Kenya moves up five places in WB ease of doing business ranking
Kenya has moved up five places to position 56 in the World Bank’s latest annual ease of doing business ranking.
Its best showing places it third in Sub-Saharan Africa after Mauritius and Rwanda in the ranking which grades 190 states.
The ranking boosts President Uhuru Kenyatta’s ambitious target of breaking into top 50 nations on the ease of doing business ranking.
Acquiring of construction and property permits as well as ease of credit access edged up Kenyans in the standing that makes it a magnet for Foreign Direct Investment (FDI).
Protecting minority investors, paying taxes and resolving insolvency also stood out.
Cumulatively, the country has inched up 80 spots globally, completing its fifth year-on-year improvement among the top most reformed countries in the world.
Speaking when he unveiled the World Bank report in Nairobi, Deputy President William Ruto said Kenya has to do more to make the country a preferred gateway to Africa for investors.
“Intensified collaboration between the government, development partners and the private sector would firmly drive Kenya into being the continent’s business hub,” he said during the launch of the World Bank’s Doing Business in Kenya 2020 Report yesterday.
In this year’s report, Kenya was adjudged to be amongst countries that delivered the highest number of reforms in Africa.