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Sunday, March 03, 2024
Why investors are fleeing Kenya leaving the numbers of the jobless rising steeply
Why investors are fleeing Kenya leaving the numbers of the jobless rising steeply
Procter and Gamble, GlaxoSmithKline, and Bayer are the three big companies that have left Kenya so far under Ruto's leadership. This, according to analysts, makes Kenya look less appealing as an investment destination.
There has been the loss of big players and the closing of others in every sector. However, the manufacturing and agriculture sectors have been hit the hardest because they can't move.
Kenya's Gross Domestic Product (GDP) is the total value of all the goods and services made in the country. In 2011, the manufacturing industry made up 11.8% of GDP. By 2022, it will only make up 7.8%. At the same time, many big companies have moved their factories to other countries over the years because the country hasn't been able to draw enough investors to build industries.
Kenya's agriculture industry has been an important part of the country's economic growth and reduction of poverty for many years. It does this by creating jobs, ensuring food security, exporting goods, and promoting long-term growth.
But because many companies have gone out of business in some parts of the country, it hasn't been able to create as many jobs as it could over the years.
Most parts of agriculture, like sugar, pyrethrum, and cotton, have been in trouble since the 1990s, and measures to bring them back to life have not yet been successful.
500,000 people work in the sugar sub-sector along the whole value chain, according to the Agriculture and Food Authority. However, millions more could be employed.
Liberalization of the economy, which let sugar be imported without any restrictions, is seen as the main reason why sugar millers went out of business. However, there are other issues that have made it hard for succeeding governments to bring them back to life.
Also, at one point, the cotton business was the second largest job, after the government. From a high point of about 500,000 workers, the number has dropped to just under 20,000 because factories have closed or moved, causing a huge loss of jobs.
Economists say that companies are avoiding Kenya because of a number of issues, such as high tax rates, bad infrastructure, and the high cost of power. Companies that already had investments in Kenya are also pulling them out or scaling back their investments. Among other things, they said, a few companies that have become dominating in their fields have made it hard for potential investors to get into those fields.
"Businesses say that the country is not a good place to do business." "They are probably talking about policies that have been in place for a long time and have made the environment harsh," says economist Dr. Patrick Muinde. He also says that the current government may have raised the bar by putting in place measures that turn away more businesses than they bring in.
Scary tax policy
"One thing that is becoming clear for both local and foreign investors is the need to follow tax rules. This is especially true for new policies that deal with taxes." It's hard to do business when you have to follow the rules within 24 hours or five days.
You would have to pay tax on things that have just left the warehouse because of this... It's important for businesses to pay their taxes before they can wait for distributors to bring their goods to market and buyers to buy them. In other words, they have to worry about running cash every day.
"No one in production wants this kind of set-up... If you don't have to worry about taxes, you can move your goods, find the best source of materials, and keep an eye on how your market is doing. "This is very bad for making things," says Muinde. He said that the cost of energy is a major factor, especially for manufacturing, which is seen as an important part of any business for making jobs and money. Kenya has promised the industry lower energy costs over the years, but these promises have not come true, and power costs keep going up.
Power prices have gone up over the last ten years. In early 2014, they were about Sh20 per unit (kilowatt hour or coin), but this month they are Sh33.5 per unit. There are other places to invest besides Kenya that also try to get investors, and businesses there pay half as much for energy as Kenyans do.
"The data we have shows that Kenya has one of the highest energy rates. "It's also because of the fees and taxes put on energy," says Muinde.
"For manufacturers, energy costs can make up anywhere from 30% to 40% of the cost of making something." He also says, "That's pretty pricey."
The high cost of credit in the country is another reason. Many businesses have slowed down their plans to grow because they can't afford to take out loans because of the high interest rates.
Chief economist at Mentoria Economics, Ken Gichinga, says, "Each company has had its own unique path. But what they all have in common is the difficult operating environment caused by a series of tax measures that have made the costs of inputs go up while the customer base shrinks."
"To make things better, we need to make the business world more competitive by keeping interest rates low and taxes low." He says, "This will help both the income side and the spending side of the economy."
Karimi Warui, who is in charge of Investment Banking at Renaissance Capital, says that the continued decline, especially in the manufacturing sector, is due to a chain reaction of long-term economic choices.
"People have less money to spend because of higher prices of living, mostly because of inflation," she says. "There is less demand, which leads to less production." "This is in addition to higher taxes that have made it more expensive to make things and high interest rates in both the public and private markets that have made it hard to get money."
Management consultant Denis Kabaara says that Kenya is not competitive compared to other places to spend because of a number of factors, including low productivity and a lack of value chains that are linked to each other.
"First, we need to figure out what makes us good at it." I don't believe we have this figured out. We need to build this up and think more about farming and preparing food. Also, farming needs to be made more productive because it's not very productive right now.
