Notable Companies That Have Closed or Exited Kenya Under Ruto Regime

Since President William Ruto took office in September 2022, Kenya has experienced a noticeable rise in company closures, exits, and downsizing, cutting across sectors such as energy, logistics, retail, manufacturing, fintech, and insurance.

While global economic pressures like inflation, currency depreciation, and tighter global funding have played a role, many businesses have openly cited Kenya’s high cost of doing business, heavy taxation, regulatory uncertainty, and reduced consumer spending as major reasons for shutting down or exiting the market.

Below is a look at some of the most notable companies that have closed or exited Kenya during the Ruto administration.

1. Koko Networks (KOKO)

Koko Networks, a clean-cooking energy startup that supplied ethanol fuel through smart dispensers in low-income neighborhoods, shut down operations after entering administration.

The company’s collapse was linked to regulatory challenges around carbon credit approvals, a key revenue stream for the business. The shutdown affected hundreds of employees and over a million households that relied on its clean-energy solutions.

2. Sendy Kenya

Once one of Kenya’s most promising logistics startups, Sendy entered administration and later ceased operations after failing to secure new funding.

The closure highlighted the growing difficulties facing tech startups in Kenya, especially those dependent on venture capital amid tightening global investment conditions.

3. Copia Kenya

E-commerce platform Copia, which targeted low-income and rural consumers, was placed under administration and significantly scaled back operations.

Rising operational costs, logistics challenges, and reduced consumer purchasing power contributed to its downfall.

4. CMC Motors Group

CMC Motors, a long-established automotive and agricultural equipment dealer, exited the Kenyan and regional market after decades of operation.

The company cited persistent market challenges and high operating costs, marking the end of an era in Kenya’s automotive sector.

5. Procter & Gamble (P&G)

Global consumer goods giant Procter & Gamble announced plans to shut down its direct operations in Kenya, opting to serve the market through third-party distributors instead.

The move was attributed to currency pressures and the high cost of local operations, affecting jobs and local supply chains.

6. Base Titanium

Mining firm Base Titanium closed its Kwale County operations after depleting commercially viable mineral deposits.

While part of the closure was due to resource exhaustion, the shutdown still resulted in significant job losses and reduced economic activity in the region.

7. Ukwala Supermarket

Local retail chain Ukwala Supermarket was fully liquidated after years of financial struggles and mounting debt.

Its closure added to the growing list of Kenyan retail brands that have failed in recent years.

8. Blue Shield Insurance

Blue Shield Insurance was placed under liquidation following regulatory intervention, leaving policyholders and employees affected.

The collapse highlighted financial stress within the insurance sector, worsened by a challenging economic environment.

9. De La Rue Kenya

International currency printer De La Rue exited Kenya after reduced demand for banknote printing and declining revenues.

The move also reflected a broader shift toward digital transactions and cashless payments.

10. Other Companies That Have Exited or Shut Down

Several other companies have either exited the Kenyan market or shut down operations during this period, including:

• MarketForce (RejaReja)
• Lipa Later
• Sky.Garden
• Foschini Group
• Betsafe
• Kansai Coatings
• Caltex House Service Station
• Bank Al-Habib Kenya

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Why Are Companies Closing Under the Ruto Regime?

Business analysts point to several recurring factors:

• High taxes and levies
• Rising fuel and electricity costs
• Weak consumer purchasing power
• Regulatory uncertainty
• Currency depreciation
• Limited access to affordable financing

Although not all closures can be blamed solely on government policy, the business climate under the current regime has made survival difficult for many firms.

Impact on Jobs and the Economy

The cumulative effect of these closures has been severe:

• Thousands of jobs lost
• Reduced investor confidence
• Shrinking tax base
• Increased unemployment and underemployment

Small and medium-sized enterprises (SMEs), which form the backbone of Kenya’s economy, have been especially vulnerable.

Conclusion

The Ruto administration has presided over a period marked by significant corporate exits and business closures in Kenya. While global economic pressures cannot be ignored, many firms have clearly struggled with the local cost of doing business and policy environment.

As Kenya looks ahead, restoring investor confidence, supporting local enterprises, and reducing operational costs will be critical in reversing this worrying trend.