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Kenya is currently the most promising emerging country in sub-Saharan Africa, with economic and political forces converging to put the continent’s seventh largest nation in a relatively favorable position.
Africa is currently the fastest growing continent and is expected to account for a quarter of the world’s population by 2050. Africa. Many companies have already realized that they need a presence in Asia. With Singapore becoming increasingly popular as a hub, Hong Kong has also been absorbed into Communist China.
Unfortunately, some of Africa’s leading countries have been experiencing major problems recently, economic growth has slowed in Nigeria, Africa’s most populous country. The country has only just begun much-needed reforms; Ethiopia, the second most populous country, has just gone through a civil war; political problems and power shortages continue to plague South Africa. In the meantime, those places are not in the race to become a dominant sub-Saharan economic center, if only because expats will be reluctant to move there.
Kenya also had a growth rate of about 5.5% last year, even though there were negative shocks to the prices of imported food and energy. Since 2004, growth rates have been between 4% and 5%. The country also has some geographic advantages, as it boasts an extensive coastline on the Indian Ocean, and research shows that landlocked countries have poorer economic performance.
Coastal countries generally have easier access to the rest of the world, and Kenya has relatively easy access to China and India, which have large markets and sources of capital. In the current geopolitical climate, East Africa is attracting more interest from more sources than most of West Africa.
In terms of scale, Kenya’s population of about 57 million cannot compete with Nigeria’s 222 million. However, East Africa has a larger population than West Africa, with nearly 500 million people.
Tanzania, just south of Kenya, has a larger population than Kenya, but Kenya has more wealth and superior infrastructure, including digital infrastructure, and their internet access in Kenya is among the most reliable in Africa.
Kenya is on over 80% renewable energy and the climate is ideal for a continued expansion of solar power. Foreign companies looking to bolster their green credentials may find Kenya an attractive destination.
The government in Kenya is proving more adept at preventing major terror attacks, often by groups in Somalia. As the country becomes more prosperous, there is a good chance that these problems will decrease further.
Kenya will be the ‘Singapore of Africa’
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