Kenya: Country Ranked As Emerging Economy By IMF

Posted to the web 10 October 2008 Paul Redfern London Kenya is now among a select group of countries - including Ghana, Tanzania, Zambia, Mozambique and Uganda - to be rated as emerging markets by the IMF. The stability of these countries along with Botswana and Nigeria should enable them to weather the current world financial crisis as industrialised countries look to new markets for vitally needed raw materials and food. Moreover, the Economist magazine, says that the very conservative nature of the African banking system should ensure that Kenya and its neighbours are not likely to fall victim to the credit crisis affecting the West. "Businessmen and budding entrepreneurs have always moaned about the excessive regulations and conservatism of African banks," the Economist says. "Controls on foreign exchange often prevent... [read full story]