Kenya has been ranked as the best investment destination in Africa alongside South Africa, Nigeria and Tunisia despite the country’s recent economic turmoil.
According to the 2024 Deloitte Africa Private Equity Confidence Survey (PECS), the recent policy reforms and regulatory adjustments adopted by Kenya made it the most preferred destination for investing in Africa.
The survey revealed that over the next 12 months, the majority of investors plan to channel their investments toward Kenya as they hope for economic stability.
Deloitte in its report disclosed that Kenya’s recent move to privatize 26 public institutions will help the country build a more dynamic, private-sector-led economy.
However, Deloitte clarified that the success of these privatizations will depend significantly on how the government optimizes the privatization process.
According to the consultancy firm, the government could optimise the inflow of investors by streamlining regulatory frameworks, simplifying transaction approvals, and enhancing public awareness.
“Private equity’s resilience and knack for pinpointing opportunities are pivotal in bolstering businesses and spearheading economic recovery,” Deloitte stated.
“This favourable convergence across East Africa offers not just chances for lucrative exits but also pivotal moments to sculpt the region’s economic future,” noted Kevin Kimotho, Deloitte East Africa’s Private Equity Leader.
62 per cent of the respondents interviewed by the firm stated that they were optimistic that Kenya’s economy would improve over to the next year despite the previous year’s more cautious expectations.
Deloitte’s report comes hardly three months after a survey conducted by Brand Africa named Kenya among the countries making Africa great.
The survey further revealed that Kenya remained top of the list among countries in East and Central Africa that are admired by other Africans.
“African nations account for 64 per cent of the top 50 most admired countries, with South Africa, Nigeria, United States, China and Kenya being the top 5 countries perceived to contribute to a better Africa,” the survey revealed.
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