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Brace for job loss and economic crash if poll impasse continues: ICPAK

Businesses remain closed as demonstrators march along city streets during NASA's anti-IEBC demonstrations on October 11, 2017. PHOTO | DIANA NGILA | NMG
Businesses remain closed as demonstrators march along city streets during NASA's anti-IEBC demonstrations on October 11, 2017. PHOTO | DIANA NGILA | NMG 

Accountants have warned of an economic meltdown and job cuts if the repeat presidential election stand-off is not addressed urgently.

The Institute of Certified Public Accountants of Kenya (ICPAK) is now calling on President Uhuru Kenyatta and National Super Alliance (Nasa) flag bearer Raila Odinga to prioritise national interest above their partisan goals.

“We are concerned that the continued political uncertainty is hurting our economy. The prolonged political activities have seen Gross Domestic Product growth slowdown to five per cent in recent months,” ICPAK national vice-chairperson Rose Mwaura said today.

She said the election deadlock is already impacting the economy adversely, warning that employers may be forced to slash their workforce to reduce operation costs.

Addressing journalists at PrideInn Paradise Beach Resort in Mombasa, the ICPAK official explained that according to the 2017 budget review and outlook paper, the Kenya Revenue Authority (KRA) fell short of its revenue target by Sh2.6 billion per month owing to the poll stand-off.

“The private sector entities are grappling with loss of business opportunities while workers are staring at job cuts in months ahead,” she warned.



A protester carries a placard in Kisumu County on October 11, 2017. Photo | Tonny Omondi | NMG
A protester carries a placard in Kisumu County on October 11, 2017. Photo | Tonny Omondi | NMG

On the ongoing Nasa demonstrations, the ICPAK official urged political leaders to ensure their supporters hold peaceful protests.

“The political leaders should consider putting Kenya first through adopting a bipartisan approach in resolving the current electoral quagmire,” she said.

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