Over the last 20 years, Africa’s economy has grown from $746 billion in 2000 to over $3.5 trillion in 2022 implying a CAGR of 7.3%. The top growth sectors powering Africa’s economic renaissance are technology, agriculture, health care, transportation, and renewable energy. The advent of the Internet and smartphones have powered a digital revolution in Africa powering the next generation of companies and greater economic development.
Being the largest economy in Africa with an economy of over $440 billion, Nigeria has been growing at an average rate of 2.5% per annum over the last 10 years. The business environment in Nigeria has seen agriculture- and infrastructure-related investments, and generally an attempt to increase local production and exports. While the country remains challenging, there are numerous examples of international companies doing well, often outperforming their businesses in other countries.
South Africa is Africa’s most industrialised economy worth over $410 billion. It has had an average growth rate of around 1.3% per year over the last 10 years. Although the business environment has been challenging due to the uncertain global economy and load-shedding of power stations, South Africa still attracts investment in its mining and manufacturing sectors, among others.
Ghana is one of Africa’s largest economies and West Africa’s second-largest economy. It is well-known as one of the most stable economies politically and economically. Its economy is worth over $78 billion. Recently, Ghana has adopted a more business-friendly approach to attract foreign investment, especially in high-value-added manufacturing.
Ivory Coast has an economy of over $70 billion. While the recent history of Ivory Coast has been difficult, Ivory Coast is continuing to recover and diversify its economy from the largely cocoa-based economy. Senegal is known as one of West Africa’s most stable economies. The government has implemented several reforms to improve the business environment and promote economic growth.
Africa’s business environment has improved over the last decade. This has been the result of an increased appreciation of enabling business environments across the continent. This has led to greater collaboration between countries resulting in the adoption of the AfCFTA. The increasing connectedness in Africa has resulted from improved access to the internet, which has enabled businesses to access new markets and customers.
Last Updated: 1 March 2023
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