Kenya has been ranked the third world’s most conducive business environment and Africa’s most reformed country for the second consecutive year as noted in World Bank’s Doing Business 2017 report.
“Much as Kenya’s gains were associated with efficiency-related measures such as fewer procedures, shorter time periods and lower costs, the quality of regulation influenced Kenya upward score of 61.22 in doing business 2017 from 57.50 in doing business 2016,” stated the report.
Additionally, the reports reveals that the country climbed 21 places to 92nd from 113th last year, attributing the rise to the country’s implemented regulatory reforms aimed at enabling local entrepreneurs to do business in the country.
President Kenyatta’s comment on the report
Speaking in Nairobi during the launch of the report, President Uhuru Kenyatta described the country’s achievement as having flowed from successful pro-business reforms in pursuit of the national development agenda.
“The improvements we have made this year are as result of the hard work over the past two years when we instituted alongside our World Bank partners and private sector to improve the efficiency of government operations through regulation and legal reforms meant to improve the reality of business operations on the ground. Despite consecutive improvements, we will continue working on closing the gap in many key areas that impact the ease of doing business in our country especially on areas with the lowest score as it is along arduous path filled with challenges to attain our global goal to becoming the top 50 most reformed globally by 2020” said the President.
Trade Cabinet Secretary Adan Mohammed said Kenya instituted five reforms in the areas of starting a business, getting electricity and registering property, protecting minority investors and resolving insolvency.
The government has also invested a lot in funding start-ups and youth initiated businesses which has worked as a plus in boosting business in the country.