This archive report was first published on 8 November 2019.
On November 8, 2019, Kenya's economic situation was described as a 'recipe for chaos' by Senate Speaker Ken Lusaka. He called for a crisis meeting to address the country's economic meltdown, citing alarming job losses and company closures.
Mr. Lusaka pointed out that the recent closure of Mumias Sugar, Nzoia Sugar, and Portland Cement companies was a clear indication that the country was headed in the wrong direction. He warned that the job losses would soon catch up with the whole country, including the top leadership.
Speaking at the Second Senate Roundtable Workshop in Great Rift Valley Lodge, Naivasha, Mr. Lusaka emphasized the need for a candid discussion with the Executive, Judiciary, and other stakeholders to find a way forward. He also highlighted the issue of bureaucracy and red-tape in the country, which he believed was blocking investors keen to put their money in business.
Kenya Private Sector Alliance (KEPSA) chairman Nick Nespit attributed the high number of job losses to high taxes, double taxation, and lack of support from the State. He also pointed out that the high number of regulatory bodies and the demand for various licenses by the government were sending away investors.
Mr. Lusaka's call for a crisis meeting comes as the country struggles to address its economic challenges. The Senate is ready to initiate talks with the Executive and other stakeholders to find a way forward.
