Kenya

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A number of new initiatives are under way to help Kenya achieve its goal of 3m tourists by 2017. In particular, the Kenyan Tourism Board (KTB) is prioritising new markets in Asia and the Middle East to diversify away from its traditional markets in Europe and North America.
A national drive to increase food production in Kenya is gathering strength, as the government moves to streamline the regulatory environment and roll out major initiatives aimed at supporting farmers, in line with its long-term vision.
Over the past six years, Kenya has posted significant growth in mobile phone financial services, and the medium-term outlook looks equally encouraging as operators move to offer traditional banking products such as savings accounts and loans. With the sector gradually converging with conventional financial services, the central bank is moving to strengthen its regulatory oversight, which could alter market dynamics.
Kenya’s run of geologic luck continues, following the announcement of the country’s fourth consecutive discovery of oil by the UK's Tullow Oil and Canada's Africa Oil. Similarly, while activity in the natural gas sector is proceeding at a slower pace, following the recent departure of one explorer, the outlook for new finds is promising.
The IMF has predicted that Kenya’s current account deficit will improve this year, although its exports remain vulnerable to exogenous factors. As the government looks to boost its overseas sales, it must also work to encourage its two main trading partners – the EU and the East African Community (EAC) – to finalise a planned trade agreement to ensure it maintains preferential access to European consumers.

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