A South African bank has ranked Kenya Africa’s sixth-best investment destination, a fall from last year’s standing when it was placed at fifth position.
Rand Merchant Bank (RMB’s) Where to Invest in Africa 2018 report says Kenya’s growing consumer spending, diverse investment opportunities and pro-market policies make the country an attractive destination.
The survey focuses on the most important income generators and investment opportunities in a country.
“Despite being surpassed by Ethiopia, investors are still attracted by Kenya’s diverse economic structure, pro-market policies and brisk consumer spending growth,” says the report.
Egypt is ranked the most attractive destination on the continent beating South Africa to the second position owing to the latter’s sluggish growth rate.
Morocco remained the third-most preferred destination for three years running while Ethiopia, although “dogged by socio-political instability” displaced Ghana to clinch the fourth position was placed fifth.
Tanzania’s business-friendly reforms meant to fight corruption and grow the economy saw the country climb two places to seven as Rwanda, Tunisia and Cote d’Ivore, to took eighth, ninth and tenth spots respectively.