"We need to fix the big problems that people are upset about if we want to build better things." "These are things like knowing how much taxes will be, the cost of electricity and labor, and corruption," he says.
Kabaara also says that one reason the country hasn't been able to attract investors is that the way the economy is set up has allowed a few companies to become monopolies or duopolies in their own fields. Over time, big companies have used their power to make it hard for new companies to enter the market. They did this to protect their turf.
He also says that because some big players are making a lot of money, they have fought back against efforts to change the way the economy works by pushing and mostly getting their way when it comes to making policy.
"We need to change how we think." I believe Kenya Kwanza is trying to do this—they're trying to change the way the economy works but they're not telling us how they're doing. They want to change the economy from one that supports businesses to one that supports the market. This is what India has been trying to do. He also says that the Hustler plan is similar: they are supporting production to build a new base of consumers. He also says that the State has been doing things wrong when it tries to reform some areas because it doesn't have any alternatives to the old systems.
He says, "The government is trying to bring in something new before they have cleaned up the mess they already have."
Muinde says that investors don't trust the Kenya Kwanza regime because the government doesn't seem to have put much focus on manufacturing, even though it could create jobs and help the economy grow.
"Companies may have chosen to come to Kenya because of friendly policies, a good tax environment, and even tax breaks. But because of these other factors that make doing business more expensive, the country may no longer have a comparative advantage," he says. He also says that the government's much-talked-about Bottom Up Economic Transformation Agenda (Beta) has not shown that it is committed to manufacturing.
Most Kenyans are completely taken aback by what is dominating local political news and analysis currently. Why is the media ignoring very important statements and utterances from certain quarters? Which sustains the current aggressive narrative that Baba and Kenyan politics is "kwisha maneno"?
Some eyeopeners from Kumekucha Chris.
Currently there's a lot happening in Kenyan politics and I'm sure many political analysts will strongly disagree because I see the way they struggle to get a topic for their YouTube videos these days. Right now we can see many many political analysts "forcing news" where there's actually no news and emphasizing on particular developments while ignoring others which are much more terribly important...
What the then Member of Parliament was actually saying is that there was a plan to assassinate. Obviously the target would not be his small small campaign team. It was his campaign vehicle he used it all the time and In the heat of the campaigns for those general elections at the time I know most of us missed that particular piece of information. And this was all linked to the eventual shock election results of Lunga Lunga constituency.
Nobody is talking about the man who is a heartbeat away from Agwambo. Or even what he is saying about Raila and the AU saga. Very surprising revelations.
The truth is slowly but surely emerging to reveal what happened in Uganda where the photographs of Raila, Ruto Mueveni in conference next to cows exploded from. It turns out that it was a set-up.
Firstborn children have many challenges that most are completely unware of. Especially challenges that have to do with stuff that may not be clear to most.
It is therefore NOT uncommon for firstborns to give up in life or live a very frustrated life. But this can be avoided if one starts to understand the possible spiritual causes of their problems.
The story of Madam President Suluhu Hassan, first gentleman His excellency Hafidh Ameir and the humble Zanzibar family where the most powerful woman in East Africa is a co-wife.
Madam President Suluhu Hassan, the first female president of Tanzania and one of the most powerful women in East Africa, has been subject to discussions regarding her marital status and whether she is a co-wife. It is important to approach this topic with sensitivity and respect for cultural differences.
In some cultures, polygamy is practiced, allowing a man to have multiple wives. However, it is crucial to note that President Suluhu Hassan's personal life should not overshadow her achievements as a leader. Her position as the president of Tanzania should be evaluated based on her qualifications, leadership skills, and contributions to the country.
While it may be interesting to explore how President Suluhu Hassan balances her personal life with her political responsibilities, it is essential to focus on her accomplishments as a leader rather than speculating about her marital status. As an influential figure in East Africa, she has the potential to inspire and empower women across the region regardless of their relationship dynamics.
This government is pursuing and supporting Raila Odinga's candidacy for the presidency of the African Union, which is now the biggest story in Kenya. Actually, it was them who first broke the story, and according to UDA party bloggers, they are endorsing Raila to be the president of Africa. What is this place actually about?
Some crazy drama is unfolding between the judiciary and the executive. And it will culminate in CJ Martha Koome being "played" and removed and a very "executive friendly" CJ appointed, who happens to be a former IEBC chairman who always favoured Jubilee in past presidential elections.
And the very scary developments that seem to confirm this mind-boggling plan have mostly been ignored by Kenyans as being too petty.
The photos from Uganda of Ruto, Museveni and Raila together that froze Kenyans and caused many to lose their sleep. Kumekucha's deep analysis reveals much more than expected...
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Unleashing the hidden powers of the mind has always been a fascinating subject for both scientists and individuals. The subconscious mind, often referred to as the "hidden treasure" within us, holds the key to unlocking our true potential.
