by Peter Mutai
NAIROBI, Oct. 2 (Xinhua) -- Kenyan investors on Monday expressed fears the projected 6 percent economic growth for 2017 will not be achieved due to political uncertainty which has gripped the dast African nation.
The Kenya Private Sector Alliance (KEPSA), an apex body of the business community in the country, said the Gross Domestic Product (GDP) growth has already slowed at 5 percent in pre-August electioneering period, a trend they said, is expected to worsen.
"Kenya's heated political rhetoric, hard-line positions by politicians, threats of chaos and violence are a serious threat to the continued economic wellbeing of this country and the hopes of lifting people from poverty," KEPSA vice-chairman Patrick Obath told journalists in Nairobi.
The investors' worries come following heightened political campaigns ahead of fresh presidential elections slated for Oct. 26, after a directive by the Supreme Court that elections are conducted within a 60-day timeline.
Obath warned the country has already entered into economic slowdown due to negative impact of current political situation on investment and spending decisions.
"Factory shutdowns, mounting personal and corporate debts, international conference cancellations and increased unemployment are likely to be witnessed," he said.
The investors called on all stakeholders to strictly adhere to the issues raised in the Supreme Court ruling urging the Independent Electoral and Boundary Commission (IEBC) chairman Wafula Chebukati to tell Kenyans what is being done to address the issues.
Obath called on politicians to desist from uttering hate speech to avoid inciting ordinary Kenyans to contemplate and perpetrate barbaric acts towards each other.
KEPSA urged all parties concerned to respect independent institutions during this time to carry out their mandate.
Flora Mutahi, chief executive officer of Kenya Association of Manufacturers (KAM), said the situation is bleak as real estate that has been thriving well has dropped.
"We earlier projected that tensions will drop by end of August to give economic growth a chance, but instead, its continue getting worse day by day," she added.
According to Angela Ndambuki, chief executive officer of Kenya National Chamber of Commerce and Industry, Small and Medium Enterprises , are closing down countrywide.
She said that many people are also losing jobs since the businesses are one of the major employers in the country due to prolong electioneering period.
Mohamed Hersi, chairman of Kenya Tourism Federation, said the industry is seriously affected as tourists continue to cancel their flights.
"There are very little activities going on since the Mara wildebeest migration last month, as hotels at the coastal Kenya and Nairobi are currently not occupied," he added.
He revealed that a meeting with the Turkish Airline officials indicates that the number of travelers has dropped.
"We urge all Kenyans to go on with their daily lives of building the nation while waiting for the repeat presidential elections," Kepsa added. Enditem
