The Kenyan economy is in an actual economic intensive care unit (ICU). Forget about the numbers being flashed on the papers by government agencies that the economy is growing.
The government told Kenyans that the economy of Kenya expanded by 6.3 percent in the year 2018 but things on the ground are different and getting worse by the day.
Businesses are literally collapsing, companies going under receivership, companies exiting the Kenyan markets for other countries with the most affected being the Small Medium Enterprises (SMEs).
At least 1,000 SMEs are dying daily in Kenya, taking the number to 30,000 SMEs folding businesses every month.
Kenyan economy thrives on the wheels of SMEs. They employ 86 percent of the population and contributes at least 45 percent to Kenya’s gross domestic product (GDP).
Before going further, here is a list of companies that are either dead or on their way to the grave:
Mumias Sugar Company that has been ailing over the years, breathed its last when it was finally laid to rest by being placed under receivership by KCB Bank.
“KCB Bank Kenya Limited can confirm that Mumias Sugar Company has been placed under receivership to protect its assets and to the best extent maintain its operations,” said KCB in a statement.
Kenya Airways has been described as a flying shell. The once vibrant Pride of Africa has been making losses for years and for now, there is no hope of it ever rising to scale the skies again.
There is a need for the government of Kenya to wake from the slumber and realize that the economy is on its knees.