Within the East Africa Community, Kenya has the Largest and Fastest growing economy. But what are the challenges and Issues that need to be addressed for a country that has a more promising Economic growth? Three Major Investments is what we need that is Institutions, Integration and Infrastructure. We have relative weak institutions,suffer major Infrastructure deficit and Regional Integration project has been slow and marred by Compliance and commitment deficits.
Other members economy within East Africa Community, Kenya is much better linked in terms of investments flows and trade. That is why we need to Increase exports and invest in transport & energy infrastructure that will help accelerate Economic growth and strengthen Kenya’s position Externally.
Industrialization Powers Job creation. Bordering the Indian Ocean we are well positioned to take advantage of Africa’s growing trade with China. Not forgetting we are the most Industrialized Country In East and Central Africa with major boost from Agriculture, Tourism and Manufacturing Industry therefore better linked in terms of Investment flows and trade.
One of the Major and strong boost to Kenya’s Economic growth is Institutional Reforms such as the adaptation of the New Constitution that provides for devolved governance. Recent discovery of Resources such as Oil, base titanium , Coal and Underground Water augur well for Kenya’s future Economic Performance but all these is in vain if not Managed well.
There is a lot of Money to be made but there are significant risks especially Insecurity associated with Terrorism and pervasive corruption remain deterrents to Investment. The Government should therefore ensure that security , political Stability and reducing corruption is one of its top most agenda. But still Challenges that need to be addressed is poverty, Inequality and access to health services. These are What Hinder one of the most Promising Countries in Africa from growing.
On Paper Kenya looks promising but for all these to come to ripe there has to be qualitative change in governance. We need more coherent and proactive policy agenda only then can we get the transformation we need.