Today Time Magazine released an article featuring “10 Ideas Changing the World Right Now” in 2009. Idea number six specifically highlighted Africa as a prime business destination.
The article discusses that the perception of Africa has long been attributed to despair, war, diseases, corruption and famine. As a consequence of this view, a misconception exists concerning Africa’s growth opportunities; that they must all surely be related to suffering, aid programs, and donations.
The article quickly dispels this myth with strong evidence that “aid is no longer Africa’s main source of foreign income. Africa is becoming a business destination.” This reinforces what was said earlier in an article by the Washington Post stating that we should “respect Africa by investing, rather than trying to ‘save’ it.” This is exactly the reason why China has developed a deep fascination with Africa; with trade having grown about 30% over the past decade between the two regions. Dambisa Moyo, who wrote Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa, emphasized their important relationship by stating that “if you back China, you’re backing Africa.” Furthermore, overall foreign investment has quadrupled since 2000 as Africa advisors to President Obama declared the continent has having “the world’s highest rate of return on investment.”
According to IMF statistics, countries such as Rwanda, Ghana, Mozambique, and Tanzania have enjoyed impressive annual growth rates of 6% and above (See image above for details).
Let’s invest in Africa and keep welcoming her to the business world!