Is it time for Africa?

I have just returned from a whirlwind travel of some of the key ‘indabas’ on the African calendar, namely World Economic Forum Africa (WEFA) in Cape Town and Indaba Travel Show in Durban. What came out clearly from both events is that Africa’s time has truly come! This was the proclamation ringing at this year’s World Economic Forum Africa. In that light, it is now up to Africa to showcase its abilities, take advantage of the opportunities available and engage the world on its own terms. To quote Muhta Kent, CEO, Coca Cola, “Africa is the untold story of the next decade, like India and China were in this past decade… The presence and the significance of our business in Africa is far greater than that of India and China even today. The relevance is much bigger”. The World Bank supports this by stating that“Africa could be on the brink of an economic takeoff, much like China was 30 years ago and India 20 years ago”. It is therefore evident that Africa is the frontier that the world is looking at for future economic growth, and in that regard, the continent has to put its house in order politically. Political discourse has to be more and more predictable with consistent framework such that when investors come knocking, politics should not be the headline on the agenda as it hinders advancement. Failure to resolve this means that Africa will always be dogged by its political environment and will remain lagging behind in its own economic aspirations.

Globally, there is now a convergence of ideology and shift of focus with African economies now taking centre stage and the potential for economic progress is more realizable now than ever than before. Key findings according to Ernst & Young’s 2011 Africa attractiveness survey show that “new FDI projects into Africa are forecast to reach US$150b by 2015, creating 350 000 jobs per annum. Growth is expected to average 5% through 2015 based on a return to growth in its main investors”. From an African perspective, the entrepreneurial spirit of Africa has to emerge and the rise of social entrepreneurs is critical given the opportunities that are abound. The participation of Africans in their own space has become critical for sustainable economic growth.

Having said all these wonderful testimonies about the potential in our continent, the antidote to events such as WEFA is that they represent your typical ‘talk shop’ as it is not an implementation forum, but one which allows key players from the world stage to engage. . However, I hasten to add that this is by no means bad as it gauges the global temperature and provides the basis for those in business to formulate the ‘next steps’!

After such a charged atmosphere abuzz with positive energy, my next stop was Africa’s premier travel show, Indaba, in Durban. To my delight, the good vibe continued to prevail. Interest in Africa as a tourist destination remains high and Zimbabwe exceeded expectations with the overwhelming interest from many quarters. The resurgence of our traditional markets of Europe, Americas and Asia Pacific regions was evident with a significant amount of series business signed on for the remainder of the year as well as for next year. Pleasing to note was the concrete interest from emerging markets – a critical factor in continued and sustainable tourism growth for Zimbabwe with the addition of new players. So, while I returned home, exhausted, after a packed two weeks, I did so on a good note. I conclude by answering my title question, ‘Is it time for Africa?’ I would definitely say yes indeed!

Best,

Shingi