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Survey shows traders in city centre each lost Sh48,000 during demos against IEBC

BUSINESS
By Lee Mwiti | August 3rd 2016

A survey has shown that a single business in the city centre lost about Sh48,304 a day during the CORD demonstrations against the polls body.

A business in banking and finance sector alone lost Sh166,722 a day, this is according to a survey released yesterday by the Kenya Private Sector Association (Kepsa).

The report revealed that 85 per cent of businesses experienced immediate effects such as loss of revenue due to limited flow of customers while 68 per cent lost revenue due to closure.

"Businesses closure, reduced customers and loss of revenue are some of the negative effects witnessed as a result of the demonstrations," reads in part the report.

Kepsa Chief executive Officer Carole Kariuki said the survey was important to the private sector as it revealed findings on the fiscal effects of the protests against the Independent Electoral and Boundaries Commission.

The report also showed the confidence levels and perceptions of the business community in Nairobi on the economy, the political environment and the ongoing talks on IEBC.

Kepsa chairman, Dennis Awori, said politics is too important to be left to politicians alone.

"Politics cannot be de-linked from business as it takes political stability to promote a competitive and attractive economy," said Mr Awori.

An interesting revelation from the findings showed that more than half of the interviewed businesses in Nairobi's CBD were not taking measures to protect their businesses.

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