There are still many pessimists who laugh at any suggestion that Africa is finally turning around and moving towards fulfilling its potential but despite all its challenges, there is mounting evidence that the future of the world rests with Africa and the African market may yet be the key to taking the global economy out of recession. [tabs style=”default”] [tab title=”Foreign Investment”]It has been suggested by economists that seven of the ten fastest growing economies in the world in the next few years, will come from Africa, a fact which is borne out by the increasing flows of direct foreign investment that have been flowing to the continent even amidst a recession. An increasingly affluent African middle class, currently totalling just over a quarter of a billion and growing at a rapid pace provides a market for global goods which may just be the key to growing the global economy and taking it out of recession.[/tab] [tab title=”Mobile Technology”]Another exciting fact that points towards a turnaround in the continent’s fortunes is the fact that Africa has become the global leader in mobile web technology (internet access through mobile phones) and has been a pioneer in developing sophisticated mobile banking, education and health services as well as pioneering products such as prepaid services in order to solve infrastructure challenges that beset the continent and make it easier for investors to invest in the continent and for businesses to operate more efficiently.[/tab] [tab title=”Intra-African Trade”]We have also seen a growth in investment between African countries as African corporations have taken advantage of opportunities that are opening up all over the continent. Whilst this has been occurring there is still great scope for growth in intra-African trade and the increasing regional economic alignment should see a period of greater growth in this area in the coming years. As well as seeing African corporations investing on the continent and reaping great rewards, we are also seeing African businesses increasingly playing on a global scale and becoming in some areas industry leaders, all of which bodes well for the future of the continent and the well-being of its peoples.[/tab] [/tabs] So there is evidence of a significant turnaround in the continent’s fortunes which gives us increasing hope that this will indeed be the African century when we’ll finally see the African taking his place at the apex of world civilisation and making his contribution to the cause of man’s progress at every level. Now all we need to do is to ensure that our politicians, political systems and structures follow suit so that they don’t become a bottleneck keeping the continent backwards when the opportunity is there for the continent to set the pace and lead the world in these increasingly exciting yet uncertain times.
- Myopic Reflections
- Whereto from here?