Economy
Panic Buying Hits Retailers As Kenyans Head To The August 9 Polls
As Kenyans brace for the hotly contested presidential polls election on Tuesday, panic buying set in across Nairobi from last Friday. Despite government assurances that August 9 will cause no major disruptions to supplies, shoppers appeared to be storing up goods and products given the empty shelves witnessed on many supermarket shelves.
Many Kenyans were flocking to supermarkets and retail stores to stock up on longer-shelf-life food items such as maize flour, rice, milk, sugar, and cooking oil. Shoppers and retailers said the rush by Nairobians to stockpile foodstuffs has prompted a scarcity of supplies, including the government subsidized maize flour that is retailing at Ksh100 per two-kilo packet.
However, this is not the same case for all Kenyans. Weak economic activity has constrained emergency stocking measures for some Kenyans. Long lines were encountered at various retail stores in Nairobi’s business district, including supermarkets. Some retail outlets had empty or reduced stocks on the shelves as customers rushed to make their picks.
Long queues were witnessed in grocery markets such as in Marikiti and Muthurwa as customers rushed to buy fresh produce such as cereals. Fuel stations also received an increased number of customers looking to stock up on cooking gas.
Elections in Kenya have often been characterized by unrest and violence, most notably in 2007 and 2017, costing businesses billions of shillings of loss in earnings and damages. However, some retailers linked the shopping hysteria to school closure and mandatory holidays ahead of the polls.
Interior Principal Secretary Karanja Kibicho said that adequate security personnel had been deployed across the country to maintain law and order before, during, and after the elections.
The impending closure of some of the retail outlets has also contributed to panic buying by shoppers. “You are hereby informed that all the 84 Naivas outlets will remain closed on 9th August 2022,” read a notice by Naivas Supermarkets.
Kenya Bankers Association (KBA) Chief Executive, Habil Olaka said there is growing confidence in Kenya’s ability to handle political transitions without much economic disruption. Besides Naivas, Carrefour, and Quickmart being faced with empty shelves, there has been a spike in purchases of fresh vegetables and meat, which are also predicted to have jumped in demand.
Article By Sally Lizwa
