The Kenya Private Sector Alliance (KEPSA) Wednesday, July 12, estimated that Kenya is losing an average of Ksh3 billion per day as a result of the ongoing anti-government protests.
KEPSA stated that the protests are having a devastating impact on the economy, with businesses forced to close and employees may soon be laid off as a result of the financial losses.
The alliance, hence, called on the government to take steps to end the protests and restore order, warning that the country cannot afford the economic costs of the unrest.
"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.
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.
The second round of the protests, which began in early July 2023, was met with a heavy-handed response from the police, leading to widespread damage to property and businesses.
The protests are the latest in a series of demonstrations against the government of President William Ruto. The protesters are demanding that the government address a number of issues, including the rising cost of living.
President Ruto on Tuesday, July 11, stated that he is committed to addressing the concerns of the protesters, but he has also warned that the government will not tolerate violence. The protests have so far claimed the lives of at least 6 people.
The protests are a serious challenge to the government of President Ruto. The government needs to find a way to address the concerns of the protesters without resorting to violence. If the protests continue, the economic and political damage could be severe.
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