In my continuous trumpeting to individuals and businesses alike on about business opportunities that exist in Africa, I am almost most of the time faced with that one question “are the real business opportunities and is it safe”. May be because I come from Africa, answering the question myself bias because one in a similar position like mine will most likely say nice things about African business opportunities. Far beyond that, inasmuch as Africa may have its downside, there are numerous business opportunities that remain to be tapped by those interested in not only doing business but contributing to the development of the continent?
I have always maintained that the fact that most countries in Africa are developing economies, it presents an inherent business opportunity for investors and businesses that come from developed economies. The rationale is that some of the products and services that exist these developed economies are absent the developing ones. What is required therefore is a proper understanding on the market needs for proper adaptation and assimilation in the new market. This is where GoGlobalSmart boasts of the right experience and expertise to guide businesses that want to tap into these opportunities in Africa.
Beyond the developed and developing economies dynamics, most of the African governments, haven realized the need to proper and effective regulation, continue to implement new regulations that make doing business easier. According to the World Bank, in terms of global regulatory reforms, Sub-Saharan Africa alone accounted for about 30% of the regulatory reforms making it easier to do business in 2014/15, followed closely by Europe and Central Asia. Members of the Organization for the Harmonization of Business Law in Africa were particularly active: 14 of the 17 economies implemented business regulation reforms in the past year—29 in total. Twenty-four of these reforms reduced the complexity and cost of regulatory processes, while the other five strengthened legal institutions1.
Finally, the resources that African countries possesses, both natural and human resources, is well known and I need not talk much about it. What is critical to mention is that Africa’s population is projected to reach 2 billion by 2050, the good news is that chunk of this population are within the middle class with high spending power. Similar reports do indicate as well that by 2040, Africa will likely have a larger workforce than China or India. Finally,major investments in African infrastructure development continue to create growth and drive innovation2. The dynamics and combination of all these indicators point towards viable opportunities for businesses that look into the future. It may not be that easy to understand and grasp these business and investment opportunities that abound on the African continent, a reason why GoGlobalSmart is ready to partner and support you in the internationalization journey.
What is the next step then? An Africa proverb from Madagascar says, “Do not scare the birds you are going to shoot” meaning always be sure about what you’re doing and with whom you’re doing it. GoGlobalSmart is here to help you and you can definitely count on us. Do not hesitate to contact us for any further questions and enquiries.