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HomeAfricaErnst & Young says Africa's growth story ''real''

Ernst & Young says Africa’s growth story ”real”

Ernst & Young, a leading global firm, Monday released its 2013 Africa Attractiveness survey, saying: a ”new story is emerging about Africa — a story of growth, progress and profitability” and that the continent’s growth story “is real”.

In a statement, received here by PANA, the UK-based leading firm said as the growth story unfolds, significant challenges to unlocking the continent’s vast economic and human potential remain.

The statement indicated that drawing on investor perceptions and actual numbers, the survey provided insights into investment trends why “Ernst & Young believes Africa’s growth story is real, and some of the key challenges that need to be addressed to sustain this progress.”

According to the firm, the number of foreign direct investment projects in Africa grew 27 percent from 2010 to 2011 and have grown at a compound rate of close to 20 percent since 2007.

”Our second edition of Africa Attractiveness builds on the theme of the African growth story, while emphasising the need to bridge a perception gap that continues to exist among many potential investors not yet doing business on the continent.”

”In so doing, we highlight the various factors that are contributing to sustainable economic growth on the continent, specifically regional integration and reducing the infrastructure deficit,” the firm added.

It was further emphasized that Africa’s progress, not just in economic but also in socio-political terms needs to be told ”more confidently and consistently”.

Ernst & Young is a global leader in assurance, tax, transaction and advisory services and it is said to have launched its Africa Business Centre (ABC), which ”aims to enhance the effective and efficient links between its geographic reach and areas of expertise”.

The firm reportedly enjoys representation in 33 countries across Africa.

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