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Thursday, November 24, 2022 – Despite the many challenges Kenya is facing, the country still managed to beat all other countries in Africa to be ranked the best to start and run a business in 2022.
A live ranking by US News and World Report showed that globally, Kenya was ranked at position 1 in Africa and position 26 globally – an improvement from position 39 in 2021.
According to the outlet, the East African nation scored 53.9 points on its openness for business while it was ranked position 78 on the entrepreneurship front.
In Africa, Kenya was followed by Ghana (position 41 globally), Cameroon (position 50 globally), and Zambia (position 62 globally).
With a population of nearly 55 million, the outlet pegged Kenya’s Gross Domestic Product (GDP) at Ksh13 trillion while the GDP per capita was estimated at slightly over Ksh600,000.
The ranking was drawn from a global survey of 17,000 people where a deeper concentration was placed among a segment of 4,500 respondents considered “business decision-makers”.
“The list is based on respondents’ association of various countries with five particular attributes: affordable, bureaucratic, cheap manufacturing costs, connected to the rest of the world and provides easy access to capital,” read the statement in part.
Over the recent years, Kenya has been pegged as the African Silicon Valley after attracting a considerable amount of interest from tech multinationals.
The country, especially Westlands, was also hailed as a good hub for start-ups to thrive in driving the demand for coders to an all-time high.
Some of the multinationals that created headquarters in Nairobi include Google, Microsoft, Oracle, Cisco, IBM, and Coca-Cola.
To nurture start-ups and businesses, President William Ruto’s regime unveiled a new funding mechanism dubbed the Hustler Fund aimed at providing loans to individuals and groups at an affordable interest of 8 percent.
The Kenyan DAILY POST.