Saturday, September 14, 2013

Africa: Game changer for the global commerce

As I read this article, I thought what one commenter wrote, "Truly its time for Africa to be the game changer for the global commerce."

Once written off as the dark continent of poverty, disease and war, Africa is emerging, once again, as one of the most dynamic continents in the world.

Read on:

Banks set to transform African growth by

As Africa develops, its investment prospects are growing exponentially. Banks such as Kenya Commercial Bank will be key to steering the continental boom
Africa is the market that the entire world is presently targeting for tangible growth opportunities. It is the new frontier for investment, trade and technological advancement.

The continent is endowed with abundant natural resources, skilled manpower, fresh water bodies and fertile agricultural land. Recent discoveries of oil and gas deposits, as well as commercially viable minerals, have boosted Africa’s economic worth and added to the importance the world has attached to the continent as an affordable alternative investment destination of choice.

The discovery of new oil deposits in Kenya and Uganda – with the potential to produce 500,000 barrels a day by 2018, according to estimates – by London-headquartered Tullow Oil have led investors and multinational corporations scrambling for the African space.

We are seeing investors from the West and the Far East scouting for opportunities to buy into existing businesses on the continent or establish ventures in hitherto untouched fields, such as oil exploration and mineral extraction, in countries that have not been on anybody’s radar in recent decades. This new trend is beginning to reawaken the continent in terms of its untapped potential and is slowly accelerating the strategic revival of various sectors.

Changing times

 This is because the continent has changed its political landscape, with many of its 55 nations conducting peaceful, free and fair elections and embracing democracy and good governance in its key arms of government: namely judiciary, legislature and executive.

 Similarly, the demographics in the African population have continued to change: there is now a youthful majority in the population, and the growing middle class (about 15 percent of the population) provides a huge market for its products and services.

Africa is undoubtedly the world’s next growth frontier and is trying to address challenges such as fluctuating commodity prices, rising inequality and youth unemployment. Over the last decade, six of the world’s fastest-growing economies were in Africa, with the World Bank stating that almost half of the countries on the continent had attained middle-class income status.  Read entire article

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