Africa presents a myriad of opportunities, boasting some of the world’s fastest growing economies and a rising middle class. With over 1.4 billion people and abundant natural resources, Africa offers a vibrant and diverse economy. The continent is home to six of the ten fast-growing economies in the world including Ethiopia, Rwanda, and Ghana, which have seen significant GDP growth in recent years. Additionally, Africa’s urbanisation rate is rapidly increasing, with projections indicating that over half of the population will live in cities by 2050. This urban shift is expected to drive economic development and create new markets for goods and services. However, navigating this dynamic market can be challenging.
This is where Kreston Global, one of the top 10 accounting networks in the region, steps in to provide expert guidance and support. With an impressive growth, Kreston Global’s presence now extends to 28 countries, 27 firms and nearly 1400 staff. The recent addition of two new firms in Nigeria and Uganda has significantly bolstered its presence, contributing to its rise from the 12th to the 10th largest global accounting network in the region for 2024.
To enhance regional collaboration and streamline operations, Kreston Global has established the Africa Committee. This committee is dedicated to creating a cohesive network that drives growth, stability, and investment across the continent. By fostering collaboration among member firms, the Africa Committee ensures that clients receive seamless and consistent service, leveraging local expertise and global resources to address the diverse challenges and opportunities in the African market.
In 2024, East Africa emerges as the economic powerhouse of the region, driven by significant investments in banking and telecommunications, projected to sustain an economic boom beyond the year. Countries like Kenya, Tanzania, and Rwanda are at the forefront of this growth, attracting foreign direct investment and fostering innovation in key sectors. Kreston Global is well-positioned to assist businesses in this environment, offering insights into market trends, regulatory changes, and strategic opportunities that can drive sustainable growth.
The firm is also at the forefront of promoting sustainability in Africa. Discussions on “Green Africa” highlight Mauritania’s shift from fossil fuels to green hydrogen, and the adoption of eco-friendly policies in Morocco, Tunisia, and Nigeria. These efforts reflect a continent-wide commitment to green development.
Meanwhile, South African businesses are facing various challenges, prompting Kreston Global’s experts to emphasise the crucial role of risk management in achieving sustainable growth despite economic turbulence. The firm examines the challenges South African businesses are facing and explores how effective risk management strategies can help clients achieve sustainable growth in a turbulent economy. Issues such as energy shortages, labour disputes, and political instability require effective risk management to safeguard business operations and ensure long-term viability. Kreston Global provides comprehensive risk management services, assisting businesses to identify potential threats, develop mitigation plans, and implement effective controls to overcome uncertainties.
If you are interested in exploring business opportunities in Africa, Kreston Global provides insights into the region’s potential and challenges. Our “Doing Business in Africa Regional Magazine 2024” provides detailed analyses of key sectors, regulatory environments, and strategic opportunities for businesses aiming to expand their presence on the continent. This guide is designed to help you understand the market landscape, make informed decisions, and identify growth opportunities.
For further guidance, please do not hesitate to reach out and contact us. Kreston Stanley Williamson has the resources and network to connect you with the right experts and provide the expertise needed to navigate Africa’s dynamic market effectively.
Kreston Stanley Williamson
*Correct as of 30 May 2024
*Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
