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KPMG Study Shows Financial Sector Is Key to Economic Growth
September 30, 2012
Economies in Sub-Sahara Africa are growing rapidly. Many experts are surprised by how quickly these economies are expanding in the face of a global economic slowdown. According to the head of the World Bank, the continent’s economy will expand faster than any other over the next five years.
However, experts from KPMG feel that Africa has a number of untapped opportunities it should take advantage of. The key to realizing this potential is lies in an aggressive expansion of the continent’s financial sector.
Global investors are investing more money in Africa as the rest of the world experiences stagnant growth. However, many experts discourage them from using the same strategy to allocate investments throughout the continent.
The financial sector will need to optimize its operations to realize the highest returns on capital. A number of firms are interested in helping African financial institutions modernize their infrastructure and make the most of the billions of dollars in capital investors have allocated.
They have proposed a number of solutions that could help the continent realize these goals. One of the biggest changes they have suggested was taking advantage of social media technology to reach younger citizens throughout the continent.
KPMG’s report suggests that revamping Africa’s financial markets will lead to even higher economic growth. In turn, Africa’s economic growth could greatly surpass that of Europe, Asia and the Americas.