Brexit: Companies turn from UK to African countries

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With the recent referendum by the United Kingdom to leave the European Union, many businesses with existing or planned investment interests in the UK have started turning to African countries.

The Ecobank Group Research who revealed this in a statement entitled ‘’Investment after Brexit: Africa is the Final Frontier’’, said that the businesses were looking for new investment frontiers.

The statement said that the revelation was the core of the Middle Africa Fixed Income Currency and Commodities (FICC) Guidebook 2016, recently published by Ecobank.

‘’With the UK having voted in its recent referendum to leave the European Union, many businesses with existing or planned investments in the UK will be looking for new investment frontiers.

‘’Africa’s move to diversify its economies and its rising consuming class are creating an array of new investment opportunities.

‘’ Kenya, Côte d’Ivoire, Senegal, Ghana and Ethiopia are the best examples, with broad-based economic growth, young populations and rising urbanisation,’’ it said.

According to the statement, the Middle Africa FICC Guidebook contains an economic outlook, overview of the key sectors in the region and a guide on 41 countries in Sub-Saharan Africa.
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Ms Chi Onwurah, Chairperson of the All-Party Parliamentary Group (APPG) for Africa, said in the statement that the impact of Brexit on the global economy cannot be overestimated.

‘’But while we are faced with huge challenges, we also should look at opportunities for Africa.

‘’The EU’s trade agreement with Africa has been criticised for its negative effects on African industry and agriculture.

‘’The UK could be in a position to develop a more mutually beneficial policy,’’ she said in the statement.

Also, Mr Edward George, Head of Ecobank Group Research, whose team created the guidebook, said in the statement that African countries were offering opportunities for businesses and investment.

“Investing in Sub-Saharan Africa does come with risks, just as anywhere else in the world.

‘’Understanding these risks and how to manage them is the critical difference between success and failure,” he said in the statement.

According to it, it is essential that investors and businesses understand the opportunities that Africa’s new economic frontiers present.

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