According to the World Economic Forum; Africa is on the brink of a major transformation. Over the last decade, the continent was home to six of the worldâ€™s 10 fastest growing economies, and the outlook for the region remains bright at a time when the rest of the world is facing major political and economic challenges.
About 52 per cent of the world’s populations currently live in urban areas; by 2025 this should increase to 58 per cent. Nearly all this growth will take place in emerging-market economies, particularly Africa, as migrants from the countryside move in search of jobs, says The Economist.
Emerging economies have received great attention lately because of their high economic growth and new economic dynamics. As old emerging economies- such as Brazil, Russia, India, China and South Africa, famously abbreviated as the BRICS, advance to new stages in their development, new emerging economies take center stage.
Africa has long been considered the continent least attractive for investment. This view, however, is changing. Recent discovery of new resources and continuous striving by African leaders to improve the socio-economic welfare of their people are changing the dynamics of these economies.
Currently, African countries are the leading fastest growing economies in the world. Ghana, Liberia, Democratic Republic of Congo, Mozambique, Angola and Ethiopia dominate the list of fastest growing economies in the world and the potential for growth is still high. Africa exhibits good demographics and possesses highly skilled labor force creating the necessary environment for good investment. Though challenges exist as to infrastructural inadequacy and political fragility, Africa is home to vast untapped natural resources, which constitute fundamentals for higher growth and opportunity for good investment.
Ghanaâ€™s recent economic growth put her ahead of major Asian emerging economies such as China, Qatar, and India.
Ghana is projected to grow by well over 10 percent this year; and nearly 40 percent of the countries in the region are likely to see 6 percent or higher growth rates.Â Growth in Africa remains closely linked to the evolution of international commodity pricesâ€”oil, metals, and non-food agricultural commoditiesâ€”which have remained generally buoyant.
Sub-Saharan Africa is the region with the robust growth while growth rate in North Africa is much lower due to the political unrest in the region. Ghana is the pride of Africa, demonstrated by its recent democratic achievement (peaceful election in 2008), peaceful environment, hospitable people, renowned personalities, economic progress, and many more. The nationâ€™s economic growth has caught the eye of the global community and is attracting foreign investments.
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