Kenya

Having already benefited from initiatives such as mobile banking service M-pesa, Kenya’s commitment to further develop the information and communications technology (ICT) industry is expected to create opportunities for private sector investors.

A nascent mining industry is forming in Kenya, with the first large-scale mining project expected to begin exports this month, although a spate of changes to the regulatory framework over the past 18 months has made for a tighter operating environment for producers.

Last year Kenya saw robust economic growth, thanks in part to a smooth conclusion to the March presidential elections as well as to the discovery of new hydrocarbon deposits and aquifers. Planned reforms and devolution look set to improve the overall business environment over the course of 2014, although the East African nation still faces challenges.

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.