By Felicia Omari Ochelle
VENTURES AFRICA – Kenya, East Africa’s largest economy, is the best emerging economy in Africa to invest in, according to a new report. This recognition can be attributed to the country’s enhanced infrastructure development and a steady political and macroeconomic atmosphere.
Ian Bremmer, President of global political risk research and consulting firm Eurasia Group, writing in the February issue of Fortune Magazine said the attractiveness arises from a reduced threat of economic and political commotion facing other bigger African economies such as Nigeria and South Africa.
“Backed by a majority in both legislative chambers, President Kenyatta appears poised to advance long-delayed plans to develop the country’s power sector and national infrastructure,” he said.
Bremmer commended Kenya’s efficient response to recent terrorist attacks and the resolution by the International Criminal Court to withdraw charges against President Uhuru Kenyatta. These developments have in one way or another contributed to the present stability.
He concluded by stating that the implementation of IMF-supported solutions to Central Bank and Treasury management are bound stabilize the currency whilst keeping inflation in check.
Unlike many oil dependent countries, Kenya is fast exploring the stronger services sector, especially when compared to other African markets. This is because its economy does not heavily rely on commodities such as oil, metals, gas and minerals.
The growing list of firms setting up offices in Kenya also includes Panalpina, one of the world’s largest freight and logistics companies. The firm has chosen Nairobi as its regional headquarters, making its services available to all clients in the oil and gas industries in East Africa.