10 reasons why Africa is the next Global Economic Powerhouse

Is Africa the next economic powerhouse? According to recent reports, African economies are growing faster than any other continent. In this article, we'll take a look at 10 indicators that suggest Africa is on the rise.

1. The African continent is home to some of the world's fastest-growing economies.

Africa is home to some of the world's fastest-growing economies, as well as some of the poorest. But that's all changing.

In fact, 24 out of the top 50 fastest-growing economies of 2009 are in Africa. In terms of population, the continent's growth is even more impressive. Think of Botswana, Rwanda, Nigeria, Egypt and Ethiopia, a few examples of economies that will double in the next 20 years.

2. Africa is rich in natural resources.

This one is easy:

30% of the world's reserves of precious metals (Gold and Silver) are in Africa: South Africa, Ghana, Mali and Burkina Faso are the world's biggest precious metal exporters.

75% of the world's diamond is African: South Africa, Angola, Botswana, Namibia, and Congo are the world's biggest diamond exporters with a total value of $160billion.

With that, Africa has diamonds, gold, oil, natural gas, uranium, platinum, copper, cobalt, iron, bauxite and cocoa beans.

Africans will be the richest people on this planet by issuing a currency that is backed by their natural resources

3. There is a growing middle class in Africa.

Due to strong economic growth, the middle-class in Africa has tripled in the last 30 years and will continue to grow, due to strong economic growth, and a move towards a stable, salaried job culture and away from traditional agricultural activities due to the establishment of stable, secure, well-paid jobs, and higher levels of tertiary education.

The highest concentration of middle class in Africa can be found in Tunisia?90%, followed by Morocco at almost 85% and Egypt at almost 80%.

4. The African population is young and growing rapidly.

The young population brings a lot of opportunities for economic growth and innovation.?

While birth rates in most of the world are falling drastically while in Africa are still quite high: sub-Saharan Africa has the youngest population in the world with 70% of people are under the age of 30.

By 2050, 13 out of the 20 biggest cities in the world will be in Africa, and 30% of the world population will be African.

5. African countries are investing in infrastructure.

Africa-focussed infrastructure investment funds have set record fundraising targets in 2021, according to a new analysis by global law firm Linklaters. A total of ten funds have set a combined target of 2.14bn USD in their latest fundraising, a marked increase on previous years and over three times the average annual amount targeted over the last ten years.

This adds to China's 23 bn USD investment in African infrastructure.

6. Africans are using mobile technology to do business.

Most of the African countries had to leapfrog the tech invention to move directly from a traditional bank and no phone system to 4G and crypto.?

Sub-saharan Africa is the third fastest-growing crypto market in the world. Now you got the idea of how ready and young the Africans are to consume DeFi and other meaningful technologies.

7. Africans are entrepreneurs and innovation is thriving.

This is probably due to the difficult way to access stable jobs and the unsuitable western charities and projects for the reality of the African continent. Many African are exploiting the gap between tech advancement and the African need by innovating and altering existing innovations to fit their world. Countries like Ghana, Egypt and Libya are seeing dozens of entrepreneurs and startups every day!

8. Africans are rising up against corruption.

59% of Africans say that corruption increased in their country during the previous year, including 41 per cent who say it “increased a lot.” Tunisia, Egypt, Algeria, Morocco, Namibia and other countries have experienced reactions for their people fueled partially or totally by anti-corruption movements in recent years.

Many interesting graphs can be found here to explain the sentiment of the Africans toward corruption.

9. Africa is attracting foreign investment.

The highest investing institutions in Africa in the last 15 years are China Export-Import Bank, China Development Bank, International Finance Corporation, US Overseas Private Investment Corporation, Japan Bank for International Cooperation, KfW (German development bank), European Investment Bank, FMO (Dutch development bank) and the World Bank.

10. China is outsourcing its manufacturing to Africa.

Africa can be developed through "The Flying Geese Paradigm".

the reason that China was able to develop so rapidly was that the US was outsourcing all of its manufacturing jobs there. Chinese used the raised capital to reinvest in its development and now China has the biggest economy in the world outsourcing all of its manufacturing to African countries.

Finally, I am open to supporting any venture that aims to help Africans exploit their potential or establish a "good" business in Africa.