Kenya is the third easiest place to run a business in Africa following reforms in the country’s business laws, the World Bank has said.
The World Bank Ease of Doing Business report also ranks the country as the 80th best country to do business out of 190 countries surveyed in 2017.
The report says Kenya’s position has been boosted by reliable energy, reduced business opening procedures and easier tax filing procedures.
For the last 10 years, Kenya has been carrying out major reforms to improve her business environment.
In the last two years Kenya passed more than five laws aimed at creating a conducive business space.
In the African region, Kenya lies position 3 as the most improved nation behind leader Mauritius and Rwanda.
Trade Cabinet Secretary Adan Mohammed says the target is to be within the top 50 bracket in the ease of doing business in five years time.
The CS says the ongoing business reforms have catapulted Kenya into one of the best investment destinations in Africa only second behind South Africa.
Foreign Direct Investment levels in Kenya have risen from 40 billion shillings in 2013 to 210 billion shillings last year.
The Kenya Private Sector Alliance chief Carol Kariuki says Kenya has improved the reliability of electricity by modernizing distribution lines while at the same time setting up a specialized squad to restore power when outages occur.
However the World Bank report says Kenya needs to deal with endemic congestions on her roads, expedite the process of tax refunds and continue to invest in security.
New Zealand is ranked the first position followed by Singapore and Denmark.
Our readers however make take note that World Bank reports are not free of errors