National Treasury CS Henry Rotich in a past event. He has said that Kenya's national economic growth has reduced to a mere 5%. [Photo/the -star.co.ke]
The government is now blaming slow economic growth on the prolonged electioneering period.
Speaking in an interview with KTN TV in his office Tuesday, National Treasury Cabinet Secretary Henry Rotich said that the growth rate has been reduced to 5% this year further blamed drought and rain shortage in some parts of the nation for the economic deterioration as agriculture remains the backbone of the nation's economy.
"The combination of drought in most of the agricultural parts of the nation and the prolonged electioneering period has played a big role in our slow economic growth this year.We are currently moving at a rate of 5%," said the CS.
His comments were echoed by his Industrialization counterpart Adan Mohamed who said that the condition could further worsen with a good number of potential investors reconsidering their decision.
"A big number of foreign investors who were eyeing the nation as their potential investment destination are now opting for alternative places because of the political instability that has taken center stage here and this is expected to worsen the case," he said.
This comes at a time when further harm is anticipated following opposition alliance NASA's call for a boycott on a number of goods and services from some of the biggest tax-paying firms.