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PS speaks on retailers' Sh40 billion debt to suppliers

NEWS
By Maina Mwangi | Apr 10th 2017 | 1 min read
By Maina Mwangi | April 10th 2017
NEWS

 

Trade Principal Secretary Chris Kiptoo

Trade Principal Secretary Chris Kiptoo has called for fairness in the retail sector in the wake of revelations that retailers owe suppliers and manufacturers Sh40 billion.

He said although the contribution of the retail sector to the GDP rose from 3.6 per cent in 2006 to eight per cent in 2015, it had largely gone unregulated.

This has led to several complaints from suppliers and manufacturers who claim that some supermarkets take as long as six months to pay for goods supplied.

Dr Kiptoo spoke when he received a report commissioned by Kenya Association of Manufacturers, Association of Suppliers in Kenya, Retail Traders Association of Kenya and the State Department for Trade on the retail sector’s push for prompt payment.

“All players including members of the public will be invited to make their inputs before the report is finally adopted,” said the PS.

He said the ministry would borrow from the best international practices to ensure the soon-to-be-launched National Trade Policy provides for self-regulation and restores sanity in the sector. 

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