World Economy

Kenya Political Crisis Incur $7 Billion Loss

Kenya Political Crisis Incur  $7 Billion LossKenya Political Crisis Incur  $7 Billion Loss

From a slugging economic growth, job losses and rising concerns of food shortages and high costs, the administration of President Uhuru Kenyatta’s second term will have its plate full as he starts his last five-year term, AllAfrica reported. The administration will now be keenly watched by the business community with expectations that it will move quickly to prop up an economy greatly hit by the political stalemate that has dragged on since the country’s Supreme Court annulled the August presidential election. This looming standoff between the government and the opposition has done more damage to the economy, scaring away investors, slowing down the economy and depressing tax collections. On Monday, the Kenya Private Sector Alliance said that the four-month electioneering period, to August 8 election, and the persistent protests after the nullification of the results later in September, had cost the country $7 billion in losses. In the past one month alone, investors at the Nairobi Securities Exchange lost $2.27 billion.


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