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Kenya has been hit by an uncertain economy after New York-based Morgan Stanley Capital International (MSCI) ranked the country as one of the troubled markets technically ineligible for foreign investment. Facing the future
According to MSCI (2022) Annual Review of Global Investment Markets, Kenya is in the advanced stages of an economic meltdown that could lead to worsening macroeconomic conditions.
Foreign investors were therefore advised to beware of the unfavorable investment policies introduced by Kenyan government President Uhuru Kenyatta.
MSCI’s decision to put Kenya on its troubled markets watch list has fueled the country’s many financial problems and has discouraged foreign investors from investing in the East African country.
While answering questions from east africa, Minister for Trade, Investment and Industry Moses Clear said curtly that “we will take up this issue on Wednesday.”
Chief Cabinet Secretary Moses Kuria speaking at the Kenya Manufacturers Association event on Friday 28 October 2022
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The Market Watchlist provides actionable information reports on countries that portend greater risk to foreign investors.
Kenya’s new government, led by President William Ruto, is gearing up for major investments by local and international traders.
Moses Kuria had previously suggested that the government on Wednesday 2 November would consider measures to attract foreign direct investment (FDI) to the country.
CS Kuria said on his Twitter handle that he was mandated to provide a solution to the problem surrounding the free flow of foreign portfolio investment into Kenya.
“I will outline the measures that the Kenyan government will take in the next 48 hours,” he said on Monday.
The New York-based firm said the policy had made the country an unattractive destination for foreign investment.
Morgan Stanley Capital International (MSCI) Inc. has also put Nigeria, Mauritius, Egypt, Sri Lanka, Brazil and Qatar on its watch list.
MSCI indices track the performance of global equity, fixed income and real estate markets and advise foreign institutional investors, including pension funds, on which markets to invest in.
Foreign investors are fleeing Kenya to other developed markets due to rising interest rates among many other factors.
From right: Vice President Rigati Gachagua, President William Ruto, NSE Chairman Kiprono Kitney, and Nairobi Governor Johnson Sakaja ringing the trading bell at a past event.
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