According to report by The Institute of Chartered Accountants in England and Wales titled Economic Insight: It projects African economies to grow at an average rate of 4 percent in the next five years.
The accounting firm projected the growth of the East African biggest economy, Kenya at 6% during 2017 and 2020 periods citing the country’s resilience, improved security, diversified economy and comparatively low commodity dependence.
Despite, the global accountancy and finance body pointing good news to the African economies in the coming years, it warned that manufacturing playing a crucial engine for the economy but still accounts for a small share of output, saying the old model of exporting raw materials is becoming highly unsustainable.
