According to Tanzanian, Ugandan, and Guinean officials, Africa's future is bright, with ample investment prospects.

Posted on : Thursday, 31st March 2022

Three African officials stated during a discussion on the continent's development potential at the World Government Summit 2022 that the continent's future is 'bright,' with significant chances for foreign investment.

 

Rt. Hon. Robinah Nabbanja, Prime Minister of Uganda, remarked that the "future of Africa is bright" during a session titled "The Rise of Africa: Strategies and Dynamics."

 

'The purchasing power is there,' she added, with 1.2 billion people on the continent and a GDP of USD 37 billion in her nation. 'We just need to persuade enterprises to come here and tap into that market.'

 

'This is a monumental period for the African continent - there has been a seismic change with the emergence of China and India, and the changing of trade channels from old, colonial ones to Africa now conducting more business with the Eastern world,' said Philip Mpango, Vice President of Tanzania.

 

The conference's overarching topic was the African continent's potential to grow despite a succession of setbacks. Guinea's Prime Minister, Mohamed Beavogui, stated that investors need not be afraid of future volatility due to the country's resiliency.

 

He mentioned that increased security measures have made it simpler for commodities and persons to travel across Guinea. 'Macroeconomic indicators are at their highest level in 20 years,' he noted.

 

The goal, according to the leaders, is to establish a continental free trade area that will allow African countries to self-sustain.

 

Mpango stated in this regard that they are "now focused on new ways of doubling, even tripling the economy by overhauling the system so that the investment climate is favourable for international capital."