The recent decision of the United Kingdom, UK to leave the European Union, EU, may have turned into a blessing in disguise for Africa, as reports say many businesses with existing or planned investment interests in the UK have started turning to African countries.
This was disclosed by the Ecobank Group Research in a statement entitled ‘’Investment after Brexit: Africa is the Final Frontier’’.
The statement claims that the businesses were looking for new investment frontiers.
This was the core of the Middle Africa Fixed Income Currency and Commodities (FICC) Guidebook 2016, recently published by Ecobank.
‘’With the UK having voted in its recent referendum to leave the European Union, many businesses with existing or planned investments in the UK will be looking for new investment frontiers.
‘’Africa’s move to diversify its economies and its rising consuming class are creating an array of new investment opportunities.
‘’Kenya, Côte d’Ivoire, Senegal, Ghana and Ethiopia are the best examples, with broad-based economic growth, young populations and rising urbanisation,’’ it said.
The statement further stated that the Middle Africa FICC Guidebook contains an economic outlook, overview of the key sectors in the region and a guide on 41 countries in Sub-Saharan Africa.
The statement also quoted Ms Chi Onwurah, Chairperson of the All-Party Parliamentary Group (APPG) for Africa, as saying that the impact of Brexit on the global economy cannot be overestimated.
‘’But while we are faced with huge challenges, we also should look at opportunities for Africa.
‘’The EU’s trade agreement with Africa has been criticised for its negative effects on African industry and agriculture.
‘’The UK could be in a position to develop a more mutually beneficial policy,’’ she said in the statement.
Also, Mr Edward George, Head of Ecobank Group Research, whose team created the guidebook, said in the statement that African countries were offering opportunities for businesses and investment.
“Investing in Sub-Saharan Africa does come with risks, just as anywhere else in the world.
‘’Understanding these risks and how to manage them is the critical difference between success and failure,” he said in the statement.
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