Kenya loses Sh70bn to fake goods annually

By NDERITU GICHURE

NYERI, COUNTY: Kenya is losing more than Sh70 billion to counterfeit goods annually, the Anti-counterfeit Agency (ACA) has revealed.

ACA research and awareness acting Director Agnes Karingu said the manufacturing industry is the worst hit, losing an estimated Sh50 billion annually.

Importation of counterfeits results in the Kenya Revenue Authority (KRA) losing at least Sh20 billion to tax evasion annually.

Speaking during the launch of a campaigned dubbed Fagia Bandia (weed out counterfeits) Campaign in Nyeri Wednesday, Karingu said the proliferation of counterfeit goods is responsible for the woes facing local industries.

“Most of our local industries are dying a slow death as a result of an influx of counterfeit goods, which continue to deny our country some much-needed revenue,” she said.

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As a result, Karingu said, most youths remain jobless and others lose their jobs when local industries are forced to close down.

“All consumers should be vigilant when it comes to issues of identifying counterfeit goods, as most of them pose a health hazard to users,” said Karingu.