Industrialists say losing 20.1 mln USD daily due to anti-government protests in Kenya
NAIROBI, July 21 (Xinhua) —
The umbrella body of Kenyan manufacturers said Friday that the sector is losing an estimated 2.86 billion shillings (about 20.14 million U.S. dollars) daily due to anti-government protests over the high cost of living.
Rajan Shah, chairperson of the Kenya Association of Manufacturers (KAM), told journalists in the Kenyan capital of Nairobi that most industrialists had experienced disruptions in their day-to-day operations. “This has led to severe financial losses for businesses of all sizes, affecting not only their growth but also the livelihoods of their employees,” Shah said.
The main opposition, Azimio la Umoja (Resolution for Unity)-One Kenya Coalition, resumed anti-government protests on July 7 after having suspended earlier protests in May to pave the way for talks with the government.
On July 14, the opposition coalition called for three-day continuous protests starting Wednesday citing public demand.
Shah noted that during the demonstrations, businesses and retail outlets have borne the brunt of angry protesters who have vandalized their enterprises.
Mary Ann-Musangi, a member of the KAM board, said the continuous demonstrations have also severely disrupted the logistics and supply chain networks essential for the smooth flow of manufactured products to the end consumers.
“These disruptions have hampered the ability to transport raw materials and finished goods thereby affecting the entire manufacturing process, leading to delays and increased costs,” she said.
Ann-Musangi revealed that the protests have also impacted the availability of essential products in the market, leading to potential shortages and price volatility.
“This will not help alleviate the pain of the high cost of living and will instead increase it further,” she noted.
Kenya’s inflation stood at 7.9 percent in June, having surpassed the government’s target of 7.5 percent as a result of rising prices of commodities like sugar, oil, food, and cooking oil.