Business
Five ‘boom towns’ that should be on every investor’s radar
Across Africa there are towns experiencing rapid development, largely off the because of newly found resources such as minerals, crude oil and natural gas.
While the challenges and expenses of working in Africa’s more remote locations may eat away at profit margins, these towns should be on the radar of investors and developers looking for a first-mover advantage.
1. Takoradi (Ghana)
A view of Takoradi Port. PHOTO/Christiane Badgley
Towards the end of 2010 it was reported that Takoradi, a small coastal town on Ghana’s west coast, was emerging as one of the new hot spots for African property developers.
At the time there was considerable enthusiasm about the twin city of Sekondi-Takoradi because it was set to be home to Ghana’s emerging oil industry. Takoradi is the nearest commercial port to the country’s offshore oil fields.
Since then commercial oil production has started in all earnest, but developers and retailers have still not fully capitalized on the opportunities.
The economy of Ghana has been experiencing double-digit growth – with growth touching 13.6 percent in 2011.
2. Pemba (Mozambique)
Port of Pemba. PHOTO/Terry Hutson
Pemba is a port city in northern Mozambique. It is traditionally known as a tourist destination, but these days Pemba is an important centre for northern Mozambique’s offshore natural gas fields in the Ruvuma basin.
US-based Anadarko Petroleum and Italian oil & gas company Eni, have both recently announced significant gas discoveries in their respective blocks. These discoveries are important because of the size of the reserves as well as Mozambique’s relative proximity to markets in Asia.