The subconscious mind, shrouded in mystery, is a powerful ally waiting to be discovered. Can you dare to stop and make a serious attempt at unlocking its secrets?
It may be okay for you to keep ignoring it, but the facts are very frightening and mind-blowing. The subconscious mind is the silent force that influences our daily lives, often without us even realizing it. It is estimated that the subconscious mind controls a staggering 95% of our thoughts, behaviors, and habits, while the conscious mind only accounts for the remaining 5%. Understanding and harnessing the power of the subconscious mind can greatly enhance our ability to achieve goals, overcome obstacles, and improve overall well-being and that means your health.
David Murathe Changed: In his younger days David Murathe was a shockingly different man. What happened? And why does Kenya have such a long list of people who started out with big patriotic dreams but ended up with a legacy that rubbishes everything they originally stood for? A search for answers to a most complex question.
The events that have been unfolding in West Africa and Central Africa have really excited Kenyans
And I dare say that Kenyan authorities should be very concerned that Kenyans are excited. They need to ask themselves why these coup events have really excited Kenyans.
But in the excitement there is a lot of misconception and even confusion, because most do not have experience in following international politics or even foreign news of what is happening in other countries.
And yet the way things are shaping up in Africa it is going to be increasingly important to understand very clearly what is happening in other African countries. There are two reasons;
1) It will help you understand what is happening locally in your country e.g. in Kenya
2) Trends are showing us very clearly that in most instances what happens elsewhere tends to spread to other African countries and could easily come to your country.
Senator Cherargei seems very keen to be a member of the ODM party. So much so that his keen interest in the party causes him to comment and make suggestions concerning ODM internal affairs. Join ODM senator, your love for the party has been proved.
Raila's chess move: After the recent move by the ODM party to finally discipline errant politicians who have been voting with the government in parliament and supporting UDA positions, the question on the minds of Kenyans is what will happen next?
Most are skeptical, especially after Kenyans saw what was done to Uhuru Kenyatta's Jubilee Party recently as errant politicians grabbed it for William Ruto.
However in this instance, it seems that this is only the initial move by Raila Odinga in a larger scheme to deal even with those legislators who visit State house at night and ultimately to strengthen the party for a major looming political duel.
Why does Raila Odinga cause so much panic and terror amongst UDA and Kenya Kwanza ranks? Why do they fear Raila?
Kenya politics is very difficult to understand if all you dollow is Kenya news. The right analysis will make a huge difference.
Don't miss this super-golden opportunity.
The Kenya Kwanza and Ruto regime continues to embarrass itself and the country, this time on the world stage with a global audience watching.
An attempt to block Raila Odinga from attending the ongoing Climate summit in Kenya backfires badly as the enigma receives desperate invitations from International bodies.
It even causes the Interior PS Raymond to suddenly issue a stern statement changing the security protocol at the KICC which is the venue of the conference. And all this comes hot in the heels of Raila being temporarily blocked from entering Narok.
We attempt to decipher this bizarre and yet childish UDA government policy.
Keen analysts of Raila Odinga politics for sometime will have noted that the enigma has been behaving out of character in recent weeks. Indeed since the talks between the government and opposition kicked off.
Boni Khalwale's involvement in the 1982 coup attempt: At the time, Boni Khalwale was a First Year student at the University of Nairobi, pursuing a Bachelor's Degree in Medicine and Surgery (1981-1987).
With five of his colleagues, among them, Shem Ochuodho, David Murathe, student leader Titus Adungosi (deceased), the former MP stormed then Voice of Kenya (now KBC) offices, to declare that university students were in full support of the coup.
Meeting the mastermind of the revolution, Hezekia Ochuka, and other airforce officers in the studio, the very enthusiastic Khalwale was allowed to speak and declare his rebellious stand on behalf of his colleagues and university students as a whole at the time. (Watch YouTube video short to hear what he said).
Hezekiah Ochuka was intrigued by the bravery of the young men. The act, though seeming wise at that moment, earned Khalwale a one and a half year suspension from the university when the dust settled.
However, it worked in his favour because it signalled the start of his political career.
"I can’t help but laugh when I think about it today,” disclosed Khalwale. “I never even thought about the danger I was exposing myself to,” he added.
Are Kalonzo Musyoka and Raila Odinga reading from the same script? The two major principals of Azimio have been saying very different things about the same topic. And meanwhile Martha Karua has been trying to explain what Kalonzo really said, in this age of instant replay of video speeches where we can all hear clearly what somebody said.
Cries of pain, rage and frustration amongst long suffering wananchi (NOT wenye-nchi) caused by the savage tax raid on hapless Kenyans are understandable but will not change the fact that President William Ruto's government must continue borrowing and taxing Kenyans even more harshly to raise money to pay the debt the government is servicing, and also to pay for the reckless, careless-no-clue spending that is going on.
