A key feature of the post-2008 recession has been the increase in prominence of Africa as an investment destination. With Africa already showing a higher-than average growth rate, a significant number of multinationals have declared their organisations’ intentions of growing their presence in Africa. Now in its third year, The Africa Business Agenda clearly illustrates this point, with increasing interest from investors looking to establish a foothold on the continent. PwC is also fielding a number of enquiries from our clients regarding opportunities for investment and doing business in and across the continent.
Engaging with our clients as they develop and execute their business strategies provides a standpoint from which we can share in and learn from their ventures. At the same time, we are also executing our own African strategy. PwC firms in Central Africa and Southern Africa voted to create an integrated PwC Africa business that has been governed, led and managed by a single leadership team since 1 July 2012.
The Africa Business Agenda enables us to share high-level insights with you to understand how opportunities and challenges differ on the continent. Africa is regarded as the growth continent of the 21st century by economists and analysts. Telecommunications, consumerfacing industries, resources, agribusiness and infrastructure are identified as some of the sectors that will drive growth and attract international trade and investment on the continent.
Against this backdrop, sub-Saharan Africa offers the most advantageous platform for prospects for future growth and investment, with inflows of foreign direct investment reaching record highs and GDP growth averaging 5.1% this year, according to the International Monetary Fund. There is consensus among sub-Saharan leaders that future growth can only take place if there is engagement between the private sector and government, as well as the global economy.