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African economies collectively world’s fifth largest – Ernst & Young
By: Martin Creamer, Engineering News
Published: 6 Aug 08

The aggregate of the combined economies of the 53 countries in Africa collectively represented the fifth largest economy of the world, Ernst & Young Ethiopia managing partner Zemedeneh Negatu told a surprised Africa Investor Summit in Johannesburg on Wednesday.

Negatu added that, excluding Africa’s ten largest economies, the combined gross domestic products of the remaining countries collectively still represented the tenth largest economy in the world.

He told the initial public offering (IPO) summit that the challenge currently was to ensure that Africa obtained its fair share of positive global comment and sought ways of increasing growth through stock market listings.

“In the nine years or so I have been working in Africa, I have never been more bullish than I am right now,” said Negatu.

Speaking on the same podium, Johannesburg Stock Exchange GM Noah Greenhill said that each jurisdiction in Africa could either go it alone, or opt for collaboration, which held out far greater benefit for Africa as a whole.

“I think that Africa is the land of opportunity at this moment in time. If we stand together, we can go forward and conquer,” Greenhill said.

Africa Investor vice chairperson Hubert Danso, the organiser of the IPO summit, said that record volumes of private capital were flowing into Africa.

He said that investors were being attracted by the strongest African growth in decades as well as the potential for higher yields than could be obtained in developed markets.

Addressing the state of Africa’s equity markets, Danso said there was a need to adopt a new way of approaching opportunities collectively with the stock exchanges and the investment banking community working together innovatively.

While the market capitalisation of African stock markets had reached a record $870-billion earlier this year, African stock exchanges needed to do far more to position themselves for greater liquidity and growth through the facilitation of IPOsThe aggregate of the combined economies of the 53 countries in Africa collectively represented the fifth largest economy of the world, Ernst & Young Ethiopia managing partner Zemedeneh Negatu told a surprised Africa Investor Summit in Johannesburg on Wednesday.

Negatu added that, excluding Africa’s ten largest economies, the combined gross domestic products of the remaining countries collectively still represented the tenth largest economy in the world.

He told the initial public offering (IPO) summit that the challenge currently was to ensure that Africa obtained its fair share of positive global comment and sought ways of increasing growth through stock market listings.

“In the nine years or so I have been working in Africa, I have never been more bullish than I am right now,” said Negatu.

Speaking on the same podium, Johannesburg Stock Exchange GM Noah Greenhill said that each jurisdiction in Africa could either go it alone, or opt for collaboration, which held out far greater benefit for Africa as a whole.

“I think that Africa is the land of opportunity at this moment in time. If we stand together, we can go forward and conquer,” Greenhill said.

Africa Investor vice chairperson Hubert Danso, the organiser of the IPO summit, said that record volumes of private capital were flowing into Africa.

He said that investors were being attracted by the strongest African growth in decades as well as the potential for higher yields than could be obtained in developed markets.

Addressing the state of Africa’s equity markets, Danso said there was a need to adopt a new way of approaching opportunities collectively with the stock exchanges and the investment banking community working together innovatively.

While the market capitalisation of African stock markets had reached a record $870-billion earlier this year, African stock exchanges needed to do far more to position themselves for greater liquidity and growth through the facilitation of IPOs











 

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