There are thousands of jobs at stake after a multinational company is likely to shut down from the Kenyan market and focus on importing its products from neighboring countries.
Coca-Cola is likely to withdraw from the Kenya market due to the country’s tough economic times. Microsoft is also leaving Nigeria under the same conditions.
Last month, Cola Beverages Africa announced its intention to grow its investment in Kenya by up to $175 million over the next five years.
However, they had to seize its operation in the country following massive taxes imposed on the company by the government.
Due to EAC duty-free tax policies, the government has been pressuring companies and investors to shut down, relocate to Uganda or Tanzania, and export.
Content creator Mumbi reveals how Coca-Cola has paused a huge investment deal in Kenya due to the nation’s current state.
They halted all activities in the ongoing campaigns across the country before the ink dried from the massive investment.
The company analysed the push from its users and their spending habits, according to sources. The government’s new move will result in consumers reducing their budget from refreshment to only food and other basic needs.
Content creator Mumbi reveals how Coca-Cola has paused a huge investment deal in Kenya due to the nation's current state. #coca-cola #bnnbasic
JOIN BNN BASIC- https://t.co/B29AHp8HFe pic.twitter.com/o8AJIpNBmI— Edgar Obare (@edgarobare) June 12, 2024