Kenya’s brand value has risen eight per cent to $67 billion (Sh7.4 trillion) in the last one year, a new report shows.
This saw East Africa’s largest economy ranked as the region’s most valued brand, by the Brand Finance Nation Brands 2021 report.
The report noted significant developments in Kenya this year, including cementing its relationship with the UK where a new agreement to secure about $16 billion (Sh1.8 trillion) in investment deals was inked.
Other positive factors cited included the listing of Kenya’s first green bond on the London Stock Exchange.
“These new initiatives are testament to the great strides the nation is making in opening up to the global stage for business to support its growing economy,” said the report.
Brand Finance Africa Regional Manager for East Africa Walter Serem said Kenya could boost efforts to entrench its presence not only in the continent but the world.
“Our position in the ranking could not come at a better time given the continued ravaging effects of the Covid-19 pandemic on local businesses and livelihoods, where the cost of living is at an all-time high,” he said. “I must commend all stakeholders in the government, public and private sector given the intent and effort to grow our indigenous brands.”
Mr Serem said the ranking offered an opportunity to align and support Kenya’s brand custodians such as the Tourism ministry, Kenya Tourism Board and Kenya Export Promotions and Branding Agency.
The report further showed that the 100 most valuable nation brands in the world recorded a seven per cent increase in brand value since 2020, signalling that recovery from the pandemic is underway.
Despite this, the report said, uncertainty lingers and nation brand values have not reached pre-pandemic levels yet.
At $90.8 trillion, the total brand value of the top 100 is still seven per cent lower compared to 2019, added the report.
“Unlike previous economic crashes, recovery is uneven and is pinned on the combination of initial Covid-19 response strategies and a successful vaccination rollout. We are starting to turn a corner, as the world’s most valuable nation brands begin to return to pre-pandemic brand values,” David Haigh, Chairman and CEO, Brand Finance.