Last year "Waka Waka" (This time for Africa) was the official song for the 2010 World Cup held in South Africa. The song was sung by Shakira and Freshly Ground.
Indeed it is time for Africa. While most of the western world is mired in debt, economies across Africa are expanding. They might not have the rapid growth of China, but the average gross domestic product (GDP) rate for Africa is around 6%. Compare that to the economies in the US and Europe. In fact about a dozen countries in Africa have seen their economies grow by 6% per year for more than six years. Yet, most western newspapers only print stories about famine, aids, civil wars, etc. Very few articles are written about the successful developments across the continent. Finally, "The Economist" has dedicated an issue on Africa. "The Economist" of December 3, 2011 has several informative articles on "Rising Africa".
Last month when Greece and Italy were rattling equity markets because of their financial situations, the Portuguese Prime Minister Pedro Passos Coelho met with Angolan President Eduardo Dos Santos. Why was the prime minister meeting with the president of a former colony? Portugal is the next country on the list of European countries going bankrupt. Forecast indicate that the Portuguese economy could contract by 2.8% in 2012, while Angola's economy is expected to grow by 12%. Angola, a country devastated by a long civil war, from 1975 to 2002, now stands ready to assist Portugal though its financial crisis. The IMF has agreed to give Portugal a $107 billion bailout on the condition that it introduces a range of economic reforms, including privatizations. Thus, Angola could buy stakes in some of the companies set for privatization. In 2009 Angolan investments in Portugal stood at $156 million compared to $2.1 million in 2002. Angolan companies owned the equivalent of 3.8% of companies listed on Portugal's stock exchange.
Not many people know the name Aliko Dangote. According to the latest Forbes Magazine table, he is ranked as the 51st richest person in the world with an estimated net worth of $13.8 billion, well surpassing Oprah Winfrey as the richest person of African descent. He is from Nigeria and the owner of the Dangote Group, an industrial conglomerate in West Africa . The company has activities in cement, sugar, flour,salt, pasta, beverages and real estate. It is also developing new businesses in natural gas, telecommunications fertilizer and steel. The company has a current market capitalization of $14 billion and is listed on the Nigeria Stock Exchange. For more information about the group see their website: http://www.dangote-group.com/.
Africa is home to 54 countries and more than 1 billion people, nearly 14% of the planet's population. Its population is also set to double over the next 40 years. The median age of the population is now 20, compared to 30 in Asia and 40 in Europe. Yes, it has many diverse cultures and people, but within that lies many opportunities. It is perhaps too early to say whether or not the lion economies of Africa will challenge the tiger economies of Asia, but it is time to give Africa her chance. Take time to learn more about the success stories and opportunities that are developing across Africa.
