by Daniel Morris
One area that politicians, economists, and journalists of all stripes seem to agree is the need for private investment and businesses to flourish in sub-Saharan Africa. Two events this past week in the mining sector – one closing, one opening – affirmed this view. Continue reading
With its boundless natural resources, Africa is the richest continent in the world. But no country has gotten rich by exporting raw materials, which is one of the reasons why Africa remains the poorest continent in the world.
Because most African countries export raw goods, a drop in world commodity prices can devastate incomes for an entire season. African farmers receive pennies for their crops, while other countries process those crops, add value, and make a fortune selling the final products. UN Secretary General Ban Ki-moon was absolutely right last year when he said that investing in value addition is “essential” to Africa’s economic development. Continue reading
Africa moved one step closer to full economic integration in October when representatives from three regional trade blocs, including six Heads of State, agreed at a summit hosted by Ugandan President Yoweri Museveni in Kampala, to form a new cross-regional free trade bloc and customs union. The new bloc, to be comprised of the 26 member nations of the Common Market of Southern and Eastern Africa (COMESA), the East African Community (EAC) and the Southern African Development Community (SADC), will create the largest free trade area on the African continent with a market of over 527 million people and a combined GDP of $624 billion.
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The Whitaker Group (TWG) is the premier strategic consulting firm in the US creating sustainable prosperity in Africa. We facilitate trade and capital flows to Africa and believe in the capacity of Africa and her people to meet the challenges of the 21st century.