Sheila Yieke

1 September 2010

opinion

Getting a new Constitution is a major milestone as it will boost investor confidence and support long-term growth.

If I interpret the word 'investment' in the context of wealth creation, most sections of this Constitution affect investment.

The new law is set to restore the country's investment image.

Unlike the old law which suppressed creation of new wealth in favour of those in power, this document provides for a level playing ground for all.

Kenyans in the diaspora can now move freely in and out of the country without making Nyayo House trips for extensions of visas.

It means they can own land, do business, support their relatives and receive justice just like any other Kenyan.

This will mean that local entrepreneurs have to pull up their socks to maintain existence. The ensuing competition will ultimately lower costs.

Again, investor rights will be protected by the Bill of Rights, international law and treaties.

Generous labour rights including rights to strike and arrangements for collective bargaining are guaranteed.

The laws will set the standards that govern workers' rights to avoid overworking of the employees, child labour and harassment while employment terms are set to be competitive.

Consumer rights will mean that Kenyans will question the products and services they receive, taking into account that more standards agencies will be created to improve monitoring.

Kenyans have to reinvent the term "custom made" and define the levels of quality and pricing.

Imagine if the wooden furniture on the roadside in Karen or Westlands was to be valued as authentic handmade furniture? How much would items from Maasai Market fetch?

The Constitution also empowers women to invest and protect their rights to property by birth through inheritance or matrimony.

Long are the days when women would require 'permission' from their husbands to access credit or income in order to start a business.

On land, the new laws provide for distribution of wealth and 'hoarding' culture will be addressed.

We should not be worried about the 99 years because foreigners will find ways around it.

Devolution of power and service delivery to the counties has potential of spurring business activities locally; the regions will bring good governance and better management of public finance.

Yieke is the general manager, Legal Affairs at the Kenya Investment Authority. The views expressed are her own.