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Kenya has experienced an economic shift as some multinational companies have shut down operations in the country.
This move has resulted in substantial job losses, impacting a section of the citizens and raising concerns about the future of the country’s labor force.
These companies have cited various reasons, including the economic impacts of the Finance Act 2023 and the tax proposals contained in the Finance Bill 2024.
Others have also cited high operational costs, taxes, currency fluctuations, and declining sales.
Some of these companies include Procter & Gamble, Foschini, Base Resources, Kenya Betsafe and GlaxoSmithKline.
Foschini
One of the most notable exits is that of the South African luxury fashion brand Foschini.
On April 12, Foschini announced the closure and liquidation of its Kenyan establishments and appointed George Weru and Muniu Thoithi as its liquidators.
The company said the move followed a resolution made after a general meeting held by the management.
Betsafe Kenya
Betsafe Kenya announced that it was shutting down its operations in Kenya effective May 14, 2024.
The company, which launched operations in Kenya in 2020, closed down, rendering its Kenyan employees jobless.
Betsafe CEO Victor Sudi said the company was exiting the market due to excessive taxation.
Procter & Gamble (P&G)
Consumer goods giant Procter and Gamble (P&G) also announced that its exit from Nairobi in June 2024.
The American company listed various challenges, including currency instability, high operating costs, and reduced sales.
The move will impact approximately 30 direct workers and contractors. P&G is known in the East African market for brands like Pampers, Always, Ariel, Downy, Gillette, and Oral B.
Some of its other products include Old Spice roll-on, Oral B dental health care kits, Salvo dishwasher, and Downy fabric softeners.
Also Read: Kenyan CEOs Explain Why they Will be Firing Employees in 2024
Base Resources
The Australian-based company issued a notice in October 2023 announcing that it is closing down operations in Kwale County, Kenya.
Base Resources said the closure will impact its 1,746 workers, with hundreds losing their jobs.
The company cited the depletion of commercially viable ore at the mining site as the reason for the closure and its move to Madagascar.
However, the company said the workers would still be involved in post-production activities after mining works end, before the company relocates.
The company later announced that it has set aside Ksh1.1 billion ($7.7 million) to compensate its employees as it closes its operations in Kenya.
Further, the company indicated that the amount was part of the Ksh7 billion ($49.2 million) set aside by the company to fund the retirement of its Kenyan operations.
Also Read: Nairobi-Based Company Firing 1000 Employees Unveils Restructuring Plan
GlaxoSmithKline
In December 2023, GlaxoSmithKline (GSK), a British pharmaceutical multinational, closed its operations in Kenya.
The company left the Kenyan market after six decades, stating that it will use distributors to supply its products to the regional markets going forward.
GSK attributed the move to low sales after facing stiff competition from local manufacturers and cheaper generic drugs from India.
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