Is Africa Rise for Real

Africa may no longer be “the jungle,” as Barkan puts it, but to many in the business world it still seems as untapped a market as is possible in the 21st century. Its economies have soared since 2000, thanks mostly to the rise in prices for commodities that Africa has in abundance, such as gold, copper, iron ore, zinc, platinum, and oil. That, together with big new oil and gas finds and Western countries’ writing off billions in African debt, has meant high growth rates across the continent, even during the worst recession in decades. The IMF predicts 5.4% average growth this year for Africa’s 48 sub-Saharan countries, where more than 800 million people live. That’s far above the 3.6% global average.

Fortune Magazine, September 2014