While China and India may be trade powers, African countries like Kenya and Cote d’Ivoire have been growing steadily and have eventually cemented their place as the top trading hubs in East and West Africa. Factors that have contributed to this outcome include massive infrastructural investments, ease of doing business, and a rise in e-commerce. In the ten-year period of measurement done as per the Trade 20 Index by Standard Chartered; Cote d’Ivoire and Ghana, which was at the 13th position, have also been receiving substantial foreign direct investment (FDI), and have registered an increase in exports and remarkable growth in GDP. Cote d’ Ivoire, for example, enjoyed a GDP growth of 7.4%. Africa hosts some of the fastest growing economies in the world and her opportunities in the global trade are looking bright. Read more at African Business Magazine.
Dear D –
Do you know that diaspora populations can play a huge role in the growth of Africa’s global trade? Diasporans should promote trade in their countries of origin and deepen African ties with the US, Europe, and other countries where they are based. The diaspora also needs to encourage intra-African trade. Regional trade will allow local manufacturers to take advantage of lower tariffs and increased incentives to enable them produce at lower costs, expand to other countries, and increase global competitiveness. Additionally, diasporans should continue to invest in infrastructure, a crucial factor in the growth of trade.