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Doing business in Africa

The high levels of transaction costs in Africa are considered to be one of the most important factors limiting economic growth in the region. Effective general and professional business services such as accounting, legal services, consulting, project management and real estate agencies can play a major role in reducing the cost of doing business in Africa.

According to the Doing Business Report of 2010, the minimum capital requirements to start up a business is a huge obstacle for entrepreneurs and amongst the ten economies, world wide, with the highest requirements, nine are in Sub-Saharan Africa.

The business community of South Africa is the most developed on the continent. It provides the full range of business services from the most basic domestic and office cleaning services right up to engineering and information technology consulting services. It is the economic and business hub of the continent and hosts many international conferences and sporting events such as the 2010 FIFA Soccer World Cup.

Africa today offers the highest return on direct foreign investment, far exceeding other regions; this is according to the UN trade agency (UNCTAD) as well as the Overseas Private Investment Corporation (OPIC). Investing in African markets is still a high risk as it is for emerging markets, and these markets are now developing quickly, especially in terms of information technology and telecommunications. According to information from the 2009 African Statistical yearbook 47 African countries showed growth rates of up to 17.8 (Angola 2007) for the trade and wholesale sector, this includes hotels and restaurants.

Tags: accounting, africa, angola, business, consulting, economy, entrepreneur today, foreign, information technology, investment, legal, markets, professional, service, south africa, telecommunication
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+8 vote
Business in Africa: Booming, but trade barriers still high
Interesting blog post wondering why African states do not do more business with their neighbors? Good point!
drummed by Estelle in Drum Business 4 weeks 6 days ago
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+8 vote
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