Narok Senator Ledama Olekina now says trading in Kenya is going to be difficult as the Kenyan shilling continues to lose value against the dollar.
In a statement on Monday, August 28, Ledama noted that imports will decline significantly as a result which will also lead to a decline in tax collection.
The ODM senator pointed out that something should be done to save Kenya’s economy from getting worse.
“With the current free fall of the Kenya Shilling shedding almost 20% of its value since the beginning of the year, it’s going to be very difficult to trade! Imports to Kenya will decline significantly so as the taxes. Something must be done to save Kenya,” said Ledama.
The dollar is currently exchanging against the Kenyan shilling at Ksh 145.10, up from Ksh 123.50 in the beginning of the year.
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President William Ruto on March warned Kenyans against hoarding dollars with the aim of making profits saying the market was going to change.
“Those of you who are hoarding dollars, you shortly might go into losses. You better do what you must do because this market is going to be different in a couple of weeks,” Ruto warned on March 22.
The Head of State at the same time noted that the government’s move to import oil using Kenyan shillings was going to ease the burden of the availability of the dollar.
The state has however made a u-turn in the fuel import scheme and will now allow private sector players including oil marketing companies to run the oil importation.
