According to the Kenya Private Sector Alliance, Private businesses in Kenya lost about Sh700 billion in the past four months, the lobby group reports that most of the losses were caused by frequent disruption of transport and industrial operations during the campaigns and protests that followed the Supreme Court’s nullification of the presidential election.
In a statement, Kepsa Trustee Patrick Obath said that wholesale and retail businesses have been hard hit by political protests that have become frequent in recent weeks fearing looting and destruction of their property.
He added “The harsh political climate has serious implications as medium, small and micro-enterprises employ about 85 per cent of Kenya’s labour force. The education sector has also had its calendar disrupted and national examinations could suffer if the current political situation is not managed properly,”
Investors at the Nairobi Securities Exchange topped the list of losers having lost Sh227 billion paper wealth in the past six weeks.
Market capitalization dropped from Sh2.54 trillion on August 25 to Tuesday’s Sh2.31 trillion as the repeat presidential poll takes place tomorrow.
The International Monetary Fund (IMF) has cut Kenya’s economic growth forecast for the second time, pointing to the country’s hard times.
In its World Economic Outlook, October 2017, the IMF expects the economy to grow by five per cent in 2017, slightly lower than their projected growth of 5.3 per cent in April.
The new forecast also sees the economy growing at five percent in 2018.