Africa

Africa

Africa (excluding Egypt) is the second most populous region after Asia-Pacific. It comprises 50 countries and 1.15bn people. Total GDP was 2.04 trillion USD in 2018. Average GDP per capita was 2,698 USD, which was the lowest among the regions. Total exports were 513m USD. Africa was the birthplace of homo-sapiens over 315,000 years ago. Around 4,000 BC, the Bantu developed farming. They began to spread east from modern day Nigeria and Cameroon and then down into Sub-Saharan Africa. Around 3,000 BC, Ancient Egypt began to develop and were lords of the Nile for over 2000 years. They were overtaken by the Kushite Kingdom who in turn were overtaken by the Aksum Kingdom from Ethiopia in around 300 AD. North Africa became the theatre of empires including the Phoenicians (Carthaginians), Persians, Macedonians, Romans, Byzantines, Arabs, and Ottomans. In Sub-Saharan Africa, several key empires developed from the middle ages including the Mali empire, the Benin empire, the Mutapa, the Ethiopian empire, and the Kingdom of Kongo. The Arabs began to conquer North Africa in 7th century and eventually extended their influence into Western and Eastern Africa through trade. The Portuguese were the first modern Europeans to explore the Atlantic and Indian Ocean coasts of Africa. They developed trading ports, colonies, and the slave trade. The French, Dutch and English also began to colonise Africa and were joined in the 19th century by the Germans, Belgians, and Italians. The Berlin conference in 1884, formally defined European colonial interests in Africa. WW1 saw Germany’s territory ceded to the other European powers. After WW2, independence swept across Africa helped by the Organisation of African Unity (OAU) formed in 1963. The OAU became the African Union in 2002. Strong economic growth in the 1960s and the beginnings of industrialisation (mostly through import substitution) gave way to economic mismanagement, civil war, and drought in the 1970s and 1980s. As a result, international economic assistance became increasingly important. Assistance from the IMF and World Bank evolved over time moving from the early Structural Adjustment Programs in the 1980s to the Millennium Development Goals in the 1990s, the assistance for Heavily Indebted Poor Countries (including debt forgiveness) in the 2000s, to the Sustainable Development Goals in the 2000s and beyond. Regional economic cooperation has also played an important role in development. Currently there are eight main regional economic communities. A regional electricity market in Southern Africa and a pan-African banking market are also spurring economic integration and development. The 2000s saw many Sub-Saharan Africa countries benefit from the resource boom and increased investment from China. The Arab Spring brought change to many North African countries. All across Africa the rise of ICT is inspiring hope in the younger generation.

Impact Investing in Africa: The Vital Catalyst for Sustainable Development

In a world beset by social and environmental challenges, one area is emerging as a vehicle to bring positive change — and financial gains…  While impact investing is acquiring global

Investing in Africa: What to Know About Impact Funding… and More

Thavin Audit, deputy head of corporate and investment banking at Bank One, explores how Mauritius and the Middle East could partner for deeper impact financing. Bank One has gleaned —

N Justin Chinyanta: A Pan-African Plan Hatched Back in 1992, with a Dream

The Loita Group chair and co-founder had a clear ambition in mind from the word go… N Justin Chinyanta, chair and co-founder of the Loita Group, set the foundations of

Loita Capital Partners: A Reach as Wide as the African Continent Itself, and Still Roaring with Ambition

Pan-African by nature and global in its sense of drive, Loita Capital Partners has garnered a reputation for its pioneering exploits. Loita Capital Partners International, a subsidiary of the Loita
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Investing in Africa? Here Are Six Reasons to Choose Ghana

The West African nation is on the rise in several vital areas, including stability and ease of doing business… As the world shakes off the dust of the recent recession,

Supporting African Businesses: A Focus on Sustainability and Close Customer Relationships

The Access Bank UK Ltd is making significant strides with its international expansion – and there are good reasons for that… The Access Bank UK Ltd provides trade finance, commercial

UNCDF: Tanga UWASA Issues a Historic Green Bond for Water Infrastructure

The bond represents an important capital market transaction for the city of Tanga — and the whole of Tanzania,. The Tanga Urban Water Supply and Sanitation Authority (Tanga UWASA) has

‘Leaders Must be Bold’ — a Fearless Lagos Credit Bureau CEO Speaks Out

Group Managing Director/CEO of Nigeria’s CRC Credit Bureau Ltd, Dr. ‘Tunde Popoola, in conversation with CFI.co. Lagos-based CRC Credit Bureau, in association with Dun & Bradstreet, provides nationwide information on
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The Man Driving the Rio Tinto Bus: Meet Jakob Stausholm

Rio Tinto chief executive Jakob Stausholm is steering this mining giant as it rolls towards sustainability. Since taking over as CEO in January 2021, Stausholm has led the company through

Banco Société Générale Moçambique: Established, Respected, Clear on Priorities, and Transparent in All its Dealings

Mozambique institution has a major European player as a shareholder — and an A rating from S&P… With a presence in the country since 2015, Banco Société Générale Moçambique is

OECD: The Funding Models of Development Finance Institutions

The drum beat of reform is increasing for the development system and particularly for the Multilateral Development Banks (MDBs). While the reform is looking to address a number of areas,

Keeping Pace With Client Needs, Staying Ahead of the Market, and Driving Custodian Bank Evolution

The role of custodian banks has evolved to include the proactive anticipation of market and client needs — while driving positive change. Institutions in African markets have stepped up to
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