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Africa Convergence: Towards Africa's economic growth

Africa Convergence: Towards Africa's economic growth

Focus Africa

To surpass the current physical and mental borders which are hindering the development of the African continent, meeting the digital challenge to achieve an Integrated and sustainable economy for growth.

This was the issue on the agenda of the second Africa Convergence Conference was attended by about 30 speakers from all sectors of activity and about 300 CEOs for an unprecedented dialogue on the future of the continent.
Also on the table for discussion was : regional integration, financing, unearthing talents and emerging issues related to the harmonization of economies.

Participants therefore discussed the challenge of digital transformation.

This has been the crust the growth problems of governments and the private sector of sub Saharan region. In other words, thanks to the digital tools, the African entrepreneur is able to structure original solutions adaptable to the challenges of the continent.

These economies are experiencing dynamic population growth, and they will experience real transformations in the years to come. Transformations often presented as challenges, but which can also be seen as opportunities.

And investors are not mistaken. They are increasingly targeting start-up incubators in Nigeria, South Africa and Kenya, among others.

According to the investment fund Partech ventures, African start-ups are breaking records of fundraising. In 2016, the continent’s young shoots attracted $ 367 million, a 33% increase over 2015

These good figures, however, are far from erasing the mass of prejudices surrounding the business environment in Africa. A perception that must be changed urgently according to the president of the Mo Ibrahim Foundation.

The convergence of African economies is also hampered by the low level of trade.

But experiences such as that of the famous Kimbanguist orchestra put humanity at the center of development and are a start to this sharing perspective.

Currently, intra-African trade does not exceed 20% of total trading. In order to improve these exchanges, the participants in the International Conference called for States to pool their comparative advantages.