Kenya must seal loopholes that are forcing investors, particularly manufacturers, to exit the country in what is likely to lead to a major economic crisis.

For Kenyans, this is an existential threat as consequences go beyond just job losses, but also pose a threat to foreign exchange inflow as this affects exports which provides the much-needed forex.

The government must, therefore, undertake strategic measures which unfortunately include striking a balance over the raft of punitive taxes which are mostly behind the surge in ease of doing business.

The escalating prices of fuel must dealt with. A stable and affordable energy supply is essential for growth, and the government must take measures to reduce the cost of power, provide relief to manufacturers and bolster their competitiveness.

Tax incentives to manufacturers are an effective strategy to attract and retain businesses, and this can stimulate investment, and job creation, and ultimately contribute to economic growth.

Kenya can enhance its global competitiveness and create a resilient economic base, especially by encouraging local value addition and by supporting industries that add value to raw materials.

More importantly, a significant reduction in the recurrent budget is important as it will signal fiscal responsibility. But the government must ensure that funds are directed toward critical areas that support economic growth.

Cartels that foster corruption and wastage in government must be tackled. A transparent and accountable administration is vital to instil confidence in investors and create an environment conducive to sustainable business operations.

In addition, freezing non-priority projects is important during such times of economic uncertainty. By prioritizing essential initiatives, the government can allocate resources more efficiently, preventing unnecessary financial strain.

Above all, the government must move to protect local industries to safeguard against external threats, by implementing policies that foster a level playing field for domestic businesses to ensure their survival and growth.

It is possible for Kenya to not only retain its existing investors but also attract new ones, by nurturing a business-friendly environment that benefits both the workforce and the economy.