The time is ripe to invest in Africa and Canadian investors should look for long-term opportunities on the continent
. This was the message at a VIP breakfast meeting attended by African Development Bank Group President Akinwumi Adesina and former Canadian Prime Minister Jean Chretien on the sidelines of the 22nd International Economic Forum of the Americas Conference of Montreal.
“Africa is a very resilient continent. We are looking at some of the fastest-growing economies in the world: Ethiopia, Democratic Republic of Congo, Mozambique, Kenya, Côte d’Ivoire,” Adesina told those at the event. “Africa is growing at 3.6%, the global economic growth is 3.2%. The United States is growing at 1.9%, Europe is growing at 1.5%, Japan is growing at 0.5%. Africa is doing reasonably well in a really tough environment.”
Former Prime Minister Jean Chretien said: “You have a continent of 800 million people. It’s a huge continent that is extremely rich in resources.”
The greatest challenge facing Africa today is youth unemployment, Adesina explained. Between 10 and 12 million young Africans enter the workforce each year, yet only three million formal jobs are created annually. At the Bank’s 2016 Annual Meetings in May, the Bank launched Jobs for Youth in Africa, an initiative that aims to create 25 million jobs for young people over the next 10 years.
“Whether you are investing in energy, renewable energy, real estate, or infrastructure, we are waiting for you in Africa,” Adesina said. “The African Development Bank stands ready to work with the private sector.”
