Africa’s boom time is now, but here’s what needs to be fixed ...

World

Africa’s boom time is now, but here’s what needs to be fixed first

Investors are raring to do business on the continent, but it needs to tackle state meddling and vested interests

David Malpass

This week’s UK-Africa Investment Summit will provide a welcome business-focused forum for leaders to assess the challenges and opportunities for African countries.

Investors are eager to have a positive impact on development, while seeking portfolio diversification and sound returns. Significant progress has been achieved in Africa over the past decade, thanks to the efforts of a new generation of policymakers and business leaders emerging across the continent.

In countries such as Ethiopia people are urging their governments to push forward with ambitious reforms. The spread of new technologies and smarter financial regulation, notably in Kenya, has opened opportunities for digital financial services, providing millions more people, including women and small-scale entrepreneurs, with economic opportunities. Low-carbon energy investments, including those supported by the World Bank Group’s International Finance Corporation, can help unleash growth. Africa’s success stories prove that countries can grow...

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