Africa Growth

In: Business and Management

Submitted By sushantsarin86
Words 510
Pages 3
Africa deserves importance in the eyes of any global company. In the past ten years, growth in Africa has surpassed that of East Asia. Data suggest parts of the continent are now experiencing fast growth, thanks to their resources and increasing political stability. The World Bank reports the economy of Sub-Saharan African countries grew at rates that match or surpass global rates. The economies of the fastest growing African nations experienced growth significantly above the global average rates. The top nations in 2007 include Mauritania with growth at 19.8%, Angola at 17.6%, Sudan at 9.6%, Mozambique at 7.9% and Malawi at 7.8%.
Although Africa is more than a story about resources, it will continue to profit from rising global demand for oil, natural gas, minerals, food, arable land, and the like. Meanwhile, Africa boasts an abundance of riches: 10 percent of the world’s reserves of oil, 40 percent of its gold, and 80 to 90 percent of the chromium and the platinum metal group. Africa has enormous resources for generating energy in several forms (hydroelectric, reserves of petroleum and gas, coal production, uranium production, renewable energy such as solar and geothermal). The mineral industry of Africa is one of the largest mineral industries in the world. Africa is the second biggest continent, with 30 million km² of land, which implies large quantities of resources. For many African countries, mineral exploration and production constitute significant parts of their economies and remain keys to future economic growth. Africa is richly endowed with mineral reserves and ranks first or second in quantity of world reserves of bauxite, cobalt, industrial diamond, phosphate rock, platinum-group metals (PGM), vermiculite, and zirconium. Gold mining is Africa's main mining resource. Africa also possesses a lot of scope in the investment and banking sectors. Africa's…...

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