April 12, 2024

Kenya political impasse wrecks economy

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Kenya political impasse wrecks economy, pushes traders to Central Corridor

Regional business lobby The East African Business Council is warning of huge disruptions to cross-border trade and investments ahead, which it says will slow the recovery of East African economies from the economic effects of the disruptions caused by COVID-19 and the Russia-Ukraine war.

“The ongoing demonstrations have negative effects on doing business in the region as they disrupt trade as well as investments. I think it is high time the Kenya government took proactive action to resolve this by seeking an amicable solution,” said John Bosco Kalisa, Chief Executive of EABC.

Additionally, Shippers are complaining of the increasing cost of transporting cargo through the port of Mombasa, even as truckers grounded their vehicles this week over unresolved grievances.

Tanzania, on the other hand, is bracing for brisk business as the Northern Corridor transporters seek new routes as a result of continuous unrest on the corridor amid fears of cargo loss, damage, and delays.

In conclusion, The warning comes hot on the heels of protests that have left traders in Nairobi, which contributes about 60 percent of the nation’s GDP, and others in other major towns rocked by violence in the past two weeks counting losses after the Azimio “civil disobedience” brought the country to a standstill.

written by @enock katamba

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Mr. katamba Enock: Professional designer with experience in web designing who started this activity in 2019 at Kyambogo University after graduation . Contact me on : (+256-758287080)

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