How protests in Kenya are impacting business and investments
Kenya is witnessing a series of protests which have rocked the capital that has so far seen property worth Ksh2.4 billion destroyed and with over 20 fatalities reported. The capital markets have remained unyielding but analysts say this week may see a blip if the demonstrations continue. CNBC Africa is joined by Robert Ochieng, Founder, Abojani Investments for more.
Tue, 02 Jul 2024 10:47:08 GMT
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AI Generated Summary
- The protests in Kenya have led to significant property damage and loss of life, raising concerns about the potential economic impact.
- While the capital markets have remained stable, there are fears of a downturn if the demonstrations persist, with smaller businesses being particularly vulnerable.
- Dialogue and mutual understanding between the government and protesters are seen as essential to finding a middle ground and addressing the concerns of all stakeholders for long-term stability.
Kenya is in the midst of a series of protests that have rocked the capital, causing significant destruction and loss of life. With property worth Ksh2.4 billion destroyed and over 20 fatalities reported, the situation has raised concerns about the potential impact on the economy and investments. Despite the turmoil, the capital markets have remained relatively stable, with analysts warning of a possible blip if the demonstrations persist. CNBC Africa recently spoke with Robert Ochieng, Founder of Abojani Investments, to gain insights into the current market conditions and the implications of the ongoing protests. Ochieng highlighted that while the market is currently stable, the key concern is the potential long-term effects if the demonstrations continue. He emphasized the importance of the government engaging with the youth, who are disproportionately affected by issues such as unemployment and limited entrepreneurial opportunities. Ochieng noted that while larger corporations may have the resilience to withstand short-term risks, smaller businesses that rely on day-to-day operations are already feeling the impact. The uncertainty surrounding the protests is likely to disrupt financial markets and influence investment decisions, particularly as the country enters the second half of the year. As the situation unfolds, there is cautious optimism that a middle ground can be reached through dialogue and a mutual willingness to address the concerns of all stakeholders. Ochieng expressed hope that both the government and protesters can listen to each other's perspectives and collaboratively find a way forward. He underscored the importance of considering the current economic climate and the challenges faced by the emerging workforce, urging for a concerted effort to support job creation and improve the ease of doing business in the country. Despite the complexities of the situation, Ochieng remains optimistic about the prospect of finding common ground and charting a path towards stability and economic growth.
