Browsing: Doing business in africa

According to Brand Africa 100: Africa’s Best Brands 2020 survey, Africans prefer foreign brands over local ones. In 2011, the representation of African brands seemed very optimistic when they registered a 34% representation, but in 2020 it dropped to an all-time low of 13%. 

 

< p class="fade">This is a worrying statistic as it may indicate that Africa is failing to meet the needs of its growing consumer market, which was worth $1.4 trillion in 2020. The AfCFTA if properly implemented will create an even bigger continental free trade zone with a potential market of 1.7 billion people. 

A mineral-rich continent, with a fast-growing economic potential and a considerable population stands a chance to become a predominant global hub for trade and investment. Africa’s growth potential has been mainly driven by a significant surge in investment, as indicated by the African Development Bank. As opposed to consumption expenditure driving economic growth, industry players and governments have realised the long-term benefits of investment to the growth of African economies. A longevity approach to a sustained growth of the African continent as a whole is the thrust of Agenda 2063 of the African Union, propelled by the African Continental Free Trade Area (AfCFTA) agreement.