CEOs of companies from across sub-Saharan Africa tell The Banker that investors face many challenges in setting up business in their countries but improvements are being made and the opportunities available are worth it.
Across sub-Saharan Africa there is a frequently heard lament: “Africa is not one country.” Political upheaval in Zimbabwe, civil war in the Democratic Republic of Congo, social unrest in Nigeria or the spread of HIV/Aids exact a toll on many more than just those directly affected – they cast a shadow over the entire continent. Investors warily retreat, fearing a contagious spread of these problems.
But consider this. The recently released Organisation of Economic Co-operation and Development’s African Economic Outlook predicts that countries such as Uganda, Tanzania, Ghana, Cameroon, Ethiopia and Botswana will all grow their economies at more than 5% in 2003 – a blistering pace considering the gloomy global environment. Africa has its problem countries but it also has its rising stars. Lumping all African countries into the same basket risks missing investment opportunities.
To highlight the fact, The Banker put a set of questions to CEOs across the continent, allowing them to showcase what their countries have to offer to investors. The result is focused feedback on six African countries in the south, west and east of the continent. It underscores that each country has its own challenges; that there is a sense of wide-open opportunity; and that each country is very different from the next.
The Questions
1. What opportunities exist for investors in your country?
2. What are the challenges facing investors?
3. What advice would you offer investors?
4. What is government doing and what needs to be done to improve the investment climate?
5. How can the financial sector help in facilitating investment in your country?
Thomas BragawCEO MTN UgandaMobile TelecommunicationsUganda
Natwar GotechaCEO Tanzania Cigarette CompanyCigarettesTanzania
Pradeep PraunranaCEO ARM KenyaMiningKenya
Tim TaylorCEO RogersDiversified IndustrialMauritius
Mr A. SuleAfrican Petroleum plcEnergyNigeria
Elizabeth Joyce VillarsCEO CamelotOffice SuppliesGhana
