Browsing: growing african economies

Kenya is commonly considered to be East Africa’s financial hub. Its economic growth has increased steadily in the last decade due to significant political, structural and economic reforms. The SME sector stands out as the key driver of Kenya Vision 2030 which seeks to transform the country into a newly industrialized middle income country by 2030. SMEs are crucial in encouraging industrialization and helping to eradicate poverty by creating employment and raising income levels.

Social and Economic Benefits

SMEs complement large firms as subsidiary units; because they are more flexible they can effectively meet the needs of the market. They have a facilitative role in entrepreneurial activities across the country in both urban and rural settings, thus contributing immensely towards the socio-economic development and transformation of the country. SMEs are can ensure the achievement of sustainable development goals (SDGs), promotion of inclusive economic growth and sustainable industrialisation and fostering as …

For the longest time, Africa has been regarded as a hub of extraction, with a history of colonialism that resulted in colonialists exporting raw materials and labor from the continent at little or no fee at all. However, Africa is rewriting the pages of history, and taking charge of its economic well-being. 

No longer are African leaders basing their economies solely on the extractive industries, they are spreading their wings to different sectors that will benefit the continent’s economic status. To date, Africa has been said to be the second-fastest-growing economic region after Asia, and forecasts predict the momentum to be maintained as the continent has many factors working in its favor.

Although the continent’s economic status is on the rise, the rate at which different countries on the continent are growing economically is not at par. One country that has seen remarkable growth and is implementing economic policies that …