The nation has suffered a significant economic loss of over Ksh 6 billion due to the wave of protests experienced over the past month, according to government spokesperson Isaac Mwaura. During a press briefing on Thursday, Mwaura highlighted the economic impact of the demonstrations, which have been held every Tuesday and Thursday since June 18.
Mwaura explained that the country lost billions resulting from business closures during the protests. In addition to the closures, several businesses were looted, and property was destroyed by individuals who infiltrated the otherwise peaceful protests to cause chaos.
“We cannot forget the business people who suffered losses worth billions of shillings as their businesses remained closed. We wish to empathize with them as they strive to recoup their lost incomes,” he stated.
The Kenya Revenue Authority (KRA) estimated the total economic loss to be approximately Ksh.6 billion. Mwaura warned that the country’s economy could worsen if the protests continue.
“Fears abound that if the protests continue, the economy will have a negative impact this financial year as well, and we have a huge tax hole as a result of the rejection of the Finance Bill 2024 amounting to Ksh 346 billion.”
The government spokesperson appealed to the youth to halt the demonstrations and engage in dialogue with the government. He noted that President William Ruto had shown good faith by meeting several demands from the protesters, including firing his cabinet, dissolving 47 state corporations, halting the appointment of Chief Administrative Secretaries, and rejecting the Finance Bill 2024.
“We make a passionate appeal to the youth to reconsider their plans to halt the demonstrations since that which they clamoured for was acceded to. The government reaffirms that the president has heard your loud voices and is ready to act on your concerns as demonstrated by recent developments,” Mwaura added.
The protests, led predominantly by the youth, erupted in response to the perceived opulence displayed by government officials and demands for the withdrawal of the Finance Bill, accountability, and good governance. Protesters have also called for President Ruto’s resignation, arguing that the old political class is responsible for the country’s economic woes.
The demonstrations have not been without casualties. According to reports from Kenya’s national human rights authority, the protests have resulted in 50 deaths and over 400 injuries. The casualties include both protesters and law enforcement officers. Additionally, more than 500 individuals have been arrested in connection with the protests.
