Posted 1/28/2024, 2:45:00 AM
High costs drive manufacturers' exodus from Kenya, sparking job loss fears
- Manufacturers are planning to move operations from Kenya to neighboring countries due to high taxes and costs
- At least 3 major companies in steel, cement, and paper industries have already relocated some operations
- This is expected to lead to job losses as firms lay off staff or switch to contract workers
- Business associations are urging the government to reduce taxes and improve the business environment
- Only 20% of manufacturers are optimistic about business prospects in Kenya this year