World Bank Announces Kenyan Economic Policies Best In Africa
This is great news for Kenya. The World Bank and the World Economic Forum 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, reports Capital FM.
According to National Treasury Cabinet Secretary Henry Rotich, the World Bank has upgraded Kenya’s Policy and Institutional Assessment rating to 3.9, making it the highest ranked country in Sub-Saharan Africa.
Rotich announced the news while he was briefing President Uhuru Kenyatta at State House, about the upcoming high-level conference on ‘Kenya’s Economic Successes, Prospects and Challenges’ scheduled for September 17 and 18.
Rotich said the Global Competitiveness Report 2013 – 2014, which was 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.
“According to the GCI, Kenya is now among the 100 most competitive economies in the world,” 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, Rotich said.
While Rotich said 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.
“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 added: “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.”