Earners of up to Sh24,000 still pay 10 per cent as tax; 25 per cent tax on the next Sh8,333 and 30 per cent for those earning Sh32,333 up to Sh499,999. Above that the 35 per cent tax will now kick in.
Ruto's first business deal: Most Kenyans know what Cyrus Jirongo told us about William Ruto's first business deal. He sold KANU T-shirts to Cyrus Jirongo.
He was supposed to deliver 10,000 T-shirts. He delivered the same 1000 T-shirts 10 times until the store records at Jirongo's office showed that he had delivered 10,000 T-shirts but in the stores of Jirongo
there were only 1,000 T-shirts. Where did the other 9,000 go?
Jirongo solved the mystery; there were never 9,000
T-shirts ever. Only the 1,000 delivered and taken back.
Then he joined YK 92. Now many people referring to this period often make the mistake of saying that Ruto was one of the big wigs in YK 92. That is NOT factual.
Kipruto arap Kirwa knows William Samoei Ruto very well and has told us that the weakness of Ruto is that he takes shortcuts in solving every problem.
He always wants to do things very quickly. Kirwa referred to the now very famous "three matatus" remarks by the president. Three matatus referring not to the vehicles but to three points Ruto talked about; you either leave the country, go to jail or we transport you to heaven. Kirwa said that the sugar industry is in a mess and the problems in the industry are complex. Kirwa said that because of Ruto's character of taking shortcuts and even as he campaigns for 2027, hence his behaviour in Mumias.
According to his own words Ruto started out as a chicken seller along the highway. Other information suggests that he did a lot of things to try and make money.
Which is okay. It is in fact good and there is absolutely nothing wrong with that. And then the major breakthrough came when he got a job (not working in an office) but as a driver to Cyrus Jirongo, who was then a very influential KANU politician and this is where Ruto proved that he is super intelligent because just listening in into
conversations between his boss and other powerful people in Kenya, he managed to get his foot into Kenyan politics and into business.
Now of course about his first business deal, most Kenyans know about it. He sold KANU branded T-shirts to Cyrus Jirongo. Jirongo is still very bitter about that particular deal.
It was just four days after Gabon held a presidential election that was disputed by the opposition but where incumbent Ali Bongo claimed victory. Army officers appeared on state television to announce they’d canceled the Aug. 26 vote and taken over. The citizens cheered wildly. Bongo first took office in 2009, succeeding his late father, who had been President since 1967. The ruling family’s grip on power has come under pressure in recent years. Soldiers already launched a failed coup in 2019, months after Bongo suffered a stroke that put him out of action for several months.
Gabon, is an oil producing country that rejoined OPEC in 2016 after a 21-years and pumps about 200,000 barrels of crude a day. It is a relatively small producer and so any disruptions in production are unlikely to impact world markets. But of much more concern to the international community is Gabon's role in the production of manganese, used to produce some of the hardest forms of steel.
The big elephant in the room that the Western media has missed here are the ordinary people in those countries that have suffered coups so far. It may be that ordinary Kenyans are "feeling" their West Africa brothers and sisters hence the reaction currently in the country of wondering if there is any concern in the corridors of power. Watch short: Coup caused corrupt leaders to try to swim to safety across ocean
It is clear that after the very dramatic events in Central and West Africa, things will never be the same again in Africa.
It is barely a month since Niger’s military toppled its president and then boom, Gabon’s army seized power, bringing to nine the number of military coups across sub-Saharan African since 2020. What is driving all these numerous coups? So far the western media has completely missed the elephant in the room, which I will come back to shortly.
Actually this thing of time is much more serious than what you think and it is even spiritual because we are given time and all of us are given the exact same amount of time. The billionaire entrepreneur has exactly the same time on his hands to spend every day as the poor man living in a slum somewhere in Kibra, Nairobi.
What most of us don't realize is that this time we have in our hands all the time, we will have to account for all of it one day. We will have to account for our time from the one who gave it to us. You're not here by accident you were brought here and you were given time to accomplish your mission not mine or anybody else's your particular mission on earth. And you were given a certain time in which to accomplish it (70 years to be precise give or take).
Time is much more precious than gold, money, silver, precious metals
Time should be looked at like money because indeed it is even more precious than money because you can lose money and you can recover it. But once you lose time it is gone forever there is no known technology that can help you recover your time. It is gone and gone forever.
And the saddest of all sad things is that one of the biggest thieves of this time (because we have agreed time is more precious than money) one of the biggest thieves of this time, this very precious thing called time, is distractions.
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Any posts breaking the house rules of COMMON DECENCY will be promptly deleted, i.e. NO TRIBALISTIC, racist, sexist, homophobic, sexually explicit, abusive, swearing, DIVERSIONS, impersonation and spam AMONG OTHERS. No exceptions WHATSOEVER.