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In the digital age, it’s worth remembering
that your customers are now global not just local, and Africa is one of the
world’s fastest growing consumer markets.
In terms of both economy and population Africa is booming, and its startup founders are growing in confidence, spurred on by the success of high-profile entrepreneurs such as Mzi Khumalo, Saki Macozoma and Phuthuma Nhleko.
In April, Bloomberg reported that this
year Africa’s economy is predicted to expand at its fastest pace since 2012,
making it the fasting-growing region in the world, behind Asia. This is despite
the continent’s two largest economies – South Africa and Nigeria – beginning to
slow down.
Here are four reasons why Africa is the
next big start-up location.
1. Rising
quality and quantity of economic growth
There’s no doubt that Africa’s continent
is not at the same level of maturity as the Asian economy, but it’s improving
year-on-year. Although the global economy is slowing down in parts, Africa’s
growth predictions remain strong for 2019.
Africa is a diverse continent of over 50
countries, and with that comes economic disparity. Some parts, such as sub-Saharan
Africa, are growing a lot slower than others. Nigeria, South Africa and Angola
are experiencing a slow-down in growth this year, but there are plenty of
bright spots.
Burkina Faso, Cote d’Ivoire, Ethiopia,
Ghana, Niger, Rwanda, Senegal, Tanzania, and Uganda are all experiencing growth
of more than 6 percent – a number on par or higher than China’s expected
growth. Ethiopia is on track to have nearly the highest GDP growth rate in the
world.
Many of these growing economies are also
successfully attracting more global capital through progressive policies aimed
at diversifying their … Read More
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