Kenya ranked among top African destinations for investors

Despite the harsh economic climate, investors still prefer to set up business in Kenya

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Even as Kenyans grapple with the tough economic conditions that have been characterized by massive job losses and high cost of living, the country can still draw some positives with regards to its position as an investment hub.

This is after Kenya was ranked as the 15th most attractive destination for investments flowing to Africa.

In a report released by Quantum Global’s independent research arm Quantum Global Research Lab, the country’s rate of economic growth is on track to exceed the average for sub-Saharan Africa for the eighth year in a row.

This growth performance has been driven by strong domestic demand and public infrastructure investment in a context of low oil prices and domestic macroeconomic stability.

Economic growth has been reasonably well diversified, especially in services sectors, although manufacturing has underperformed. Low inflation and currency stability over the past two years have been conducive for investment.

Possible political instability in light of the August 8 elections, associated delays in fiscal consolidation and recent capping of interest rates are some of the internal risks that could hinder economic growth.

The report ranked Botswana as the most attractive investment destination in the continent due to factors like credit rating, import cover and ease of doing business.

Morocco, Egypt, South Africa and Zambia followed in closely with all countries having similar factors that were favourable for economic growth.

Equatorial Guinea, Gambia and Madagascar were on the other hand ranked among the worst investment hubs.

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