Kenyan industries fail to pull through as profits drop.
Despite the sense of optimism experienced at the beginning of 2018, after President Uhuru Kenyatta announced that manufacturing would be part of his Big Four Agenda, the sector has seen profits shrink, leaving it struggling to remain in business and leading to job cuts.
Indeed, as the year concluded, confidence in the sector’s potential to boost economic growth, create jobs and boost the living standards of Kenyans, in line with the agenda, waned significantly. The other three sectors are housing, healthcare and food security.
The chairman of the Kenya Association of Manufacturers, Sachen Gudka, said that the sector has over the past year has been buffeted by both economic and political factors.
“Still, though we may not be out of the woods yet, we have witnessed solid measures put in place to bolster the capacity of local industries,” said Mr Gudka.