Dubbed by a renowned media publication in the late 90s as the “Hopeless Continent”, Africa has managed to transition and surpass its dark shadow of doom and gloom. At ACCA’s recently held CXO African Convention echoed positive statements from experts regarding Africa’s evolution into realm of digitalisation. At the convention, top level economists deliberated on a range of themes from opportunities of Africa as the emerging digital continent, to the possibilities presented from access to the world’s youngest talent pool.
According to Professor Oliver Saasa, Managing Consultant and CEO of Premier Consult Ltd, there’s a new wave of optimism sweeping the continent. Africa’s overall Gross Domestic Product has indicated a steadily increase from 5.5% between 2005 and 2008. In 2009, the GDP increased by an additional 2.4%, continuing to a 4.7% upturn in 2010 and reaching 5.2% in 2014. If you look deep into the African continent you will see that Africa is greatly sustained by its agricultural activities, at 12.7% GDP in 2009, which continue to generate a 6% increase paralleled to the global rate of only 3.2%. Evidently, Africa is indeed blossoming.
The world of digitalisation has marked the onset of the new world order, where technology is incorporated into trades and merged with strong marketing strategies. Although the continent is growing economically at a rapid pace, Africa still needs to adopt an adaptive trait in order to remain relevant and secure growth transformation.
“In a digital world, innovative technology offers ample prospects. However, digitalisation is not primarily about technology” states Theo Bensch, Managing Executive, Telkom Cybernest. Digitalisation not only enhances business output and operational efficiency but it also improves consumer engagement, education and health. It can be seen as a transformational tool which spreads beyond daily life and business relations.
“The landscape of the digital age is increasingly being driven by innovations. It is important to understand and appreciate the factors that are ushering in such changes and how these are impacting the modern day business” – Karen Smal, Acting Head, ACCA South Africa
The CXO African Convention which boasted seven of the top ten African economies provided great sight and an unparalleled access to hear transformational growth strategies adopted by best-in-class businesses.