Kenya ranks third in trade growth potential in the recently released Standard Chartered Trade 20 Report. Ivory Coast tops this year’s list having made significant improvements in its trade readiness.
Kenya’s remarkable improvement is attributed to enhanced infrastructure and business environment. Ivory Coast and Ghana have improved in terms of their economic dynamism with Ivory Coast particularly enjoying a robust GDP.
The index reports that Kenya is consolidating its position as the trading hub of East Africa while Abidjan, Ivory Coast is consolidating itself as the West African trading hub. The two countries have therefore positioned themselves to benefit most from increased trade flows and foreign investments.
The report further states that Africa has the potential to become a much bigger player with global trade partners particularly China through the Belt & Road Initiative.
The report expresses optimism of numerous growth opportunities to trade and investments for the years ahead especially with the implementation of the African Continental Free Trade Area (ACFTA).