Global investors are shunning Britain because the Government has no coherent economic plan and is failing to keep up with volcanic policy changes in the US and Europe
Kenya Private Sector Alliance – KEPSA Thursday played down calls by the opposition for consumers to boycott certain products and brands after the Azimio La Umoja One Kenya Coalition revealed at least three companies whose products it asked its supporters to snub.
The private workers’ lobbyist in a statement further cautioned against next week’s planned dissent by the Azimio, saying such actions “undermine the future of the country, cause economic damage and cause apprehension and fear.”
It follows calls by the opposition leader Raila Odinga who unveiled his second phase of the resistance against President William Ruto’s administration on Tuesday.
This is after the anti-government protests Monday disrupted business operations in Nairobi and its environs, in what Kepsa said had the potential to negatively upset the economic recovery efforts by the government.
“Kenya is well-positioned to benefit from the global economic recovery, and the threats and interruption of law and order are a risk to sustained economic development,” it noted.
Odinga called on his supporters to boycott services by Safaricom, KCB Bank and Radio Africa Group’s Star Newspaper, accusing them of being biased. He spoke at the Jaramogi Oginga Odinga Foundation in Nairobi when he called out the three terming them as “facilitators of the Kenya Kwanza government.”
“We call for the boycott of Safaricom, Kenya Commercial Bank and Radio Africa Media particularly the Star Newspaper who have become the enablers and facilitators of this brutal regime,” Odinga stated.
But Kepsa called for a peaceful demonstration instead if businesses are to survive the harsh effects of such interruptions.
“We recognize that picketing is an important tool for people to voice their concerns and grievances, and we believe in the fundamental right to peaceful assembly and peaceful protests,” urged Kepsa in a notice.
“KEPSA members are particularly distressed by the unjustified attack on economic drivers such as media, telecommunication, and banking institutions cited for consumer boycotts.
Adding that, “Private sector players such as KCB Bank, Safaricom, and the Star, directly and indirectly, employ thousands of politically neutral Kenyans from all walks of life, who must remain shielded from political distress.”
Deputy President Rigathi Gachagua said the country had lost at least Sh2 billion in possible taxes and levies to the Kenyan Revenue Authority (KRA) on the first day of the Azimio protests.
“As a result this morning because of the lack of business in the CBD the country has lost almost Sh2 billion in terms of business and this is money that should have been circulating in the economy,” noted Gachagua.
Steven Umidha is a data and financial journalist with over 14 years of work experience in journalism and communication.
He specialises in finance and economics reporting as well as on the causes, impacts, and solutions of global warming, conservation, pollution and sustainability, often blending scientific literacy with journalist ethics, while involving policy analysis and multimedia storytelling across various platforms in highlighting issues from biodiversity loss to ecological justice.
Besides being the Founder of Financial Fortune Media, Umidha has previously worked with the Standard Media Group, Mediamax Networks LTD, bird story agency, Business Journal Africa, and Financial Post among other outlets.