“Africa is the ideal continent in which to invest”. A phrase that has become almost commonplace. How much of it is true? Probably a lot, even if there are some caveats. VuBlog has a short but thorough review of the subject, with some key contributions from experts and institutions, which provides an outline of the complete picture of the state of the African economy’s health.
The African GDP race
Let’s start with the current situation. The state of economic growth in Africa is perfectly demonstrated by an image reported in “Il Sole 24 Ore” which indicates the expected growth of GDP for every country in the continent for 2016. The rate is slower compared to the rate recorded some years ago, but overall we are talking about much higher rates compared to the most developed nations.
Potential to be realised
What weighs more in the assessment of Africa’s economic strength, however, is not the current situation, but the analysis of the potential. The experts at McKinsey & Company have written a report which outlines the strategies that the continent must take to release its full potential and put it to full use.
It’s Africa’s time
A wealth of economic data confirms this: the investment opportunities in Africa have never been as as strong as they are at this time. Also of this opinion is Euvin Naidoo, of the Boston Consulting Group, who has written an interesting article on the subject which is published on Linkedin. A new perspective that forces us to look at the world differently to the way in which we have done so thus far.
What Africa most needs is a new class of entrepreneurs. This is what Raphael Obonyo, African representative at the World Bank, has written on the Iol website. Developing a strong entrepreneurial fabric would mean the creation of demand for labour, attracting investments and providing services that would improve the lives of African people.