Tag Archives: forbes

Africa must create more jobs to sustain exceptional growth in 2012-2013 and beyond by Ray Dinning, JD, LLM (tax)

See Article By PATRICK MCGROARTY from Wall Street Journal Online

DAR ES SALAAM, Tanzania—Countries in Africa will need to create jobs more rapidly to sustain strong economic growth, as the number of young people in the region rises, a report by leading international organizations said Monday.

The number of Africans between the ages of 15 and 24 will double by 2045, according to the African Economic Outlook released by the African Development Bank, the OECD Development Centre, the United Nations Economic Commission for Africa and the U.N. Development Programme. At the moment, even leading African economies are showing few signs that they are prepared to absorb those youths into the workforce, the report said.

According to the International Labor Organization, the unemployment rate in many African countries tops 20%. In South Africa, the continent’s biggest economy, the rate is 25.2%. And it is worse among young people—60% of the unemployed workforce across Africa is under the age of 24.

AFEMPLOY

“The continent is experiencing jobless growth,” African Development Bank chief economist Mthuli Ncube said in a release accompanying the report. “That is an unacceptable reality on a continent with such an impressive pool of youth, talent and creativity.”

The report forecast that Africa’s economy will grow 4.5% this year and 4.8% in 2013. But much of that growth will be in commodity-rich countries that have seen booming business for their crude oil, like Nigeria and Equatorial Guinea, or coal and natural gas deposits, like Mozambique. The results have yet to trickle down toward broad material improvement for increasingly young populations, which is threatening social cohesion and political stability in countries that aren’t tackling their unemployment challenges, the report said.

To correct the situation, the report recommended that countries encourage rapid private-sector growth, particularly in the informal economy and agricultural jobs that still dominate many isolated African countries.

Improving education is also crucial, the report said, as is expanding countries’ manufacturing and service sectors to wean them off unsustainable proceeds from commodity exports.

“Export diversification beyond raw-material and private-sector development are important to mitigate the continent’s susceptibility to external shocks, but that takes time,” said UNECA’s director of economic development, Emmanuel Nnadozie.

There are signs that Africa is already moving toward diversification, with telecommunications, trade and service sectors growing strongly off an extremely small base, the report said.

Advertisements

Leave a comment

Filed under Uncategorized

Forbes lists “20 most powerful men in Africa for 2012” by Ray Dinning, tax lawyer

The 20 Most Powerful People In African Business 2012

They are the African business leaders, empire builders, moguls and high-flying chief executives of multinational corporations who possess continental clout and wield the most widespread influence in Africa’s business and economic circles.

These are the corporate titans and leaders who set the African economic agenda. Their voices are much listened to within Africa’s business and political circles, and through their resolutions and actions, they shape the economic future of the continent.

Leave a comment

Filed under Uncategorized

The New York Forum is going to Africa by Ray Dinning, JD, LLM (tax)

See article by Mfonobong Nsehe, Contributor at Forbes.com dated May 2, 2012

The New York Forum Comes To Africa

The New York Forum is coming to Africa.

Between the 8th and 10thof June, more than 800 African and international leaders in economics, politics, and public opinion will get together in Libreville, Gabon for the maiden edition of the New York Forum Africa.

The New York Forum Africa will be hosted by His Excellency, the President of Gabon Ali Bongo Ondimba, in collaboration with U.S-based consultancy firm Richard Attias & Associates and theGovernment of Gabon, and will offer three days of plenary sessions, collaborative taskforces and discussions to illuminate some of the key socio-economic issues confronting the continent today.

Africa is poised for great things, and this could very well turn out to be Africa’s century. The signs are already there. According to the Mckinsey Global Institute’s 2010 report, Lions On The Move: the progress and potential of African economies, Africa’s collective economy grew very little during the 20th century. It’s a different story today, and the continent seems set on a path of sustainable economic growth. The World Economic Forum recently announced that Africa was home to six of the world’s 10 fastest growing economies over the last decade. African economies are growing at an average of 6% annually, good governance is gaining ground, and the world is beginning to take notice.

But for all the optimism hovering over the continent, its numerous socio-political shortcomings are well documented. Some of the key challenges impeding Africa’s development will be tabled while practical solutions will be discussed.

The organizers of the Forum say it will provide “a unique opportunity for business and political leaders, entrepreneurs and experts, to come together to work intensively on concrete proposals to spur more innovation, encourage an entrepreneurial culture, improve governance and strengthen the connections between the new African dynamism and the other growth regions of the world.”

Among other things, the New York Forum AFRICA will bring together African business leaders with business leaders from other regions and continents of the world, providing the opportunity for international investment companies and sovereign wealth funds to meet with and have discussions with African governments and key entrepreneurs on concrete projects and investment opportunities on the continent.

Some of the speakers who who will speak at the forum include American billionaire Ronald Lauder, Nobel Prize laureate and father of microfinance Muhammad Yunus; Abdeslam Ahizoune, Chairman & CEO Maroc Telecom; Acha Leke, Partner McKinsey & Company and Senegalese entrepreneur Magatte Wade. Several African political leaders will also attend.

Leave a comment

Filed under Uncategorized

Forbes reports Top Five Investment Opportunities in Africa for 2012 by Ray Dinning

See http://www.forbes.com/sites/mfonobongnsehe/2011/12/28/top-5-investment-opportunities-in-africa-for-2012/

Forbes reports:

“African economies easily rank among the most resilient in the world. In the middle of the 2009 global economic recession, Africa was the only region apart from Asia that grew positively, at about 2%. The continent’s growth has been on an upward trajectory ever since then- 4.5% in 2010 and 5.0% in 2011.

And it will get even better in 2012. Africa is favorably positioned to become the 2nd fastest growing region in the world, and according to the International Monetary Fund (IMF), economic growth across the 54 countries of the continent will hover around 6% in 2012.

Africa is becoming an increasingly attractive hub for foreign investors in light of various economic, political and social reforms that are sweeping through the continent, resulting in a much improved business environment conducive for foreign direct investment. Apart from that, there is widespread development of critical social and physical infrastructure, and there is an increasing pool of well-educated, English-speaking, enterprising workers in most countries across the continent.”

 

 

 

Leave a comment

Filed under Uncategorized