Kenya’s Private Sector Lost KSH 700 Billion in Four Months

The Kenya’s private sector has lost 10 percent of the Gross Domestic Product (DDP) in four months according to the statement released by KEPSA on Tuesday.

According to KEPSA, the business community has lost more than 700 billion shillings during this electioneering period even as the country plunges into more uncertainties on the 26^th repeat presidential polls.

“The private sector shares Kenyans’ pain from any damage that comes from election-related chaos. Our SME members bear the brunt of such damage, but all Kenyans also suffer, as the economy is buffeted by the uncertainties arising both from the election itself and from any associated chaos,” read the statement from KEPSA.

Most of the losses that have been incurred in the sector have been attributed to political demonstrations as well as investors shying away from investing in the country.

“We have consistently called Kenyans’ attention to the disastrous economic consequences of the present uncertainty which affects all Kenyans,” said the statement.

KEPSA has called on politicians and other stakeholders to stop interfering with independent institutions such as the Independent Electoral and Boundaries Commission (IEBC) and the Judiciary. “The independent institutions, including and especially the Independent Electoral and Boundaries Commission (IEBC) and the Judiciary, should be allowed to execute their mandates, and in turn that these institutions remain and be seen to be non-partisan”

The statement from KEPSA comes even as the country remains uncertain as to whether there will be an election on the 26^th of October.

The IEBC and the ruling party, Jubilee, have insisted that the election must go on as planned. The opposition, National Super Alliance (NASA), on the other hand, has said that there will be no election.

Economists are now worried that if the political situation continues the way it is, the economy might fail to sail through the storm.