The second-largest continent—in size and population—on the planet, Africa’s economic development is one of the fastest in the world with rising technological innovations, internet access and cellphone usage.
In 2021, the African Continental Free Trade Area (AfCFTA) agreement was signed to improve trade relations between Africa’s more than 50 countries and consolidate an integrated market of more than 1.3 billion people with a combined gross domestic product (GDP) of US$3.4 trillion. The continent is aggressively diversifying its economies from dependence on commodities such as crude oil, minerals, and agriculture toward higher productivity in the industrial and service sectors.
This trend of economic growth and Africa’s numerous untapped opportunities make it an attractive destination for both Canadian businesses and investors, eager to capitalize on the emerging market. But understanding the cultural differences of each region is key to doing business in Africa.
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