Browsing: KenInvest

The global economy is struggling and in East Africa’s economic hub, Kenya, things are no different as the slowdown effects sink in.

East Africa’s biggest economy has suffered from a myriad of challenges in addition to what is happening globally but things are made worse by what is happening in the country as theft by government officials thrash the economy out of shape.

As the country’s fiscal policies by the government misalign with the reality, Kenyans are bracing themselves for tough times ahead as the country teeters on the brink of uncertainty.

Unfettered theft and job creation scams

Kenya is in a stupor occasioned by the recurring multi-billion scandals that seem to go unpunished every day.

The country’s leadership seems to have deserted the citizens to their own means of eking out a living while those caught with their hands in the cookie jar are paraded in front of cameras …

Most entrepreneurs have not prepared a business succession plan for their businesses in case of their departure, industry players have noted, which has led to the collapse of many Small and Medium Enterprises (SME) in the demise or the absence of the business owner.

In most cases, it is the owner who carries the vision of the business and ensures that the business remains afloat.

Additionally, most SME’s do not have comprehensive risk and asset management solutions, which leaves them greatly exposed to manageable risks and therefore stand a very slim chance of recovering their business in case of an event.

This was reported during an Invest In Africa-Kenya and Liberty Life Insurance forum in Nairobi this week, attended by over 60 SMEs.

The forum was convened to discuss business sustainability beyond the owner under the theme: “Beyond the Business: Is there tomorrow for your company?”

Speaking at the event, …

The Kenya Bureau of Standards (KEBS) is spearheading a countrywide inter-agency initiative targeting stakeholders of Kenya’s informal craftsmen popularly known as Jua Kali to unlock barriers hindering their growth. KEBS, whose key mandate is to ensure standards are adhered to while ensuring fair and just trade, is working with the Kenya Revenue Authority, Anti-Counterfeit Authority, Export Promotion Council, KenInvest and Youth Enterprise Fund.

In the past stakeholders mainly from the Kenya National Federation of Jua Kali Association have cited tough regulations that introduce layers of red tape across government agencies as huge barriers to their survival.

“We are cognizant of the key role the MSME sector plays in Kenya’s economy. These forums are important to not
only understand their challenges but also explore ways of working across agencies to create an enabling environment anchored on simplified procedures and regulations,” said Dr. Henry Rotich, Director of the Metrology and Testing Division …