Comments on: Quick Hits Around the (African) Web

By: Folabi

Folabi — Fri, 31 Aug 2007 10:29:40 +0000

For the last 3 years Angola has maintained a 15 – 30 % growth in GDP with a trade surplus of over $20billion and only just became a member of OPEC recently making Angola the fastest growing Economy in Africa and remember this is all oil money.
Angola has a 10th of Nigerian population and produces almost an equal amount of Oil (around 2 million barrels of oil considering Niger Delta problems).

Kenya on the other hand is heavily dependent on Agricultural exports, which become even less so attractive when western agricultural subsidies to western farmers and consumer consciousness of carbon emissions produced in transit are taken into account.

Standard Bank has operations in Kenya surely you’d expect them to rank it somewhere. However they are scrambling to snap up acquisitions in Angola. When American Banks went looking for China, it was clear that China was the next big thing.

By: Folabi

Folabi — Fri, 31 Aug 2007 09:09:50 +0000

Oil vs Services u dont need an economics degree to figure that out a little bit of common sense will do

By: E-Nyce

E-Nyce — Thu, 30 Aug 2007 15:55:13 +0000

If you’re basing your point on GDP statistics, I think you need to take some Economics courses. Again, if you haven’t done so already.

By: Folabi

Folabi — Thu, 30 Aug 2007 10:55:56 +0000

According to Wikipedia as of 2005 the GDP in both Kenya and Angola was in the 48 and 43 billion respectively. With new oil discoveries happening in Angola its safe to say that the article is probably right. Angola will be the next destination not Kenya.

By: Zanglish

Zanglish — Wed, 29 Aug 2007 02:29:09 +0000

Don’t forget Zambia – slowly but surely the right pieces are falling in place for some very positive changes to happen.

By: HASH

HASH — Tue, 28 Aug 2007 23:12:51 +0000

I haven’t been to Angola, but from what I understand it lacks some pretty basic infrastructural elements necessary to becoming a true economic “hub” in Africa.

@E-Nyce – thanks for the correction. Kenya is mentioned later, and South Africa is left out of that quote. Interesting journalism. Anyway, it looks like they’re saying that Ghana, Nigeria, Kenya and South Africa are the major players – with Angola as a possible up and comer.

By: JohnN

JohnN — Tue, 28 Aug 2007 21:35:33 +0000

@ Joe – Yes, there was some fervour in my tone.

Its interesting thought, that you never hear of the service sector. A good example is….

Celtel – The first mobile phone operator company in the WORLD not to have roaming charges for using your mobile abroad (in 15 African countries).

Its not just oil and minerals!

By: joe

joe — Tue, 28 Aug 2007 21:04:06 +0000

@ JohnN easy on the patriotism – ati dyer and blair premier african investment bank, but on the real angola as money coming out its ass. – angola is not going to be a hub but zlot of people will make money off angola

By: E-Nyce

E-Nyce — Tue, 28 Aug 2007 21:02:27 +0000

Perhaps it would be more accurate to say that Jendayi Frazer made that claim, and not FT. Quote: "When Jendayi Frazer, the US assistant secretary of state for Africa, visited earlier this year she predicted that in 10 to 15 years Angola would be one of the three hubs in sub-Saharan Africa, along with the traditional powerhouses of South Africa and Nigeria." Being that she's a US govt official, such cluelessness is excusable. Kenya made ranking above Angola, at least in Standard Bank's portfolio: "Outside South Africa â€œyouâ€ve got to be in Nigeria, Ghana, Kenya and Angolaâ€, says Craig Bond, CEO of Standard Bank Africa." I just wonder if his list is in rank order...

By: JohnN

JohnN — Tue, 28 Aug 2007 20:44:50 +0000

Its a shame Kenya was left out, but I think there is an explanation.

When Western media speak positivity about the chances of African economic development it is almost ALWAYS linked to natural resources, in particular oil and minerals. It is as if Africa can only develop with the exploitation of these resources. They seem to forget that Africa has growing and dynamic service sector.

Nations like Kenya get forgotten while those rich in oil and minerals are seen as good bets, even if the rule of law, good governance and a stable democracy are light years away.

Kenya does not have an abundance of these minerals yet they have one of the best mobile network firms (Safaricom), a successful supermarket chain (Nakumatt) and a premier African investment bank (Dyer and Blair).

It is not just the good fortune of what lies below the ground but the ingenuity and skill of those above it that will transform the continent.