This archive report was first published on 10 May 2020.
Published on May 10, 2020, a report by the Kenya Private Sector Alliance (Kepsa) highlighted the devastating impact of the Covid-19 pandemic on Kenyan businesses.
According to the report, companies in the tourism and manufacturing sectors have reported losses amounting to an average of Sh40 million each.
Small and mid-sized companies have been particularly hard hit, with 85% and 83% respectively reporting a high to very high impact from the pandemic.
Notably, 58% of large companies have chosen to retain their employees, with the finance and insurance sectors being the most resilient, with 93% of respondents keeping their staff.
However, the tourism and education sectors have been severely affected, with 95% and 93% of companies respectively reporting high to very high impacts due to the closures imposed to limit the spread of the virus.
Other sectors, such as agriculture and transport, have also recorded significant financial losses, with companies shedding off an average of Sh20-30 million per company.
“With the world stopping the movement of people, these restrictions have had the biggest impact,” said Kepsa Chief Executive Officer Carole Karuga.
