As the country gears towards next year’s general elections and leaders jostle for votes, the business fraternity is faced with uncertainties on the fate of their ventures.
Historical trends indicate that while some sectors might see temporary boosts from political spending, the overall business environment usually experiences a “wait-and-see” approach. Investors, both local and foreign, typically pause capital expenditures until the election outcomes are verified, leading to stagnation in market liquidity.
Players in diverse sectors maintain that heightened political activities across the country might disrupt many business operations and in turn cause a ripple effect to the country’s economy.
The business moguls assert that the buck lies with the government to ensure that there’s a conducive environment for businesses to operate and thrive even as the electioneering period beckons.
In an event to celebrate businesswomen who have excelled in diverse fields, organized by Dependable Brands in Nairobi, key players in the sector exuded confidence that despite the unknown uncertainties, tolerance will prevail and businesses will grow.
Nyota Njema Properties Managing Director Perminus Kariuki who graced the event noted with concern that the current political activities across the country are threatening the peaceful environment businesses have enjoyed for some time in the country.
He quipped that political acrimony will be detrimental to the country’s economy as businesses will shut, scale down and Kenyans lose jobs.
Kariuki at the same time urged the government clear pending bills to ease financial strain on many business
He averred that timely release of the monies will enhance liquidity and help businesses meet their financial obligations including paying salaries and settling financial overdrafts.
Similar sentiments were made by Make-up by Rose CEO Rose Ntong’ondu ho noted that the cost of doing business in the country has sharply skyrocketed thereby eating into profits and threatening survival of many businesses.
“We are already seeing the ripple effects. The cost of doing business has risen sharply and for many small enterprises, especially those run by women, it is becoming increasingly difficult to sustain operations,” she said.
Lucy Njambi, the CEO Great Mwanzo Properties, quipped that the state should accelerate implementation of key infrastructural projects like roads to further boost businesses even in rural areas.
“This way, even the small and medium enterprises will enjoy growth and contribute significantly towards the country’s economic growth and stability,” she said.
Amara Realty Company Limited CEO Jane Baiyu pleaded with the political class to tone down their political activities and prioritize the country’s economic growth. She reiterated that politicians should realize that there will be a country to serve even after the general elections.
However, some of the stakeholders exuded confidence that businesses will spur with unlocking of more markets. Ellen Tea CEO Rosemary Njuguna noted that demand for goods and services both locally and internationally is on an upward trajectory.
Rachael Wainaina, the founder and CEO of Film Village of Kenya reiterated that supporting women enterprises will trigger socioeconomic growth in the country. She averred that there are massive opportunities in the creative arts industry that can suffice many Kenyans with alternative employment should the government inject the much-needed support.
Despite the season we are heading to as a country, there are still numerous opportunities for our youth and women to exploit in the digital workspace to eke a better living, she said.
