Kenya’s economy suffers after presidential election turmoil, businesses reportedly lost $7 billion - Adeola Fayehun

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Wednesday, December 20, 2017

Kenya’s economy suffers after presidential election turmoil, businesses reportedly lost $7 billion


Kenya's economy has suffered after months of political turmoil that saw a presidential election nullified and a repeat vote boycotted by the opposition.

The Kenya Private Sector Alliance says businesses had lost about $7 billion by November as a result of the instability that also left dozens killed.

The World Bank this month lowered Kenya's growth forecast for this year to 4.9 percent, the worst in five years.

Tourism in East Africa's economic hub has been hurt.

Simon Kabu, chief executive officer of Bonfire Adventures, says financial losses have been huge. Instead of seeing tens of thousands of foreign tourists in recent months, they have had fewer than 100.

Financial analyst Aly Satchu Khan says the slowdown has led to layoffs in manufacturing as well.

AP

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