The Kenya National Chamber of Commerce and Industry (KNCCI) has revealed that the Nairobi Securities Exchange (NSE) has lost Kes 63 billion in investor wealth over the past two weeks due to anti-government protests.
According to KNCCI President Erick Rutto, the protests, which resulted in the looting and destruction of several businesses, have disrupted continuity.
Speaking on Thursday in Nairobi, Rutto said the disruptions have led to significant interruptions in the supply chain, increased operational costs, decreased consumer and investor confidence, and loss of livelihoods.
Further, he indicated that the Chamber has observed a worrying 17 percent decline in export activity since the protests began.
“Per day we process exports of 3 million and if you can count for the last two weeks, we have been losing 3 million every day which comes to approximately 40 million since the protests began.”
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“Furthermore, the Nairobi Securities Exchange (NSE) has lost Kes 63 billion in investor wealth over the past two weeks, reflecting declining investor confidence in Kenya’s economy due to the violent elements within the protests.”
The president has urged the government to expedite its plans to address the concerns raised by protesters to avoid further loss of trust by investors, especially in the tourism sector, which is currently in the peak season.
Despite President Ruto’s announcement last week that he would not sign the controversial Finance Bill 2024 into law, activists have continued their campaign against his administration.
Kenyans took to the streets on Tuesday to demonstrate against the Kenya Kwanza administration, which was marred with the destruction of property and vandalism in major cities.
The Kenya National Commission on Human Rights (KNCHR) reported on Monday that 39 people had been killed and 361 injured during two weeks of demonstrations, condemning the police’s use of force as “excessive and disproportionate.”
