At HKLM we are exceptionally excited about the future of this beautiful, colourful and vibrant continent of ours.
Africa as a continent is still coming into its own in terms of its economy, diversity and perception amongst others. It is the second largest continent, but number one in terms of its vast potential to become a continental powerhouse.
Africa’s economy is multifaceted by nature and is made up of trade, mining, industry, agriculture and human resources like most other continents. It is a continent rich in natural resources, agricultural possibilities and human creativity.
Our vibrant African economy has a lot to offer the world. Traditionally the economy has been rooted in the primary sectors – the result of a wealth of mineral resources and favourable agricultural conditions. But recent decades have seen a structural shift in output with economic growth being driven more and more by the tertiary sector – which includes wholesale and retail trade, tourism and communications.
Renaissance Capital have put it forward that this economy will be worth $29 trillion by the time we hit the year 2050.
Over the last few years, 32 African countries have implemented a total of 71 economic reforms – all aimed at making it easier to do business on the continent.
Africa is currently home to some 1.2 billion people (16.21% of the global population), and counting.
Whilst the rest of the world is beginning to experience shrinking economies, the African continent is expected to have 370 million youth enter the job market within the next 15 years. Africa is also very fortunate to have a heterogeneous population made up of a wide variety of cultures, beliefs, religions and languages.
This means that in terms of its human capital, Africa has the capability to succeed in an extensive variety of industries with the potential to break barriers and introduce new products and services into the market that could change the way business is conducted.