Traders cash in on Uhuru Kenyatta's swearing-in

PHOTO | WILLIAM OERI Traders stand in wait along Thika Road next to Kasarani Stadium in Nairobi ahead of the swearing-in of President Uhuru Kenyatta. Hundreds of traders took advantage of the inauguration ceremony to sell their wares to thousands of people who attended.  NATION MEDIA GROUP

By MUTHOKI MUMO mumumo@ke.nationmedia.com

In Summary

• National flags, branded T-shirts and refreshments earn hundreds of small-scale businesspeople cash at inauguration ceremony

Thousands of traders stormed Kasarani sports stadium on Tuesday hoping to make a killing as Kenya’s fourth president Uhuru Kenyatta took his oath of office.

Selling flags, branded t-shirts and refreshments, they hoped to tap into the pockets of thousands of people attending the inauguration ceremony.

“We are here to support the new President but we also have to make money. Today, I knew the matatu business would make little money so I decided to come here to Kasarani instead and it is paying well,” Mr Samuel Matu, a trader selling branded balloons told the Nation.

By noon, Mr Matu had sold about 640 balloons, raking in Sh19,200 in income. His target for the day was to sell 2,500 balloons which would earn him about Sh75,000 — a handsome amount for a man who is a matatu driver in Nairobi.

Mr Gitahu Wahome had set up a temporary photo studio on the edges of the stadium, offering his services to Kenyans eager for personalised souvenirs.

He had made about Sh10,000 by noon.

Campaign promises

The one-day business boom provided traders with the final chance to get the benefits that the local private sector reaped from the electioneering period which saw politicians and the government spend billions of shillings on campaign merchandise.

But the traders were well aware that they would soon go back to their day-to-day struggle with life and were quick to remind the new government of promises made during the campaign trail.

“They promised to help the youth build their businesses and we are waiting for them to deliver,” said Mr Wahome.

In its manifesto, the Jubilee Coalition made generous pledges to Kenyans including interest-free grants to young people starting businesses.

The new government had also promised the electorate that it would provide free maternity services and a laptop for every child joining Standard One.

Fiscal deficit

It has been estimated that delivering on these promises could cost the government at least Sh100 billion — at a time when the country is fighting to rein in an ever-widening fiscal deficit.

The Treasury has already been ordered to rewrite the 2013/2014 budget to accommodate the promises made by the President during his campaign.

The economy has already responded positively to the peaceful transition of power raising hopes for better times ahead.

In a report released on Tuesday, financial services firm Citi, projected that the country’s economic growth could shoot back up to pre-2007 rates due to improved private sector confidence.

The shilling and the Nairobi Securities Exchange have also been performing well, hitting historical highs in the last one month of trading.

More modestly, the World Bank earlier this year said that Kenya’s economic growth would hover slightly above the five per cent mark over the next three years.
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