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UhuRuto economic massacre sees another company shut down

Golden Africa Kenya, a manufacturer of fast-moving consumer goods is now closing its doors thanks to the economic massacre under President Uhuru Kenyatta and DP William Ruto’s reign.

Golden Africa Chairman Mr Fathi Saeed has through the company MD Abdulghani Alwojih sent an internal memo that all Golden Africa Kenya workers will be sent on forced unpaid two weeks to leave until further information.

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Golden Africa Kenya Limited launched its operations in Kenya in 2015. The company’s core business activities include manufacturing of edible oils, cooking fat, multipurpose washing bars and detergent.

Golden Africa Kenya Limited mother company is owned by Saudi Arabia’s Hayel Saeed Anam (HSA) family.

At least one million Kenyans have lost their jobs or have been put on indefinite unpaid leave as the Covid-19 pandemic morphed into a major jobs crisis. The worst-hit companies are in the tourism, transport, horticulture, communication and education sectors.

Despite the policy measures that saw the State reduce the personal income tax top rate from 30% to 25%, instituted a 100% tax relief for low-income earners, lowered the VAT rate, and reduced the turnover tax rate for SMEs, the economic fallout of COVID-19 is still being felt.

In November last year, Justice Weldon Korir ruled that the KRA has become a monster in itself by killing local businesses over alleged failure to pay taxes. Thousands of Kenyans are rendered jobless once the companies are shut down.

“When KRA proceeds to kill businesses in the guise of collecting taxes, it becomes an undertaker and will itself eventually die since its survival depends on the existence of income-generating businesses from which it can collect taxes,” ruled Korir.

When Choppies which had 12 stores in Kenya and had announced plans to treble that number over the next three years, was faced with financial difficulties after acquiring Ukwala stores for Sh1 billion and announced to leave because it was becoming expensive to run business in Kenya.

It is very expensive to run a business in Kenya and the frustration from government and State agencies is demoralizing if not closing the already struggling businesses.

 


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