In August 2018, French President Emmanuel Macron, German Chancellor Angela Merkel and British Prime Minister Theresa May visited countries in Africa, sparking hope of increased foreign direct investments (FDI) in the continent.
Following the unveiling of the African Continental Free Trade Agreement in Kigali, Rwanda, in March 2018, Africa is about to become the world’s largest free trade area: 55 countries merging into a single market of 1.2 billion people with a combined GDP of $2.5 trillion.
On a bright, sunny day in January this year, Liberian president Ellen Johnson Sirleaf turned over power to George Weah, a decorated soccer star, following peaceful and successful elections. This marked Liberia’s first democratic transfer of power in more than 70 years.
From “Africa Reeling” to “Africa Rising,” there’s a new narrative for the African continent, now showing promising signs of sustainable growth under more stable governments.
McKinsey & Company, a global management consulting firm, predicts that Africa’s combined GDP will be $2.6 trillion by 2020 and that “Africa’s consumer spending by 128 million households with discretionary income is expected to be around $1.4 trillion.”