In a stark warning, Anthony Mwangi, the CEO of the Kenya Association of Manufacturers (KAM), has projected that approximately 3,000 Kenyans may face unemployment if the proposed Finance Bill, 2024 is enacted. This bill, currently under debate, has generated significant concern among various stakeholders, particularly within the manufacturing sector.
The manufacturing industry in Kenya, a critical pillar of the country’s economy, stands to be significantly affected by the proposed changes in the Finance Bill. According to Mwangi, the introduction of new taxes and the adjustment of existing levies could escalate operational costs for manufacturers. This increase in costs may force companies to downsize their workforce to maintain profitability and competitiveness.
“Should the Finance Bill, 2024 pass in its current form, we are looking at a scenario where approximately 3,000 Kenyans could lose their jobs,” Mwangi stated. “The manufacturing sector cannot absorb these additional financial burdens without making tough decisions.”
The potential job losses come at a precarious time for Kenya’s economy, which is still recovering from the adverse effects of the COVID-19 pandemic. Unemployment rates, already a concern, could be exacerbated by the implementation of the Finance Bill. The projected job cuts would not only affect the individuals directly employed in the manufacturing sector but also have a ripple effect on their dependents and the broader economy.
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