Kenya Vote Backdrop Is Anger Over Living Costs, Debt

Kenyans will elect a new leader on Aug. 9, with the race between front-runners Deputy President William Ruto and former Prime Minister Raila Odinga too close to call. The winner will inherit a daunting set of problems: mounting public anger over soaring living costs, rampant unemployment, runaway state debt and a drought that’s left millions of people going hungry. Most previous elections have been dogged by violence and allegations of vote rigging, and investors are on the alert for any threat to the democratic process.

Outgoing President Uhuru Kenyatta invested heavily in new rail links and other infrastructure, which helped shore up East Africa’s largest economy but also resulted in state debt jumping more than five-fold since he took office. The International Monetary Fund sees Kenya at high risk of debt distress. Inflation has been fueled by rising energy and grain prices stemming from Russia’s invasion of Ukraine, as well as the worst drought in at least four decades. Thousands of farmers have lost their crops and animals, and the United Nations estimates almost 3 million people are in urgent need of aid.