Kenya has moved up 19 places on the ease of doing business to position 61 up from position 80 previously according to the World Bank ranking which ranks 190 economies across the globe.
According to the report, Kenya is said to have maintained its strong business reform agenda, carrying out five key reforms in the past year to improve the business climate for small and medium-sized businesses.
World Bank Kenya Country Director, Felipe Jaramillo said, ’’Kenya has embraced a strong reform agenda aimed at boosting investment and creating jobs. During this past year, Kenya has once again showcased itself as one of the global leaders in adopting international best practices in business regulation.’’
Adding that while this is a great accomplishment worth celebrating, the government should persist in its efforts to address the remaining hurdles that affect the establishment and growth of SMEs in the country, a segment that is critical to the creation of more jobs and opportunities for Kenyan youth.
The report also indicates that Substantial variations in performance among Sub-Saharan African economies presents an opportunity for policymakers to learn from the experience of their neighbours.
‘’Mauritius, which joins the group of top 20 economies this year (the only Sub-Saharan African economy to do so), has reformed its business environment methodically over time. Indeed, over the past decade, Mauritius has reformed more than once in almost all areas measured by Doing Business’’ the report shows.
The lender says there remains much room for improvement in the areas such as Registration of Property which despite reforms carried out in the past year. Registering a business has to go through nine procedures to effect a property transfer, compared to an average of 6 procedures in the region.