July 21st, 2022 at 08:33 am
Top 5 pro-business policies in Africa
Most businesses underestimate the potential of Africa’s growth market and also the role businesses can play in transforming the continent’s challenges. The fast growing population of the continent presents so many opportunities for businesses. It is also a means by which the unfulfilled demands of goods and services can be met.
Here are some pro business policies solutions in Africa that can help strengthen businesses on the continent.
1 . To begin with, Africa has a population that is fast growing and urbanizing.
By 2030, Africa’s population is projected to be 1.7 billion. This growth is going to happen in the cities. The incomes of most people will also increase, this will bring new opportunities to the consumer market. By 2030, the annual spending of African businesses and consumers will be at $6.6 trillion. The sector where Africans will spend most is food, beverages, pharmaceuticals, financial services, healthcare, and education.
2 . Secondly, Africa is transforming to an industrialised state.
The revolution of Africa from a consumer state to manufacturing. Now there are many industries that process raw materials to finished goods in Africa. There are industries from food to automobile. The industries in Africa have the chance of producing double of what is been produced in a decade. The estimated amount will be around $1 trillion. The growth can make Africa the next manufacturing centre as there will be a shift from China.
3 . Thirdly, The infrastructure gap in Africa is being closed.
One of the factors that hinders growth and investment in Africa is poor infrastructure. The lack of access to electricity by some state on the continent can drag these nations behind. Since the beginning of the century, Africa’s investment in infrastructure has doubled to about $80 billion. This is a great opportunity for investors solve the challenges of Africa’s infrastructure.
4 . Last but not least, Innovation that can generate wealth from agriculture and other resources.
Africa has been blessed with abundance of mineral resources and agricultural resources. Although the continent has all these resources it is difficult to translate this into wealth and have a sustainable development. There are growth opportunities for businesses if new innovations are implemented. Also, the continent is rich in oil but then it is unexplored. The continent is expected to use 70 percent of its own gas by 2025.
5 . Lastly, There will be an increasing access to the internet and mobile phones.
There are more than 120 million active mobile money accounts in Africa. This has caused many people to now choose internet banking than using the traditional means of banking. This will allow companies to improve productivity and speed up transactions thereby accessing wider market.
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