High growth in the Democratic Republic of Congo (DRC) over the past decade has been largely driven by the mining industry, and analysts believe it will continue to be one of sub-Saharan Africa’s fastest growing economies over the next decade, with growth rates well above 6%. Growth this year is forecasted to be in the region of 8.4%, down from an estimated 9.2% in 2014 as a result of weakened commodity prices. In this interview with PM Communications, Prime Minister Augustin Matata Ponyo discusses how DRC is working to diversify the economy away from the extractive sector by investing in energy and agro-industry in order to create sustainable development.
The Global African Investment Summit in London overcame some late, high-profile withdrawals to provide an engaging and detailed look at the role of the private sector in creating sustainable development through long-term investment.
Intra-Africa trade accounts for 16 percent of Africa’s global trade compared with about 40 percent in North America and about 60 percent in Western Europe. Africa remains economically fragmented with 54 small markets.
While intra-Africa trade may be low by global standards, for most African countries intra-African trade is already considerably more important than the aggregate figures suggest. The shares of intra-African trade in African countries’ total exports show that Africa is by far the second most important export market for most African countries behind Europe. The key feature is that intra-Africa trade is more diversified and growing.
China's President Xi Jinping on Friday pledged $US60 billion in financing for development across Africa, aiming to reaffirm his country's commitment to the continent despite the economic turmoil caused by slowing growth of the world's second-largest economy.
Mr Xi told dozens of African leaders at a summit in Johannesburg the funds would be invested in 10 projects over three years. The Chinese leader didn't specify which of Africa's more than 50 countries would receive the aid.
The 2015 Africa Prosperity Conference Summary
Thank you to the 120+ delegates who attended this year's Africa Prosperity Conference. A selection of photos is now available to view Click Here.
At the 25th AU Summit in South Africa, political leaders including President Zuma of South Africa, President Muhammadu Buhari of Nigeria, AU Commission Chair Zuma, reaffirmed their commitment to the Continental free Trade Area, emphasizing its economic and globally strategic importance.
This 2015 Africa Prosperity Conference looking at increasing trade and investment in Africa and specifically promoting local content, brought over 120 stakeholders together to seek out new opportunities to grow business in the continent. The conference once again featured a combination of plenary sessions and sector-specific breakouts. More details are available on the agenda page Click Here.
In addition to South Africa, eight countries in the region have tapped the international capital markets, including first-time issuers Ghana, Gabon, Senegal, Namibia, Nigeria, Tanzania, Zambia and Rwanda.
International finance institutions have largely neglected to offer assistance to sub-Saharan nations on the markets but several are making their own way in an untapped emerging area.
Demand for power, roads, railways, internet and other infrastructure in Africa is set to soar in the coming years, providing investment opportunities and socio-economic benefits across the continent