By Our Reporter
A recently concluded study by the Institute of Chartered Accountants in England and Wales (ICAEW) notes that GDP growth in Africa is projected to average 4.3% between 2015 and 2020. The report urges African countries to invest in the manufacturing industry in order to drive national growth. It exemplifies countries like Nigeria and Kenya that have reduced commodity dependence such as exportation of raw materials and shows how this and more has greatly improved their economies.
The Regional Director ICAEW Middle East, Africa and South Asia Michael Armstrong says, “Africa is the most commodity-dependent continent on earth. Its economies increasingly need to create a hospitable environment for companies in the manufacturing and services sectors to drive growth, as the old models of growth driven by exports of raw materials are outdated. The East African region is embracing the use of renewable energy to leapfrog older power generation technologies, while also reducing the need to extend the national energy grid to remote villages.
