Kenyan political uncertainty inflicts loss of billions to economy

The ongoing political uncertainty in Kenya has taken a toll on the country's economy, with private businesses incurring significant losses estimated at Ksh700 billion in the past four months. The Kenya Private Sector Alliance (KEPSA) has raised concerns about the impact of the uncertainty on the business sector, including drops in market capitalization at the Nairobi Securities Exchange and potential layoffs by manufacturers if the situation persists. Carole Kariuki, the CEO of KEPSA, shared insights on the challenges faced by businesses and the need for a balance between justice and economic stability. The political landscape in Kenya has been characterized by rapid changes, keeping businesses on edge and uncertain about the future. The recent petition filed has further extended the period of uncertainty, causing businesses to rethink their strategies and operations. With the prospect of another 14 days of uncertainty looming, business owners are grappling with the implications of prolonged political unrest. The lack of clarity and unpredictability surrounding the political situation has led to disruptions in business operations and decision-making. The uncertainty has created a sense of unease among investors and stakeholders, making it challenging to plan for the future. The impact of the political turmoil extends beyond financial losses, affecting the overall business environment and investor confidence. Carole Kariuki highlighted the importance of ensuring that politics do not negatively impact the economy, emphasizing the need for a harmonious relationship between the political and economic calendars. She stressed the significance of learning from the current situation and implementing measures to safeguard the economy against political turbulence. Kariuki called for a more mature approach to politics and urged stakeholders to prioritize the country's economic well-being. Additionally, she emphasized the need for leaders to prioritize Kenya's interests above personal agendas, urging a collective focus on national development and economic stability.