Mombasa: The Principal Secretary for Irrigation, CPA Ephantus Kimotho, is championing the expansion and structuring of Public-Private Partnerships (PPPs) to accelerate Kenya’s economic transformation and alleviate pressure on the national budget. Speaking at the 42nd Annual Seminar of the Institute of Certified Public Accountants of Kenya (ICPAK) in Mombasa, themed ‘From transaction to transformation: Accountancy impacting the world,’ PS Kimotho urged accountants to embrace PPPs as a pathway to unlocking Kenya’s economic potential.
According to Kenya News Agency, the PS highlighted the Galana Kulalu Food Security Project, which attracted Sh12.5 billion in private capital. The government has leased 20,000 acres of idle land in Kilifi and Tana River counties for the project, implemented by Selu Limited, with the government providing irrigation water for a fee. PS Kimotho emphasized the importance of affordability, value for money, and proper risk transfer for sustainable PPPs, facilitated by sound financial structuring led by accountants.
The PS noted the need to build the capacity of contracting authorities, starting with Certified Public Accountants trained in finance structuring, business finance, and financial management. He urged ICPAK members to partner with the government to unlock the potential of PPPs, stating that PPPs should become a mainstream method of financing public infrastructure amidst current fiscal challenges. This approach would balance public interests and create opportunities for the private sector, thereby unlocking economic potential through large infrastructural projects.
On her part, PS Aurelia Rono, State Department for Parliamentary Affairs, emphasized the accountancy profession as foundational in every sector. She urged accountants to maintain integrity, ensuring resources are used prudently to achieve national goals and transition the country from a third-world to a first-world status. She highlighted the government’s legislative efforts to sustain the fight against graft.
ICPAK CEO, Dr Grace Kamau, echoed the importance of ethical practices among accountants to transform the country into a first-world nation. She noted that ethical conduct by accountants could eliminate the need for anti-corruption commissions like the EACC.
EACC Chairperson, Bishop Dr David Oginde, highlighted the role of accountants in corruption scandals, emphasizing that integrity is crucial for ethical and accountable practices. He praised the introduction of electronic procurement as a tool to curb corruption in public procurement, which constitutes a significant portion of cases handled by the commission.
ICPAK Chairperson, CPA Prof Elizabeth Kalunda, urged accountants to go beyond recording transactions to becoming architects of institutional trust and drivers of inclusive growth. She noted the significant economic challenges and accountability issues, citing the latest Auditor-General’s reports that nearly Sh 1.7 trillion of public expenditure remains unaccounted for due to unsupported documentation and irregular procurement processes.
