Kenya: The approval of the proposed constitution is a big boost to the economy, members of the business community have said.

Speaking immediately after Kenyans overwhelmingly voted for a new constitution, Equity Bank Managing Director, Dr James Mwangi said the passage of the proposed law will jumpstart the economy.

“The tranquillity that prevailed throughout the voting period attests to the fact that the country is on new path to development,” Mwangi said in an interview with The Standard.

Investor confidence

“The historic vote on the constitution is set to restore investor confidence and boost the country’s standing on the international stage.”

The recent activities at the Nairobi Stock Exchange (NSE), whose 20-Share index increased by 96 points on the eve of the referendum, are a pointer to growing investor confidence in the country.

Describing the new constitution as business-friendly, the chairman Kenya private sector Alliance (KEPSA) Patrick Obath, said it is time Kenyans kept vigil to ensure what is contained in the new constitution is not tempered with by Parliament.

Devolution structures in the proposed law are set to stimulate economic growth in the rural areas further empowering them.The new laws usher in a new order for doing business, which employers should take advantage of.

“Now is the time for the business community, trade unions, civil society and religious bodies to come together and midwife sit this constitution,” said Obath.

CAROL MUTHONDU