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Kenya's economy ranked third biggest in Africa

09 May 2014, 11:24

Nairobi - A report by the Africa Progress Panel has rated Kenya as the third biggest economy in Africa after South Africa and Nigeria.

The annual report, chaired by former United Nations Secretary General Koffi Annan seeks to advocate at the highest levels for equitable and sustainable development in Africa.

“Much of the investment – especially in banking and finance, telecommunications, retail and services – is driven by regional players.
South Africa is emerging as a leading investor on the continent, followed by Kenya and Nigeria,” states the report.

The report lauds Kenya’s hunger and safety programmes as well as the penetration of financial inclusion in the country which is amongst the highest in the continent.

“Kenya has developed an extensive set of hunger safety net programmes targeting arid and semi-arid areas,” says the report.

The report urges African countries to close the gap between infrastructure and financial inclusion.

“African governments can also support the development of mobile banking and e-commerce to overcome financial exclusion, building on successes such as M-PESA in Kenya. Development finance institutions should work with the private sector to foster more balanced perceptions of risk,” states the report.

The report lauds Kenya’s reforms in strengthening social protection.

“In Kenya, the social protection policy advocates the establishment of a universal registry of all beneficiaries, eliminating duplication in information systems,” states the report.

 – CAJ News

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