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Don’t delay October 17 poll, Kepsa tells IEBC

Stakeholders in the private sector have called on the electoral commission to ensure the repeat presidential election is held on set date.

They said any delays or extensions of the election would be costly to the Kenyan economy.

Addressing journalists on Thursday at Intercontinental Hotel in Nairobi, Kenya Private Sector Alliance (Kepsa) chief executive Carole Kariuki said any delays to the planned repeat presidential election would lead to a continued uncertainty, which will have an impact on the economy.
INFLATION

She added that a prolonged political season leads to increased inflation and thus high costs of basic goods occasioned by decrease in activities in the private sector.

“Business responds to stability and predictability and is looking forward to the end of the election cycle so as to maintain jobs and ensure that the economy is not affected leading to inflation and high cost of goods and services,” said Ms Kariuki.

Mr Vimal Shah, Bidco Africa chairman and a member of Kepsa, said the economy suffers during the electioneering period.

He said according to the Stanbic-HIS Market Purchasing Manager’s index, the private sector activity slid to 42.0 points down from 48.1 in July, during the campaigns for the August 8 General Election, citing low money circulation.

NSE

“Last week’s erosion of Sh130 billion from the National Securities Exchange market capitalisation in two days of trading, is surely a sign of the business community’s fears.

“While world over the economy slows down during elections, a continued political season leads to increased inflation and thus high cost of basic goods,” said Mr Shah.

Director of East Africa Business Council Keli Kiilu said Kenya is the economy to watch in the region and the continent and it was imperative that all organs of State, counties and Kenyans continue to co-exist.

He said the tourism sector has reported consistent growth throughout the election season, which coincided with the high season in tourism as a result of the peace witnessed before, during and after the General Election.

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