Kepsa: ‘Maandamano’ costing Kenya Sh3bn daily
As a consequence of the ongoing demonstrations, the Kenya Private Sector Alliance (Kepsa) estimates that the private sector is suffering financial losses amounting to an average of Sh3 billion per day.
Businesses all around the country are keeping their activity levels low as a result of the demonstrations.
This sum accounts for revenue that was lost as a result of businesses deciding to remain closed out of concern for their employees’ safety.
Even though Kenyans are using their constitutional right to picket, Kepsa is advocating for the return of normalcy to be implemented throughout the entire nation.
The organization cites the need to promote the recovery of the already suffering private sector following a variety of shocks like COVID-19, spillover effects from the Russia-Ukraine war, and the unfavorable impact of the August 2022 general elections as reasons for the need to support the recovery of the private sector.
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Economic engines “Every time the country’s economic engines are closed for fear of theft and destruction from people who are taking advantage of the demonstrations, it occasions unnecessary losses to the tune of about Sh3.0 billion per day.”
“Kenya can ill-afford the political activities that are currently at play,” Kepsa said in a statement. “For an economy that is struggling, reeling from 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 that are currently at play.”
The Kenya Revenue Authority (KRA) brought in an average of Sh5.3 billion per day in tax revenue during the period beginning in July 2022 and ending in May 2023.
This indicates that a daily loss of 3 billion shillings to the private sector is comparable to 14 hours of the KRA’s average tax collection time.
Kepsa: ‘Maandamano’ costing Kenya Sh3bn daily
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