Business
Africa facing unprecedented growth: Continent hosts 6 fastest growing economies
There was also a growing middle class in Africa estimated at around 313 million people in 2010, 34 percent of the continent’s population, according to the African Development Bank.
Consultants Merrill Lynch and Capgemini said there were now more than 100,000 Africans with at least US$1 million to invest.
“This period of growth is almost unprecedented for Africa,” the Ernst & Young report says.
However, it also notes that sub-Saharan Africa “has continued to suffer from some of its traditional problems, including food shortages resulting from adverse weather conditions in a number of countries and high inflation, driven by higher food and fuel prices.”
There were also concerns at the lack of intra-Africa trade, which still only made up 10 percent of total exports, and adequate investment in education and health.
“Investment in education has been patchy at best and, with a few exceptions, education and skill levels remain low,” the report says.
“This will deter investors that need a skilled local labor force. In addition, many African countries need to improve the ease of doing business.”
By: Paul Redfern – The Africa Review
