Political crisis costing Kenya economy billions daily


Kenyans protest. File photo by AFP

from MARIA MACHARIA in Nairobi, Kenya
Kenya Bureau
NAIROBI, (CAJ News) – KENYA’S economy is losing KSh3 billion (US$141,2 million) daily amid boycotts and the ongoing demonstrations that have turned violent.

The Kenya Private Sector Alliance (KEPSA) disclosed the figures as it denounced the upheaval as a setback to the economic growth agenda of East Africa’s largest economy.

KEPSA, representing 161 businesses, said the growing destruction of properties and especially targeting businesses for boycotts last week and destruction this week negatively affected economic and social stability, which the private sector requires to foster growth.

“The weaponisation of the country’s economic drivers is occasioning unnecessary losses to the tune of about KSh 3 billion daily,” it stated.

“For a struggling economy, hard hit by the effects of a prolonged drought, general elections, and economic slowdown last year and compounded by general global economic challenges, Kenya can ill afford the political activities currently at play.”

KEPSA appealed for the protection of jobs and revenue generated by all businesses for the sake of Kenya’s progress.

It reminded that Kenya has been a beacon of hope and peace in the region, continental and globally and the only African country to the United Nations headquarters among many other International organizations that contribute to jobs and revenue for the country and gives Kenya a global status.

“This we can lose in a moment too,” KEPSA warned.

“KEPSA, therefore, wishes to implore politicians to review their political stand and consider pursuing alternative dispute resolution measures outlined in our constitution as well as protect the rights of businesses to operate without fear of political retribution or violence.”

The opposition Azimio La Umoja – One Kenya Alliance has called for the protests on Mondays and Thursdays, against the government of President William Ruto.

Ruto left for Europe on Sunday for a four-day official visit.

The dust is yet to settle after last August’s election when opposition’s candidate, Raila Odinga, claimed vote rigging.

Two people have died since the violence began last week.

– CAJ News

























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