1,000 Kenyans Laid Off, 65,000 More Jobs at Risk as US Trade Deal Lapses

Hello and welcome to the Money News Roundup, where we cover the mass layoff of Kenyans working in export zones ahead of the expiry of the US trade deal. We also cover the increased fees to national parks.

1,000 Kenyans Laid Off, 65,000 More Jobs at Risk as US Trade Deal Lapses

Companies exporting goods to the US have already started reducing their workforce ahead of the lapse of the African Growth and Opportunity Act (AGOA). For instance, United Aryan, a Kenyan factory exporting Levi’s and Wrangler jeans to the US, has already laid off 1,000 workers in anticipation of the higher duties.

Over 65,000 other employees working in Export Processing Zones (EPZs) are at risk of losing their jobs as deal expires at midnight on Tuesday. 

The duty-free pact, which has allowed exporters dealing mainly in apparel and nuts to access the US market tariff-free, now face tariffs imposed by the Trump administration. The tariffs take effect from October 1.

As reported in the Business Daily, AGOA boosted Kenya’s export earnings to Ksh60.5 billion in 2024, a 41.9% increase since 2020, and supported over 66,800 jobs in 2024.

Meanwhile, the Ministry of Trade says it remains confident of an extension, with President William Ruto currently lobbying US authorities for an extension.

Although the White House supports a one-year extension, US Congress has yet to extend the deal.

While, in the US, Ruto had hinted that a deal would mostly likely be renewed by the end of the year. "I will be asking him for the US to consider seriously renewing and extending AGOA for at least a minimum of five years, because it is a platform that connects Africa and the US in a very fundamental way, and it can go a long way in solving some of the trade deficits and challenges that exist at the moment," Ruto told Reuters during his latest trip to the US.

KWS Announces New Entry Fees for All Its National Parks

The Kenya Wildlife Services (KWS) has announced new rates for national park entry and activity fees, effective October 1, 2025.

Nairobi National Park's entry fee for an East African Citizen will increase from Ksh430 to Ksh1,000. 

For Amboseli and Lake Nakuru National Parks, the rates will be Ksh1,500 and USD90 (Ksh11,655) for foreigners who are not africans. Africans will be charged USD50 (KshKsh6,472).

Exemptions from entry fees apply to Kenyan citizens aged over 70, persons with disabilities, children under five, and registered tour drivers/guides/boat crew. Read more here. 

Wealthy Families Invest Ksh434.5 Billion in Treasury Bonds

Wealthy Kenyan families have invested Ksh434.5 billion in government bonds, boosted by the Central Bank of Kenya's digital platform, DhowCSD, which enables easy online purchases. The platform has simplified access, replacing the previous manual system requiring visits to CBK offices or banks.

This marks the first time CBK has disclosed the direct holdings of households, foreign retail investors, companies, and NGOs in Treasury bonds. 

Household investments surged at a time when there was increased interest rates and weak returns from stocks and property.

As reported in the Business Daily, households now hold 6.57% of Kenya’s Ksh6.61 trillion domestic debt. 

KRA Targets Ksh300B From 11 Million Pin Holders 

The Kenya Revenue Authority (KRA) aims to collect over Ksh300 billion from around 11 million informal sector PIN holders in the current financial year.

Through its Micro & Small Taxpayers (MST) Department, KRA is simplifying tax processes for Micro, Small and Medium Enterprises (MSMEs) to boost compliance and revenue. 

Commissioner George Obell noted that MSMEs contribute 40 to 50% of GDP and employ most of the workforce but face challenges like complex tax procedures and limited support. As a result KRA plans to open over 10,000 agent centres to complement its 136 offices, launch tax education campaigns, and offer incentives for compliant businesses.

It will also provide digital tools and work with industry players to create sector-specific solutions that encourage voluntary tax compliance. Read more here.

Trump Announces Plan to Impose 100% Tariff on Foreign Movies as Netflix Shares Drop

US President Donald Trump announced plans to impose a 100% tariff on all foreign-made movies, a drastic measure that could significantly disrupt Hollywood's global operations.

Trump stated on Truth Social that the US movie business has been ‘stolen’ by other countries This move raises major uncertainties for studios heavily reliant on international box-office revenue.

As reported by Reuters, the move has affected of the production companies such as Netflix, whose shares dropped 1.5% after the announcement.

Mombasa Port Lags in World Bank’s Efficiency Rankings

As reported in the Business Daily, Mombasa Port has fallen behind in operational efficiency, ranking 375th globally in the 2024 Container Port Performance Index (CPPI) by the World Bank and S&P Global.

With a score of –89, the port shows a declining trend over five years, reflecting persistent inefficiencies in vessel turnaround. Regional issues like poor automation and connectivity, worsened by the Red Sea crisis, contributed to this.

In contrast, Dar es Salaam showed more stability, though still low-ranked. West African ports like Dakar and Cotonou saw major improvements, with Dakar leading in sub-Saharan Africa.P

Earlier in the month, President Ruto announced Ksh41 billion for Mombasa port expansion to boost capacity. KPA is also working with container freight stations to accommodate growing cargo volumes and enhance performance.