So much has happened over the past decade in the African markets we cover: Ghana discovered oil, Nigeria re-based its economy, Kenya developed mobile money, Côte d’Ivoire recovered from a civil war, Egypt underwent a peaceful revolution, and Morocco created an aeronautics industry. State assets were privatised, dictators were ousted, and new cities were built.
Of course, there have been plenty of challenges on the way as well. Ghana’s deficit grew, Nigeria underwent a recession, Kenya faced a contested presidential election re-run, Côte d’Ivoire grappled with security concerns, Egypt drained its foreign reserves, and Morocco suffered through droughts. Projects were cancelled, currencies sank and coffers were emptied.
The ups – and more recently, the downs – that the continent’s markets have seen over the past 10 years underline the fact that rarely do emerging and frontier markets develop in a linear fashion. There will always be hurdles and disruptions to navigate, and there will always be the odd step back.
But it is clear that the markets we cover are far more attractive, dynamic and sophisticated than they were 10 years ago. OBG’s African economies have rolled out new capital market instruments and more transparent Customs procedures; they have paved the way for bigger and better-capitalised banks and the emergence of new innovative technologies; and they have made it easier for citizens to access everything from microcredit to health insurance to a well-paying job.
To highlight all of this, we’ve put together a selection of some of our most salient research from the prior decade, showcasing what specifically the continent’s markets have done to improve their outlook for the next 10 years:
–New discoveries and increased investment contribute to Ghana’s growth in oil exporting
–Mobile money increases financial inclusivity across Africa
–Aeronautical industry growing in Morocco
–Questions raised by Nigeria’s recalibrated GDP figures
–Interview: OBG talks to President Abdel Fattah El Sisi
–Interview: OBG talks to President Uhuru Kenyatta