Cost of housing to shoot as import levy shrinks cement production, consumption

President William Ruto's desire to collect more taxes risks increasing the cost of building houses. [PCS]

Import of clinker, a critical raw material used in the manufacture of cement, has dropped significantly due to a new levy introduced by the government in the Finance Act 2023, latest data shows.

The introduction of export and investment promotion levy in the Act also led to reduced imports of iron and steel, which leaves Kenyans with the possibility of increased cost of houses.