In the past decade, Africa has become a vibrant hub for entrepreneurship and innovation, with numerous companies quickly gaining prominence across various sectors of the economy. However, when the pandemic struck, it caused a huge slowdown in economic growth globally and on the continent.
- Business Insider presents 10 fastest growing African companies in 2024.
- The list is courtesy of Financial Times.
- South Africa, despite its lacklustre growth, hosted the highest number of fast-growing companies.
Economic growth in Africa, overall, in 2023 was 3.2 per cent, according to the IMF — lower than in Asia, which grew at nearly 5 per cent.
Many of the continent’s economies are still facing economic issues. Countries such as Nigeria, Ghana, South Africa, and Egypt are facing huge public debt, with governments struggling to balance budgets and service debt obligations.
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High inflation rates are eroding purchasing power, making it difficult for both consumers and businesses to plan for the future.
Exchange rate fluctuations and currency depreciation further complicate the problems, increasing the cost of imports and destabilizing economic conditions. Despite these hurdles, some companies have managed to stand out, driving growth and innovation across the continent.
Despite these setbacks, many African businesses have shown remarkable resilience and continue to thrive, adapting to new challenges and finding innovative solutions to sustain their growth.
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A recent report by the Financial Times on Africa’s Fastest Growing Companies reveals how these businesses are thriving despite many economies struggling to recover from the COVID-19 pandemic.
The report of 125 includes many businesses that have overcome the Covid pandemic and the continent’s economic problems.
Nigeria had the second-highest number of companies in the ranking of Africa’s fastest-growing businesses, as compiled by the Financial Times in conjunction with research company Statista. South Africa, despite its lacklustre growth, hosted the highest number of fast-growing companies.
