Kenya’s president William Ruto has reversed the rule that mandates that foreign companies must have at least 30% Kenyan ownership to operate in the country.
The rule was implemented in 2020 to encourage Kenyan participation in the ICT and science and technology sector through equity ownership.
It has also limited competition from foreign-owned companies that could not afford the heavy regulation.
Tech publication Techweez suggests that the president did away with the rules for the tech giant Amazon which is about to set up shop in Nairobi.
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