Sunday, March 26, 2023

Kenya ranked second worst place to invest in after Colombia

Kenya has been ranked number two in list of worst countries to invest in 2022 after Colombia in a new report by the International Monetary Fund (IMF).

Here is why.

The report suggests that Kenya is only better than Colombia of all countries that took part in the survey.

The report says Kenya ranked second worst place to invest in 2022 due to the upcoming general elections that have stirred political uncertainty.

In turn, this uncertainty has kept off potential investors who perceive putting their money into the country as a huge risk.

The general elections will see Kenyans elect the fifth president since independence, with Deputy President William Ruto and former Prime Minister Raila Odinga ranked as the two main frontrunners in the race.

According to the report that was put together by the World Uncertainty Index (WUI), which measures economic and political uncertainty in various countries, economic and political uncertainty in Kenya has risen sharply by 84 per cent.

“A research that was done by WUI to measure economic and political uncertainty among 143 countries that represent 99 per cent of the world’s Gross Domestic Product (GDP), showed that political uncertainty in Kenya is so high,” the report said.

However, the report has caused uproar among a section of Kenyans who feel that the report is biased since a majority of countries tend to suffer from election shocks months, weeks or days to a general election.

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The report, though, has sort to justify its rank by drawing from Kenya’s past troubled elections such as the 2007 elections that sparked the country’s worst post election crisis.

The report further quotes fears that Kenya might be stuck in a prolonged electioneering state if the upcoming elections are challenged and overturned at the Supreme Court.


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