President Uhuru Kenyatta has asked the private sector to ignore political rhetoric and get on with their work in an apparent bid to shore up the faltering business confidence.
Addressing the Kenya Private Sector Alliance (Kepsa) leaders on Monday at State House in Nairobi, the President asked the business community to focus on growing the economy, especially creating meaningful jobs for the youth.
He reiterated that as much as he disagreed with the Supreme Court’s decision, he made a conscious decision to accept the ruling for the sake of peace and stability.
“Not withstanding this, there is no vacuum in government. There is a government in place which is functioning, and so no one will be allowed to disrupt Kenyans and others going about their business,” said Mr Kenyatta.
The statement comes amid concern that business has grounded to a halt after the Supreme Court ordered a fresh presidential poll. Manufacturers have scaled down import of inputs.
Similarly, the Nairobi Securities Exchange – though it has since improved - lost almost Sh100 billion after Supreme Court nullified the presidential results.
This trend is likely to be witnessed as the country approaches October 17, the date of the fresh poll, and the subsequent announcement of the results.
On Monday, Kepsa chief executive Carole Kariuki welcomed the president’s assurances.
“Micro and small enterprises have continued to feel the pinch. Most MSEs rely on daily sales and wages which is mostly dependent on people’s purchasing power. Any disruption of their activities, or reduced human and vehicular traffic flow, especially in town, reduces their margin,” Kepsa said in a statement.
In August, inflation went up to 8.04 per cent from 7.47 per cent. Transport and logistical challenges led to inadequate supply of commodities in the market.