Africa set to post reasonable economic growth

SABC News Ramaphosa P 1 - Africa set to post reasonable economic growth

President Cyril Ramaphosa says African countries are projected to post a reasonable growth in the next year.

Addressing the CEOs from more than 100 countries Ramaphosa said Africa’s growth will be higher than other emerging and developing countries.

He told the gathering that the Fourth Industrial Revolution will present more opportunities for potential investors.

The President quoted reports from the World Bank and the African Development Bank which project growth at 4% this year increasing to 4.1% next year. He says the agreement by African leaders to establish an African Free Trade Area will further boost and revolutionise economic development in the continent.

“In the past decade, Africa has grown at a rate of 2 – 3% points faster than the global GDP. The growth of African economies has been supported by increasing foreign trade, investment flows, and also skills that we have been acquiring. The establishment of this Free Trade Area will create this huge market. This is in the context of the expectation that Africa’s working age population is likely to double to 1-billion in the next 24-years, surpassing in terms of working population in both China and India.”

He said that Africa’s diversified markets offers great opportunities for potential investors.

“Africa is indeed the next frontier of global growth. It has vast untapped potential and a huge appetite for investment. We encourage you to explore the opportunities that exist, not only in South Africa but also across the continent.”

Ramaphosa was joined by Rwandan president Paul Kagame in an effort to attract foreign direct investment to the continent.

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