Afro pessimism is fading out across the African continent as citizens lead direct investments on the continent with capital investments set to grow to $150b by 2015, a new study reveals.
The fresh optimism and self-belief according to a report from Ernst & Young is underlined by a 21% compound growth rate in Africans investing in other African countries from 2003 to 2010.
Also, Africa which is the world’s last unchartered investment destination by scale has some of the highest returns on investment in the world.
“Levels of risk can be high, but levels of profitability are high too,” reads the report that also adds that there is still a long way to go in overcoming the western media prejudice and misperceptions about a continent that is turning the corner.
It also comes on the back of another strong endorsement for Africa from Mckinsey, a globally respected firm that referred to African economies as “Lions on the Move.”
Uganda in particular is highlighted for minerals, oil and gas reserves and a strong and educated labour force.