Kenya losing Ksh3 billion per day over anti-government protests, KEPSA
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KEPSA estimates Kenya businesses are losing Ksh3 billion per day over Azimio anti-government protests
KEPSA estimates Kenya businesses are losing Ksh3 billion per day over Azimio anti-government protests.
On Wednesday, July 12, the Kenya Private Sector Alliance (KEPSA) projected that the current anti-government rallies were costing Kenya an average of Ksh3 billion per day.
According to KEPSA, the protests are having a severe effect on the economy, forcing businesses to close and maybe resulting in the layoff of staff due to the financial losses.
The alliance therefore urged the government to act to put a stop to the demonstrations and reestablish order, stating that the nation could not bear the financial burden of the disturbance.
“We acknowledge the significance of picketing as a means for individuals to express their concerns and complaints, and we uphold the essential right to peaceful assembly and protests. However, the growing destruction of properties and especially targeting businesses for boycotts last week and destruction this week negatively affect economic and social stability, which the private sector requires to foster growth.
“Weaponisation of the country’s economic drivers is occasioning unnecessary losses to the tune of about Kshs3 billion daily. 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 warned.
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The Association insisted that its members provide core services to individuals from all backgrounds regardless of their political affiliations and, therefore, they must be protected from any political machinations.
“By a considerable measure, these organisations are also a barometer of our economic stability, and an attack on them is an affront to Kenya’s national economic aspirations,” the Authority added.
According to KEPSA’s estimation, the country may lose Ksh90 billion every month as a result of the unrest affecting the government’s finances and the livelihoods of ordinary Kenyans.
“As a private sector, we remain committed to the prosperity and development of our country and we will continue to support initiatives that promote peace and stability.
“We believe that by working together, we can build a better Kenya for all its citizens. We firmly denounce the politicisation of private sector enterprises and their constant use as shields in the political battlefront, Capital both local and foreign is shy and it will flee where there is no security,” KEPSA stated.
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