- SMEs are calling for changes to tax and credit policies to ease pressure on businesses.
- Business leaders warn that financial barriers are limiting enterprise growth and job creation.
- Government support programmes face calls for stronger measures to help small businesses expand.
Heavy taxes and limited access to credit are holding back small businesses in Kenya, a business leader said in Nairobi, as he urged the government to rethink its economic policies.
Jared Oundo, Executive Director of Jubilant Stewards of Africa, made the appeal on the sidelines of the 12th Pacesetters International Awards. The yearly event recognises business leaders for innovation, job creation and their contribution to society.
Oundo said small and medium enterprises (SMEs) struggle most with high tax rates and difficulty in getting loans. Together, he argued, these two pressures leave many firms unable to grow beyond their current size.
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He conceded that the government has introduced a number of programmes over the years to support businesses. However, Oundo maintained that the underlying problems have not been resolved. In his view, the state needs to review its monetary and fiscal policies if conditions for smaller firms are to improve.
Oundo warned that without regulatory relief and a deliberate effort to remove these financial barriers, many enterprises will struggle merely to stay afloat. Yet these are the same businesses that, in his words, power the country’s economy.
The awards ceremony, meanwhile, brought together business owners and industry figures in Nairobi to celebrate firms that have made their mark through enterprise and community impact.
By Benedict Aoya
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