Africa is known in the world as the continent of diversity. Its impressive population, particularly with more youths than most other continents, indicates that the people getting into the workforce on a daily basis are also numerous. Hence, this requires the level of development in the continent to keep up so as to provide opportunities to these youths.
There are certain countries that have succeeded in raising productivity and competitiveness in their nation and have in fact made it to impressive positions on the global competitiveness report. They are advancing in providing better facilities for the growth of their population and helping them to increase in knowledge and thrive, which has gained them global recognisance as the most competitive Africa countries so far. These countries are:
- Mauritius: The country has undergone a remarkable economic transformation from a low-income, agriculturally based economy to a diversified, upper-middle-income economy with growing industrial, financial, and tourist sectors. It has achieved steady growth over the last several decades, resulting in more equitable income distribution, increased life expectancy, lowered infant mortality, and a much-improved infrastructure. The economy currently depends on sugar, tourism, textiles and apparel, and financial services, but is expanding into fish processing, information and communications technology, and hospitality and property development.
- South Africa: The country has shown remarkable consistency and has held a top position for a reasonable period now. Its progress can be attributed to the efforts made to build a steady infrastructure encouraging trade, creating efficiency in the local and international market for goods and focusing on the health of its workforce. The country has managed to maintain a political environment, bountiful natural resources, a strong production base, and a managed banking system.
- Rwanda: The country is rated as the most competitive in the East African Community. Its past record on the world economy ranking shows that it has been making a steady step in the right direction. It has been gradually moving up year by year indicating positive growth in the country. Its biggest improvement was recorded in the innovation aspect.
- Botswana: The country has maintained good governance and well-bred finance resulting in notable budget surpluses. The friendly investment policies attract huge foreign businesses and investments for the country. The continuous economical success of Botswana can be linked to the developed financial sector, a fully independent central bank, firm property protection rights, and competitive tax rates.
- Morocco: The country has capitalized on its proximity to Europe and relatively low labour costs to work towards building a diverse, open, market-oriented economy. The strong sectors of the economy include agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents. It has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa. Industrial development strategies and infrastructure improvements which are most indicated by a new port and free trade zone are improving the country’s competitiveness.
Olatorera Consultancy Limited provides business development services to high net-worth individuals and companies looking to grow, enter or do business in Africa.