Lets check out the Top 5 fastest growing economies in Africa 2018 as Ghana leads the way.
According to World Bank report released early 2018, Africa’s economy is projected to continue to rise to 3.2 percent in 2018 and to a further 3.5 in 2019-2020. According to the report, non-resource intensive countries are expected to expand at a solid pace, helped by robust investment growth. South Africa, Nigeria and Angola, the region’s largest growing economies will be slightly weaker than expected, as the region is still experiencing negative per capita income growth, weak investment, and a decline in productivity growth, but the rest of Africa will be more favourable.
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According to the World Bank, Africa has six of the world’s ten fastest growing economies this year. We shall project 5 of them in this article. The list is led by Ghana, followed by Ethiopia and Côte d’Ivoire, with Senegal and Tanzania occupying the fifth and sixth spots respectively. The latest forecast places East African country, Ethiopia at 8.2 percent with the West African nation, Ghana leading the continent at 8.3 percent. The low post-crisis increase in total-factor productivity (TFP) growth in Sub-Saharan Africa has been attributed to a slowdown in convergence to the technological frontier after a rapid catch-up in the decade preceding the crisis according to the World Bank.
Ghana saw an improved performance in 2017 after a difficult 2016. The West African country is projected to see an 8.3 percent growth in 2018. According to the 3rd edition of the Ghana Economic Update, the service sector bounced back, and the fiscal consolidation is paying off. The inflation rate is also down to just 10 percent. In January, Ghana’s benchmark stock index achieved the world’s highest rate of growth at 19 percent.
Ethiopia’s economy is growing at 10 percent a year and is expected to double within the next seven years. According to the World Bank, this means that by 2025, it will have grown to a middle-income nation. Ethiopia’s economy is concentrated in the services and agriculture sectors. The last 10 years has seen Ethiopia average around 10 percent economic growth. The East African country has the second highest growing economy and predicted to grow by 8.2 percent this year. Ethiopia’s economy is boosted by a number of large-scale infrastructure projects, including the Grand Renaissance Dam and a railway network.
3. Côte d’Ivoire
The country’s annual growth estimates hovered around 8 percent in 2017. The West African country remains among the fastest on the African continent. Côte d’Ivoire is forecast to expand by 7.2 percent in 2018. The economic outlook for this country for the next two to three years is positive due to several factors. Côte d’Ivoire is among the largest economies in the West African Economic and Monetary Union.
In 2016, Senegal was termed by the World Bank as the second fastest growing economy in Africa, further validated with this past year’s economic growth. In its third quarter in 2017, Senegal’s economy grew at a rate of 7.1 percent, its strongest since the last quarter of 2015, when it was at an all-time high. Analysts expect overall growth to be as high as 6.8 percent in 2017 and the World Bank has predicted a growth of 6.9 percent for 2018.
In the last decade, Tanzania has seen a relatively high economic growth, averaging 6–7 percent. With an overall population of about 55 million in 2016, the East African country has seen a decline in poverty. Although the real gross domestic product (GDP) growth rate slowed in 2017, in 2018 economic growth is expected to hover around 6.8 percent. Private sector involvement in the country’s development can help finance the government’s ambitious investment plans, be a source of finance and innovation, and create jobs for new entrants into the job market.
African most Passion-Driven Social Entrepreneur
Allow us present to you the African most Passion-Driven Social Entrepreneur. Iamafropreneur team with intense focus on her gathered the most in a unique interview with Mrs Fotabe Elmine. Our goal is to have you motivated, encourage and intensify you taste and hunger towards influencing and impacting the lives of the African communities through your entrepreneurial skills.
Who is Fotabe Elmine, how did you start your career, what kind of education did you have ?
Fotabe Elmine is a passion-driven Social Entrepreneur, lecturer and corporate trainer who believes that young people and women with the right training are the future of the African continent. Elmine was born in Kumba, South West Region of Cameroon, where she grew up and attended most of her primary and secondary school. Elmine’s father was a businesses man, and her mother a civil servant/Politician.
Elmine began her professional career as a teacher of Entrepreneurship in 2008 and has since then taught over 5000 students, courses like Human Resource Management, Leadership, Entrepreneurship, Marketing, Business Leadership, Personal Branding and more. She has also trained hundreds of corporate employees all over the country. In 2009, she founded Job Shop, a human resource consulting and placement agency.
In 2011, Job Shop became a partnership and grew to serve clients, not only in Human Resources Management, but also in Finance. The firm expanded that same year and the partners created a Higher Institute of Learning. When the vision of the Organization began derailing from her initial vision, Elmine took the bold step of leaving an organization she created and worked hard to nurture for six years! A few months later, in December 2014, Elmine founded Fotabe University College, which later became Fotabe Entrepreneurial Leadership Academy. In 2015, she founded an association called “Association for the promotion of decent work for women and girls (ASSPRODEC).” That same year, she founded and Fotabe Universal Higher Institute of Cameroon. In 2016, Elmine founded a web platform to enable young people from all over the country have access to FREE examination preparation lessons and materials. Fotabe Elmine holds two Masters Degrees. One in Human Resource Management and another in Marketing and Communication from Rome Business School. She also holds an Associate degree in Business Administration, and honours group Diploma in Mnagement
and Administration, a Certificate in Psychology and Mental health, and is currently undertaking and MBA in Finance. This Mbo native from the Kupe Muanenguba Division of the South West Region of Cameroon spends her free time talking to neighbours about he kingdom of God.
You are one of the most outstanding women in Cameroon with different portfolio what is your secret?
My secret is my appreciation for the creator’s gift of intelligence, my passion for the things I believe in, and my desire to work hard in order to bring out the best in others. I am very convinced that Cameroon has the potentials, not only in terms of natural resources, but most especially in terms of Human capital, to emerge.
3- What are your challenges and successes?
Well, the greatest challenge I deal with is not having the financial means to touch all the lives I’d love to touch. Besides the financial constraint, I am also seriously challenged by the mentality of the young people and the families I try to support. Many of them plainly do not believe an individual like myself can bring any meaningful and lasting contribution to their existence. They trust the government to do it. However, staying consistent to our mission is gradually changing their mindset of many. I’ve had many successes I’m thankful for. Top amongst them is the fact that I’ve been able to share my passion, knowledge and experience with thousands of young people and corporate entrepreneurs. I’m happy to
have helped small businesses to grow and thrive. Even though the current crisis in the North West and South West Regions of Cameroon have slowed down our work, I’m particularly happy I led the initiative called “Kansas Hill” aimed at making Bamenda the most Socially Responsible city in the Country.
We provided a FREE internet-equipped space for young people to enable them develop their knowledge and passion in social Entrepreneurship. I’m also happy to have helped women and young people discover their full potential. But most especially, I’m thankful I am lending my little contribution to encourage women and girls to take back their dignity by raising my voice against illegal migration to some Middle Eastern countries and to other countries in the world where women’s rights are not respected.
You are the initiator and organiser of FELA’s Entrepreneurial leadership forum, what are your objectives?
Simply to inspire and train young people to become entrepreneurs and leaders in their communities. I believe that Africa needs to focus on raising more entrepreneurial leaders.
I want every young person who attends the forum to understand that and to put it into
use. And so far, the almost 400 youths who have passed through the forum are creating
great impact in their communities.
What advice do you have for our readers and the young girls who want to follow your path?
My advice to young girls: “You have enormous potentials. Work hard, do what you’re
passionate about. Keep your dignity and do not be afraid to stand up for what is right. And
remember the most successful woman is the woman who helps other women to be successful.”
To young people all around the country, be responsible, law abiding and daring. We have a country to build. If not us, who? If not now, when?
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