NAIROBI (Xinhua) --
Kenyan President Uhuru Kenyatta on Monday assured business
leaders that the country remains stable and no one will be allowed to disrupt
held a meeting with Kenya Private Sector Alliance (KEPSA), an association of
business leaders, said the executive and the judiciary are functional while the
legislature opens on Tuesday and the law making process will continue.
continue. No politician will be allowed to interfere with peace and stability.
As far as peace and stability in the country are concerned, we are in full
control,” Kenyatta said in Nairobi.
the business leaders to ignore political noise, continue with the growth
expansion plans and forge ahead, creating jobs for the youth. Economies around
the world are known to slow down during the electioneering period as wealth
creators tend to embrace a ‘wait and see’ attitude until the election season is
once the season is over unless violence follows like in 2008 post election
violence where more than 1,200 people were killed and 650,000 others injured.
private sector in Kenya has remained optimistic and united during this
Carole Kariuki lauded Kenyatta for his commitment to peace and ensuring a
conducive environment for business prevails even during the electioneering
the private sector initiated the Mkenya Daima campaign that drove home the peace
message and encouraged optimism to bolster the business environment and instill
that the Mkenya Daima campaign made a significant difference and has become a
successful case study on how business can play a role in ensuring political
stability,” Kariuki said.
although global economies experience slowdown during elections, it is only when
the electioneering period is prolonged that businesses suffer.
the low lending, foreign exchange, reduced employment, lower international trade
and reduced activities at the Mombasa port as some of the negative effects of
the electioneering period.
sector is looking forward to the end of the election cycle. We want to get back
to business quickly,” Kariuki said.
KEPSA, although market capitalization has improved, the market lost almost 1
billion U.S. dollars after the determination of the presidential petition.
is likely to be witnessed as we approach October 17th and the
subsequent announcement of the results. There is a strong and direct correlation
between the performance of the Capital market and political uncertainties in
Kenya,” Kariuki said.
micro and small enterprises have continued to feel the pinch as most firms rely
on daily sales and wages which is mostly dependent on people’s purchasing power.
disruption of their activities, or reduced human and vehicular traffic flow,
especially in town, reduces their margin,” KEPSA chief said.
August period, most of the shops, stalls and other MSE markets remained closed
thereby disrupting economic activities. Inflation went up as well as transport
and logistic challenges leading to inadequate commodities at the market.”
investors have noted low lending by financial institutions to the private
sector, leading to a reduction in money circulation that reduced the purchasing
power of the majority.
cushioned themselves to a maximum lending limit of 50,000 dollars to the private
sector during the election period highlighting the high risk/perception
associated with elections in Kenya,” she said.
called on all political players to maintain and preach peace during this period
in order to safeguard the economic gains realized so far, to create wealth and
jobs for our youth and future generation.