Grounding Africa’s Economic Growth
Apart from being the largest and most advanced economy in East Africa, Kenya is also set to be among the fastest-growing countries in Africa, expected to continue to grow in excess of 5% per annum over the next five years.
Nairobi, the country’s capital city, is the business and financial centre of Kenya and the government is on a quest to establish it as a financial hub in the region, putting it on par with existing financial centres in the world.
Given Kenya’s diversifying and robust growth prospects, strong private-sector participation, ongoing pro-business reforms, as well as a rising domestic and regional consumer market, Kenya offers a wealth of investment opportunities across a range of sectors including infrastructure development, horticulture, manufacturing, tourism, power generation, natural resource extraction, and information and communications technology (ICT).
The Deloitte Africa October 2016 publication on Kenya looks to provide a high-level overview of some of the key trends that have resulted in Kenya’s forecast robust growth rate, thus continuing to outperform its peers including South Africa, Nigeria and Angola, and arguably grounding Africa’s economic growth.
Key highlights in this report:
- Kenya is the fifth-fastest growing and the most sizable economy in the top 10 SSA growth economies.
- Kenya is also among the countries experiencing a significant growth in more diverse sectors including retail, entertainment and lifestyle facilities and as a result a rise in real estate activity.
- Kenya's main trading partners in Africa include Uganda (Kenya's largest export market) and Tanzania – both within the EAC – as well as South Africa.Kenya looks to leverage the external trade sector more effectively as part of its Vision 2030 to transform its economy to middle class status by that year.
- The simplification of the conditions for obtaining business licenses, the development of PPPs, the continued investment in infrastructure, the advancement and adoption of technology, the discovery of large mineral deposits, the development of SEZs, as well as a growing consumer base are expected to be a positive influence on FDI inflows into Kenya.
How can Deloitte help:
Deloitte teams across the African continent have unique capabilities and services to partner with clients at any stage of their Africa growth and expansion strategy. In order to unpack opportunities and relevant challenges at a more granular level, our experienced service line and industry experts provide cross-cutting industry viewpoints, customised insights and regular commentary on current trends, developments and prospects for our clients across the continent. Contact our Africa Services Group for more information.