AGRICULTURE, HUMAN RESOURCES, industry and trade have long been the fundamental staples of the African economy – of course differing to some extent depending on the specific region. But in recent years we’ve seen a branching out of sorts, into other business sectors, and some countries and businesses are beginning to gain noticeable traction, which is exactly what is needed – a more diversified economic offering.
There are now about 1.1 billion people living on the continent, which still remains by far the poorest of any in the world. However, there is room for lots of optimism. Many of the 54 countries have a vast supply of untapped natural resources. Along with foreign investment, plans are in the works to better utilize exploration teams in an effort to reap the rewards just waiting to be harvested.
Growth in recent years has been impressive; so much so that the World Bank expects the majority of African countries will reach so-called middle-income by 2025. The World Bank defines middle class as attaining at least US$1,000 status per person each year. In fact, growth in Africa surpassed that of East Asia for much of the past decade, thanks in large part to increased exploration of natural resources and also increasing political stability, which often served to undermine any appreciable economic momentum in the past. Figures released by The World Bank revels the economy of Sub-Saharan African countries grew at rates that match or surpass global rates. An upswing in literacy and those attaining higher levels of education are also showing dividends.
In this month’s edition of TABJ, we have a number of successful enterprises highlighted, including the likes of a heart-warming feature on Gertrude’s Children’s Hospital and the outstanding care they provide; Aerosud, an established leader in the South African aviation industry; Prowalco – far and away the African leaders in fuel distribution services; and a closeup look at Buffalo City, located on the southern tip of Africa along the Eastern Cape Province of South Africa.
There is all of that and much more in this edition.
George Media Inc.