Kenya | - Part 12

Kenyan Politics Limbo Hinders Central Bank on Currency Risk

NAIROBI (Capital Markets in Africa) – On Monday, Kenya’s central bank may have little choice but to do what the rest of the country is stuck with: waiting for a rerun of its presidential election. With political limbo reigning since the Supreme Court’s annulment of the previous attempt at a national vote on Aug. 8, officials are left contemplating the effects of prolonged uncertainty on an economy that also faces slowing growth and persistent inflation….

Kenyan Opposition Says Rerun Delay May Resolve Vote Concerns

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s opposition presidential candidate said the electoral authority should consider delaying the rerun of last month’s annulled presidential vote until the end of October to ensure it’s organized in a credible manner. The date for the election could be adjusted within the 60-day period stipulated by the law to give the electoral body enough time to prepare a fair vote, Raila Odinga, leader of the opposition National Super Alliance, said in…

Kenyan Opposition Threatens Protests Over Electoral Body CEO

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s opposition National Super Alliance threatened to stage street protests and prevent a rerun of last month’s annulled presidential election if the head of the country’s electoral authority refuses to step down. Independent Electoral & Boundaries Commission Chief Executive Officer Ezra Chiloba should be removed or the opposition will hold “mass demonstrations,” Norman Magaya, the CEO of the five-party alliance, said by phone Tuesday from the capital, Nairobi. “There…

Clock Ticks for Kenya as Squabbles Overshadow Election Rerun

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya is running out of time to ensure a credible rerun of presidential elections that were annulled by the nation’s top court after the main opposition party alleged that they were rigged. With the next vote due in just five weeks, the electoral commission is mired in infighting over who should take the fall for last month’s botched contest. Demands by ex-Prime Minister Raila Odinga, 72, and his National Super…

Kenya Opposition Sets Conditions for Taking Part in New Vote

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s main opposition alliance demanded the electoral commission be overhauled and said it wants guarantees on fairness in place before it agrees to participate in a rerun of last month’s annulled presidential election. The five-party National Super Alliance urged the Independent Electoral & Boundaries Commission to remove six key officials from its secretariat, including Chief Executive Officer Ezra Chiloba, before the vote is held on Oct. 17, alliance leader Raila Odinga said…

Kenyan Growth Jitters Rekindled as Court Orders Ballot Rerun

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s economy may pay the price of opposition leader Raila Odinga’s successful bid to nullify the outcome of last month’s election, as prolonged political uncertainty pending a court-ordered rerun weighs on growth and investor confidence. “There was a lot of exuberance that the elections were over,” Kenneth Minjire, head of securities at Genghis Capital in Nairobi, said by phone. “Inquiries had shot up from private-equity firms, from foreign investors, who…

Kenyan Assets Jolted by Ruling That May Deliver Long-Term Gains

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Short-term pain, long term gain is the prognosis for Kenyan assets after a landmark court ruling that nullified last month’s presidential election and ordered a fresh poll. Yields on Kenya’s foreign debt climbed the most in almost two months, the shilling weakened and stocks tumbled after the judgment. But for investors willing to look past the immediate political risks, it’s good news, according to JPMorgan Asset Management. The court upheld an…

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