Kenya is built on the wheels of Small and Medium Enterprises (SMEs). 86 percent of the Kenyan population is employed by SMEs and contributes about 45.5 percent to the country’s GDP. However, the sector faces a myriad of challenges.
450,000 SMEs shut down annually in Kenya. This means about 30,000 are shutting down monthly and 1,000 are closing shop daily. Given that these numbers were collected way before Covid-19, the numbers might be huge at the moment.
Among the challenges facing SMEs in Kenya are inadequate access to capital and credit, unfriendly tax regimes, inability to access new markets despite the technological advancement, corruption, and mismanagement.
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The implementation of the African Continental Free Trade Area (AfCFTA) came as a blessing to many entrepreneurs and SMEs within and without Kenya. Unfortunately, not so many Kenyan SMEs are aware of this and have no idea how to take part and benefit from it.
The African Continental Free Trade Area (AfCFTA) was about integrating African economies with the potential to unlock a market of 1.3 billion people. This was an important step towards Africa’s economic transformation.
Removing barriers to intra-continental trade is critical for incentivizing the production of goods and services, and creating market opportunities and much-needed jobs for Africa’s youth.
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If you are an SME that trades across the African continent, or does your business have plans to do so, on July 13, 2022, an International Trade Lawyer, Ahmed Yasin Jelle will discuss the opportunities that the African Continental Free Trade Area (AfCFTA) will present to Kenyan SMEs once it is implemented.
Ahmed Yasin Jelle International Trade Lawyer and author of Economic Integration and Globalisation in Africa: Regional Economic Communities within the context of the African Continental Free Trade Area.
To be part of this discussion, please register through https://qoba.io/access_webinar