In an interesting post Moses Kemibaro argues that technology –not Raila Odinga– was the only real loser of the 2013 Kenyan election (you can find the details of the IEBC tech fiasco here). But Kenyan investor Ali-Kahn Satchu found a second, more subtle, loser: inflation.

It is clear that this has been the most expensive election ever witnessed since independence. My estimate is that the spend has been above and probably considerably above Sh86 billion ($1 billion). I said to Reuters that the move higher in inflation to 4.45% in February was surely correlated to a “tsunami of election-related spending” across the country.

A few months ago, The Daily Nation wrote that the 2013 Kenyan elections are not only the most expensive since independence. They are actually the most expensive in the world:

Elections in Kenya are the most expensive in the world thanks to a high voter registration cost, administrative inefficiencies and outright theft of funds.

Estimates for the upcoming election presented by the Independent Electoral and Boundaries Commission (IEBC) placing the cost at Sh36 billion translates to a cost per registered voter of Sh2,000 ($25), higher than any other on record.

In counting the costs of this election, we also have to consider that (a) this was not not an election day, it was an “election week”, where most shops remained closed, workers didn’t go to work and central business districts all over Kenya became ghost towns for almost seven days in a row. And (b) let’s not even talk about the huge costs of the election campaigns.

Campaign costs

On the other hand, the most important fact is that peace is still prevailing in the country, and that is of course an epic win for Kenya.