Posts Tagged ‘Economical Development in Africa’

The Redeem Team of Economical Development in Africa

People are always blinded by the news in media that the continent of Africa is an image of desperation. But this perception was greatly changed throughout the years. The Dark Continent is now a great venue for most businesses all over the world. Instead of looking at the region’s helplessness, they look at it as opportunities to start and create a profitable venture. According to the IMF, most African countries gained more on their economy since their independence. And as its effect, different countries like China and Spain are investing to the region and created more profit than what they expect. Now, Africa is building a good business relationship with more investors from different countries to obtain more development.

Africa’s overflowing resources is what invites people to start a business inside the country. Huge and untapped resources are driving force of Africa’s economic growth. They have opened opportunities for many businesses all across the continent. They are found and scattered to different parts of the country. Resources includes oil and gas in Angola and Libya, mining of gold, diamond and other minerals in West and Central Africa, privatization in South Africa and Nigeria, international trade, infrastructures like pipeline, roads and highways, and telecommunications, and stock exchanges that are now blooming in many countries. Education is also an opportunity to invest. Leisure like beaches, golf, internet and many others are also open for investments.

Recently, ACR or Africa Competitiveness Report released the 2009’s top 10 African Economies. This report is made up of assessment from three credible institutions when it comes to African economy information. They are: The World Economic Forum, the African Development Bank and the World Bank. ACR is an invaluable tool for policy-makers, business strategists and other key stake holders. Might as well, African Competitiveness Report 2009 is an essential reading source for those who have an interest of starting a business in the region. Here is the list of top ten economy in Africa;

Rank Country Score
1 Tunisia 4.6
2 South Africa 4.4
3 Botswana 4.2
4 Mauritius 4.2
5 Morocco 4.1
6 Namibia 4
7 Egypt 4
8 Gambia 3.9
9 Kenya 3.8
10 Nigeria 3.8

On global ranking, Tunisia placed 36th, surpassing other third world countries. The country’s institutions are one of its favorable advantage. This improvement rest on their fairly and trustworthy government, efficiency of government spending, transparent policies, limited favoritism, well functioning health and education system and sound levels of domestic competition.

Botswana, Mauritius and Namibia also showed tremendous improvement in facing different challenges like corruption, poor system and different social conflict.

This report is a proof that in the dying times of the world economic or global financial crisis, one will rise to the occasion, and that is Africa. These ten countries are firm justifications that the continent is getting away with their typecast image of poverty. That they are now the world’s newest loved region.

Author Recommends Future Africa for management articles