In a recently released World Bank Report, East Africa’s largest economy (Kenya) has dropped the ranks from position 109 to 121. This according to experts is attributed by the country’s inability to sustain reforms it established during the times of awarding building permits to potential investors.
In the report, it emerged that Uganda has overtaken Kenya and rose to become as East Africa’s preferred choice to invest in and carry out business. For the record, Uganda stands at position 120 from its previous position of 123. The survey rankings were carried out of a total of 185 nations.
In a nutshell, Uganda triumphantly made reforms in the housing sector and took advantage over the Kenyan policies which favored them in terms of attracting potential investors. The landlocked country strengthened its insolvency process simply by formulating proper rules on matters mortgages, mortgagees and mortgagors.
Also in the report is the fact that Uganda digitized its records in a bid to increase easy reference and boost efficiency and convenience. Uganda’s latest development has seen various stakeholders welcome the move and encouraged the concerned parties to do more in order to improve on the economy’s weak points. Business leaders have consequently urged the nation to make real time investments in order to productively reap from their initiatives.
Other East African nations that showed an improvement in the report included Burundi which according to the rankings managed to enact four reforms, making it to rank among ten of the most improved economies globally.
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