya M edia There are both state owned broadcasting houses like the KBC and the private media houses (Media Council, 5). Currently, there are 90 FM stations and 14 television stations. There are a number of print newspapers and magazines too. The Media Council of Kenya and the Communication Commission of Kenya are the regulatory authorities of all media in Kenya (Media Council, 3). Sales Any business that operates in Kenya has to be registered by relevant authorities. Any goods or products they undertake to sell have to be approved by the Kenya Bureau of Statistics. Manufacturing industry in Kenya This industry serves both the local and export market and is enhanced by favorable tax reforms and incentives, robust agricultural sector, liberal trade incentives, and expanded market outlets (Price Waterhouse Coopers, 1).Advertising We will write a custom essay sample on Kenya’s Government, Finance, Manufacturing and Other Aspects specifically for you for only $16.05 $11/p age Learn More Kenya’s corruption score index Kenya was ranked number 154 with a score of 2.1 because there is no proper legislation to help fight corruption. The anticorruption watchdog, KACC, does not have prosecutorial powers and has to rely on director of public prosecution who may not be willing to prosecute perpetrators of corrupt practices (KACC, 1, Kenya Advisor, 2). A culture has also been developed that is not value based that only fuel corrupt practice (Transparency International, 1). Institutions like the police, the judiciary, and immigration are all corruption hot spots (Transparency International, 2, Mwachiro, 4). Works Cited Capital Markets Authority. History. 21 February, 2011. Web. http://www.cma.or.ke/index.php?option=com_contenttask=viewid=16Itemid=36 KACC. Statement by Kenya Anticorruption Advisory Board. KACC. August 2011. Web. http://www.kacc.go.ke/ Kenya Advisor. Facts about corruption in Kenya. February 2007. Web. http://www.kenya-advis or.com/corruption-in-kenya.html Media Council. Code of Conduct for the Practice of Journalism in Kenya. 2011. Web. http://www.mediacouncil.or.ke/index.php?option=com_contentview=articleid=23Itemid=90 Media Council. Function of the Media Council of Kenya. Web. http://www.mediacouncil.or.ke/index.php?option=com_contentview=articleid=22Itemid=34Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Mwachiro, Kevin. Kenya corruption costs government dearly. BBC News, December 3, 2010. Web. http://www.bbc.co.uk/news/world-africa-11913876 Nawaz, Farzana. East Africa bribery Index. Anticorruption research network. 26 Nov. 2010. Web. http://www.tikenya.org/documents/EABI-2010.pdf Price Water House Coopers. Industrial manufacturing. 21 Feb 2011. Web. http://www.mediacouncil.or.ke/index.php?option=com_contentview=articleid=22Itemid=34 Reuters. FACTBOX-Key facts on Kenya’s banking sector. Reuters. 21 Feb. 2011. Web. http://uk.reuters.com/article/2011/02/21/kenya-banks-idUKLDE71K0XE20110221 Transparency International. Transparency and Integrity in Service Delivery in  Africa (TISDA). January 2008. Web. http://www.transparency.org/policy_research/surveys_indices/africa_middle_east This essay on Kenya’s Government, Finance, Manufacturing and Other Aspects was written and submitted by user Aydin Serrano to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.