Africa is a continent of great opportunity and potential, but as a whole, the continent needs to work to become more globally competitive for the benefit of industries such as tech to truly thrive.
Africa competes for foreign direct investment with other emerging markets such as Asia, Latin America, and the Caribbean, and it is important for the continent to work towards strengthening a number of pillars that relate directly to how competitive a country is on a global scale.
A KPMG report suggests that Africa needs to address a number of key issues in order to rival their main competitors in the market and carve out a competitive landscape that will attract foreign direct investment.
From an overall global competitiveness point of view, Africa’s average competitiveness ranking is 21 percent compared to Latin America and The Caribbean’s average ranking of 40 percent, and Asia’s average ranking of 57%. This shows that Africa remains significantly less competitive than Asia, Latin America and The Caribbean.
Here are 12 issues Africa needs to address to become more globally competitive.