Ethiopia is set to lead the growth of Sub-Saharan Africa as it continues to invest in infrastructural development. This is according to a world bank report that also revealed that investments will remain high in the year as growth in the East African region is projected to be better than before.
As Africa’s fastest growing economy, Ethiopia has been working on developing its Central Business Districts and hasten growth in its business sector to lure investors to the country for more business and job opportunities.
Development has hitherto been hindered in the overall economy of East African countries, by the poor state of infrastructure, particularly in the area of transport networks. This has hampered the movement of goods in the region and also made some places inaccessible.
Tanzania, for instance, has not been able to attain the industrialization goals set by President John Magufuli. Although a number of factories have been set up to attain these goals, which include building a stronger economy and a stronger currency, the Exchange reported that most of the goals have not been implemented.
If Tanzania could achieve these goals, it would have control of its productions and export, rather than have external sources help the government.
Rwanda, too, is quite competitive in the regional market with the settlement of a number of investors this year who have shown trust in the economy of the country. Recently, Rwanda implemented policies that would guarantee a better, more resilient climate for investors and their businesses.