After four days of stalled business activities in Kenya as people waited for the presidential election results, Uhuru Muigai Kenyatta was finally declared the winner. This however was not to go unchallenged as the CORD coalition presidential candidate Raila Odinga said his coalition would go to court to petition against the integrity if the tallying process of the votes.
The period to that declaration was marked with uncertainty and many businesses remained closed for the fear of the unknown. But now that the 4th president of Kenya is known, and peace is still maintained in the country, businesses should resume to normalcy this week. This is however pegged to the outcome of the petition to be raised by the CORD coalition.
During the four days waiting period, the shilling remained volatile moving up and down depending on the how fast vote tallying was done and results released. A collapse of the electronic transmition system of the provisional results also contributed to a temporary weakening of the shilling during the period. Now that all is done, the shilling is expected the continue strengthening due to the prevailing peaceful economic conditions.
The stock market however defied all the odds to maintain its upward trajectory during the 4 days tallying period. Volumes traded remained low though. It is therefore expected to shoot higher up after this whole process from increased investor confidence on the peaceful investing environment.
If the petition by CORD fails, Kenya’s next president shall be sworn in on the 26th of March 2013. The swearing-in ceremony is scheduled to take place at Moi Kasarani International stadium in Nairobi the capital city of Kenya.
From FieCon-sult we congratulate the president elect and wish him all the best in his term on office.