For many decades, the dominant image about Africa in the western media has always been corruption, famine, war, and disease. This has started gradually to change as of recent times. The narrative about Africa has finally started to move in the positive direction. This is been driven by the now undeniable economic renaissance in Africa. Many investors have been trooping down to Sub-Saharan Africa looking for investments opportunities. These investors can be clearly noticed in big cities like Lagos in Nigeria to Accra in Ghana. The Economist and TIME magazine have both published big articles in the last two years called “Africa Rising”.
Over the past decade, Africa has created more wealth and generated more sustained growth than it has ever done in its history. There has been a clear emergence of a large middle –class with strong purchasing power. This was practically absent some decades back. According to new studies emerging, this Africa’s growth is very sustainable and it is only just the beginning of the emergence of Africa as a force to be reckoned with. By 2050, It is been projected that Africa’s GDP will equal that of the USA and the EU combined in today’s money and, in all probability, will begin out-pacing the Asian growth rates. Resources
While Africa’s sterling economic performance and renaissance seems to have taken many naysayers and commentators by surprise, Africa’s emerging economic boom is simply following a pattern of global economic transformation that began roughly two centuries ago. It is well known that countries go through four stages of growth – from agricultural to industrial states, then to service economies, and finally into the age of the information economy.
To sustain this growth and renaissance of a once gloomy and neglected continent, Africa’s various governments from Nigeria to Ethiopia must continue to invest in its people. They must continue to massively invest in infrastructures and research. Political stability and rule of law should be sustained because these gives way to improved investors’ confidence and in turn brings the much desired foreign direct investments. Resources
Written By: Anthony Obiako, Reliable Investments LLC
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