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Analysis

Tide of returning Africans ‘spearheading economic dynamism’

TCON cover

A growing tide of Africans is returning to the continent from Europe and North America to spearhead economic and business dynamism and speed political reforms, according to Jean-Claude Bastos de Morais, principal author of The Convergence of Nations – Why Africa’s time is now, published by OMFIF Press.

Bastos de Morais, founder of the Quantum Global Group, was speaking at the book launch at the London Capital Club on 10 December to a 150-strong audience, drawn from politics, business, finance, research and the media. He said ‘returnees’ are part of a ‘new wave of economic development that is changing the face of Africa.’

Among other authors, Abena Annan, founder of Ghana’s Obaasema magazine, called on investors to ‘wake up to the vibrant and growing cultural scene in Africa’, citing it as a ‘shining example of Africa’s entrepreneurial and creative spirit.’

 tcon speakers

Left to right: Kevin Chika Urama, Abena Annan, Jean-Claude Bastos de Morais and Sneha Shah.

Kevin Chika Urama, managing director of Quantum Global Research Lab, highlighted Africa’s growing young population as both an opportunity and a potential risk, given the continent’s large workforce and fast-increasing market size. He cited the rise in foreign remittances, which now outstrip foreign direct investment, as an important stabilising factor which is creating steadier incomes and helping lower Africa’s reliance on commodity prices.

Sneha Shah, Thomson Reuters' managing director for sub-Saharan Africa, said increased intra-African trade and higher financial and communication flows were a ‘necessary condition for transforming the continent’s business services’ in areas ranging from financial and legal services to scientific research and development.

 

How to buy the book:
The Convergence of Nations can be purchased by clicking here, on Amazon (£15) and on Kindle (£10).

For more information about the book click here.

Notes:

Jean-Claude Bastos de Morais is founder of the Quantum Global Group (www.quantumglobal.ch) and the Africa Innovation Foundation (www.africaninnovation.org). For enquiries relating to Jean-Claude Bastos de Morais, please contact Mark Morley, group head of communications at Quantum Global: mark.morley@quantumglobal.ch

OMFIF Press is the publishing arm of the Official Monetary and Financial Institutions Forum, an independent platform for international financial dialogue and research.

To follow the conversation on Twitter use the hashtags #ConvergenceOfNations, #AfricasTimeIsNow and #AfricaBookLaunch. Connect to OMFIF on Twitter www.twitter.com/OMFIF.