, NAIROBI, Kenya, Aug 2 – The private sector predicts Kenya’s growth will drop marginally by one percent this year owing to the General Election.
The Kenya Private Sector Vice Chair Patrick Obath says this is the routine of an election year where investors adopt a wait and see attitude hampering growth.
He, however, urged authorities to protect businesses pointing out that elections should not be a reason for disruption of businesses.
“All businesses, organizations and service providers should stay open before the elections and resume normalcy on the 9th of August,” Obath said.
He appealed to the business community not to be controlled by the fear of the unknown about the upcoming elections.
“Kenyans whose polling stations are near their businesses should vote and not fear to carry on with their businesses immediately they are through with voting,” he affirmed.
In April, the IMF revised Kenya’s GDP growth downwards, to 5.3 percent, from 6 percent previously, attributing the cut to negative effects of the drought, the slowdown in private sector credit growth and the anticipated recovery in global oil prices.