The Kenya Private Sector Alliance (KEPSA) has revealed that the ongoing anti-government protests are causing Kenya to lose an estimated average of Ksh3 billion per day. This substantial economic impact has led to business closures and the potential for employee layoffs as financial losses continue to mount.
KEPSA urgently called on the government to take immediate action to quell the protests and restore order, emphasizing that the country cannot afford the economic toll caused by the unrest.
While acknowledging the right to peaceful assembly and protests as a means for individuals to voice their concerns, KEPSA expressed concern over the growing destruction of properties and targeted business boycotts. These actions have resulted in severe negative effects on economic and social stability, which are crucial for private sector growth.
The association highlighted that its members provide vital services to individuals from all walks of life, regardless of their political affiliations. As such, they should be protected from any political manipulations that could harm their operations.
KEPSA emphasized that these organizations also serve as a barometer of Kenya's economic stability, and attacks on them undermine the nation's economic aspirations.
According to KEPSA's estimates, the country could potentially lose around Ksh90 billion each month due to the ongoing unrest, which significantly affects both government finances and the livelihoods of ordinary Kenyans.
As a private sector entity, KEPSA reaffirmed its commitment to the prosperity and development of Kenya, pledging to support initiatives that promote peace and stability. They denounced the politicization of private sector enterprises and warned that lack of security would deter local and foreign capital, causing economic repercussions.
The second round of protests, which commenced in early July 2023, has been met with a heavy-handed response from the police, resulting in extensive damage to property and businesses.
These demonstrations mark the latest in a series of protests against the government of President William Ruto, with participants demanding action on various issues, including the rising cost of living.
President Ruto, while expressing his commitment to addressing the protesters' concerns, has also made it clear that his government will not tolerate violence. Tragically, the protests have already claimed the lives of at least six individuals.
The ongoing protests pose a significant challenge to President Ruto's government, necessitating a careful approach to address the concerns of the demonstrators without resorting to violence. Failure to find a peaceful resolution could lead to severe economic and political consequences for the nation.