Page 4 - Profmark Africa Overview 2024

The Continent in Perspective

“Africa is on its way to becoming a preferred investment destination, a potential pole
of global growth, and a place of immense innovation and creativity. But there is also
a long way to go — and Africa’s governments must as a matter of urgency turn their
attention to those who are being left behind. I believe Africa and its leaders can rise to
this challenge. If they do, Africa will become more prosperous, stable and equitable.”
Kofi Annan

Africa: a vast continent, spanning an area of 30.2 million square km (over 20% of
the world’s total land area). A direct flight from London to Cape Town puts this size in
perspective: more than 80% of the flying time is spent over Africa.
Africa is home to about 18.6% of the total world population, an estimated 1.5 billion
people with a multitude of ethnicities, cultures and languages. Africa has the youngest
population in the world, with 70% of sub-Saharan Africa under the age of 30 years old.
Such a high number of young people is an opportunity for the continent’s growth – but only
if these new generations are fully empowered to realise their best potential.

Surrounded by the Mediterranean Sea, Suez Canal and the Red Sea, Indian Ocean, Atlantic
Ocean and the Sinai Peninsula, climates on the continent range from hot deserts to tropical
rainforests to frozen glaciers. Africa is rich in natural resources such as oil, gold, platinum
and diamonds – many not yet exploited because of lack of infrastructure and financing.

Africa comprises 54 independent countries, including the Indian Ocean islands of
Madagascar, Mauritius, the Comoros and Seychelles. Many regions in Africa have been
devastated by war, disease, corruption and regime changes. However, after a decade
of increasing political stability, improved health and education and rapidly expanding
infrastructure, many African economies rank among the fastest-growing in the world. There
is a growing middle class consumer market across Africa.
The majority of African countries are members of the World Trade Organisation (WTO)
and cross border trade and investment in Africa is promoted via about 30 regional trade
agreements.

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