The Institute of Certified Public Accountants of Kenya (ICPAK) [Photo/businessdaily]If the repeat presidential election stand-off is not addressed urgently accountants have warned of an economic meltdown and job cuts.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.
On Wednesday, ICPAK national vice-chairperson Rose Mwaura said, “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”.Addressing journalists at PrideInn Paradise Beach Resort in Mombasa, Rose said the election period is already impacting the economy adversely, warning that employers may be forced to slash their workforce to reduce operation costs.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.She warned,“The private sector entities are grappling with loss of business opportunities while workers are staring at job cuts in months ahead”.The ICPAK official also 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.