Pwani Oil Commercial Director, Rajul Malde says manufacturers are facing low consumer demand for products due to low spending by the national and county governments as well as the impact of the cap on interest rates that has suppressed money circulation.
Malde fears that if the government does not urgently address especially the cap on interest rates to boost money circulation, then low consumer demand could stifle the manufacturing sector.
Bankers and development partners such as the IMF have been leading the calls on the government to lift the cap on interest rates.
Manufacturers are concerned that the interest cap has negatively affected money circulation among consumers.
He says the manufacturing agenda of the Big Four plan is hinged steady demand for goods locally manufactured goods.
Malde welcomed the fight on contraband goods that he says has leveled the playing field especially for local manufacturers some of who were competing with goods dumped from other countries.
Manufacturing is one of the four priority agendas for the government over the next four years.