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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Top investors lobby deplore prolonged Kenyan elections cycle

by Ronald Njoroge NAIROBI (Xinhua) -- Kenya’s investor lobby on Thursday decried loss of business due to the prolonged presidential election cycle.

Mkenya Daima Chairman Vimal Shah told a media briefing that last week’s erosion of 1.3 billion U.S. dollars from the Nairobi Security Exchange market capitalization in two days of trading is a sign of the business community’s fear.
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"The prolonged political season due to a re-run of the presidential polls could lead to increased inflation and thus high cost of basic goods," Shah said.

"We ask that as politicians hit their campaign trails, they observe and respect the rule of law and endeavor to put their country before self for the sake of peace and development," he said.

Kenyans went to polls on Aug. 8, whose results were nullified by the Supreme Court on Sept. 1, citing irregularities, after veteran opposition leader Raila Odinga challenged the win of President Uhuru Kenyatta.

The Independent Electoral and Boundaries Commission has set Oct. 17 for a fresh polls pitting President Kenyatta against Odinga.

Shah said that businesses are looking forward to the end of the election cycle so as to maintain jobs and ensure that the economy is not affected leading to macro-economic instability.

"We ask that the elections be carried out without undue delays or extensions, as prolonged political seasons are costly to the Kenyan economy," he added.

  Daima Chairman Vimal Shah [left] and Kenya Private Sector Alliance (Kepsa) Chief Executive Officer Carole Kariuki | Coastweek

NAIROBI (Xinhua) -- Daima Chairman Vimal Shah [left] and Kenya Private Sector Alliance (Kepsa) Chief Executive Officer Carole Kariuki address journalists at the Intercontinental Hotel in Nairobi. Vimal Shah and Carole Kariuki said that the Oct. 17 presidential elections should be carried out without any delays or extensions as prolonged political seasons are costly to the Kenya’s economy. XINHUA PHOTO - JOHN OKOYO

             

 

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