The World Bank and the World Economic Forum (WEF) have rated Kenya as the highest country in Sub-Saharan Africa in terms of economic policies and institutions, making the country one of the hottest destinations of foreign investment.
National Treasury Cabinet Secretary Henry Rotich said the World Bank has upgraded Kenya’s Policy and Institutional Assessment (CPIA) rating to 3.9, making it the highest ranked country in Sub-Saharan Africa.
Mr. Rotich was briefing President Uhuru Kenyatta at State House, Nairobi today on the forthcoming high-level conference on ‘Kenya’s Economic Successes, Prospects and Challenges’ scheduled for September 17 and 18.
He said the Global Competitiveness Report 2013 – 2014 released early this month by the WEF showed that Kenya was the most improved country in Africa moving 16 points in the Global Competitiveness Indicator (GCI).
“According to the GCI, Kenya is now among the 100 most competitive economies in the world,” Mr. Rotich said.
Among the key elements that propelled Kenya’s economy to the high level are confidence in institutions, innovation and a strong world class financial sector, Mr Rotich said.
He said although Kenya has not exploited its full potential, its reform agenda has made it possible to sustain growth and make progress in the war against poverty.
Mr. Rotich underscored the importance of sound economic management and sustaining reforms in economic growth.
President Kenyatta welcomed the news of Kenya’s improved rankings, and said the conference next week would showcase Kenya as a beacon of investment opportunities in eastern Africa.
“This is Kenya’s hour. This is Africa’s hour. We are determined to put in place policies that improve the lives of our people and I am glad they are delivering fruit,” the President said.
He said streamlining financial procedures, such as procurement, will greatly improve how Government delivers services.
“Kenya is open and ready to welcome foreign investment. It is also keen to encourage private sector investment, including from local businesspeople. Our commitment to infrastructure – roads, rail and energy especially, means that we are on the path of lifting the economy and improving the lives of our people,” the President added.
The National Treasury and the International Monetary Fund will host an international conference on Kenya’s economy on Tuesday. President Kenyatta, Mr Rotich, Central Bank Governor Professor Njuguna Ndung’u, IMF
Africa Director Antoinette Sayeh, and Kenya Private Sector Alliance Chairman Vimal Shah, are among a galaxy of leaders in Government, business, and the international financial community that will speak.