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Business Mood Plunged to 16-Month Low in Kenya After Elections

  • Private sector activity fell for sixth consecutive month
  • Court decision to upheld Ruto’s victory may reverse decline
William Ruto

William Ruto

Photographer: Michele Spatari/Bloomberg

The decision by Kenya’s Supreme Court to uphold William Ruto’s victory in last month’s presidential vote may boost business confidence, after a gauge of sentiment fell to its worst level in more than a year in August.

The purchasing managers’ index compiled by S&P Global and Stanbic Bank dropped to 44.2 from 46.3 in July -- the sixth straight decline and the lowest level since April 2021, when most of East Africa’s largest economy was in lockdown to stem the spread of Covid-19.