Story by: Richard Lee, How We Made it in Africa
During the period of relative stability since the start of this century, the African continent has experienced rapid growth and has indeed outperformed global growth trends. As a result, its gross domestic product (GDP) has significantly increased and has brought wealth to many countries. However, most African countries that have enjoyed high growth recently, are mainly mono economies. Blessed with many natural resources, their economies have greatly improved, but they still remain at a subsistence level and have not moved beyond.
(Above) Photo courtesy of Richard Li, How We Made It In Africa.
“While there are many challenges for the manufacturing sector in Africa, many opportunities await those who dare take on the risks.”
Despite the high growth rate, industrialisation in Africa has barely taken root. Besides South Africa, the most industrialised African country, and barely a few others, large-scale industrial manufacturing is practically nonexistent. Thus, for Africa to grow to the next level, it is critical to examine the reasons why the continent does not seem able to gather momentum for high value-added manufacturing activities.
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