Elections are a time of excitement and fear, as they have the ability to bring about both wanted and unwanted changes, depending on who is elected. Kenya’s elections have been contentious in the past and the next election in August will be about who gets elected to vote on the country’s future. This short article examines some of the potential economic implications.
previous elections
Past elections in Kenya have occasionally resulted in uproar. The 2007 election saw widespread anger over the results and allegations of corruption, and violent unrest that left more than 1,000 people dead. This type of event can be extremely damaging to Kenya’s reputation and significantly affect the overall economy.
The Kenyan economy shrank in the 1992 elections. The two subsequent elections also showed slowed growth. This shows how serious and far-reaching the impact of the elections on the Kenyan economy was, although the recent elections did not have the same economic impact.
uncertainty
One of the most important implications of all elections worldwide is the uncertainty that precedes them. With candidates vying for political dominance and support for their political and economic policies, there is no telling what lies ahead or what might change after the elections.
This can often have consequences for the economy both before and immediately after the election. In Kenya, for example, coffee production could decline due to economic cuts or disruptions in the country, affecting coffee trade in commodities.
Candidate Guidelines
For example, President Kenyatta, who is seeking re-election, has pledged to continue fighting corruption while boosting development in parts of the country that have been neglected in the past. This would inadvertently increase the number of investors who would see Kenya as a good business destination.
Raila Odinga wants to take Kenya back in time with the honor of being a giant in the East African region. These policies are entrepreneurial and progressive, promising a reasonable level of changes in the current system. How the successful candidate also tackles the problem of youth unemployment could prove crucial to boosting Kenya’s economy and future success.
The future
The Kenyan economy certainly has the potential to grow, although its interest rate policy is viewed by many in the international community as a major impediment to doing so. The election results could therefore have an impact on the country’s growth and potentially impact on Kenyan industries such as agriculture and manufacturing.
If these industries can be encouraged and invested in it could prove prosperous for Kenya’s future and create jobs for the many unemployed youth. As with all elections, economic policy is ultimately chosen by the Kenyan people.
Economically and domestically widespread, in the past this election could prove significant in deciding Kenya’s political and economic course. As with all elections, the preceding months will be the most uncertain as the country prepares for such a pivotal event.