INTHEBLACK April 2025 - Magazine - Page 20
F E AT U R E
“The region is home to the fastest-growing economies
in the world and, despite global economic challenges,
many countries in Africa have shown resilience and
consistent growth.”
TEWODROS SISAY, DELOITTE AFRICA
ON THE REBOUND
Making sweeping predictions about the SSA
economy is complicated given it is not one
economic bloc; the Economic Community
of West African States and the Southern
African Development Community are just
two of the more prominent trading blocs
in SSA. As part of the COVID-19 recovery,
Deloitte Africa’s economic advisory practice
leader, Tewodros Sisay, believes the region
is poised for a notable economic rebound
this year.
“We estimate GDP growth will be
around 4 per cent across the continent,
and East Africa will continue to be the
fastest-growing region, driven by the
services sector, industry expansion, continued
investment in infrastructure and real estate,
as well as power projects,” Sisay says.
Former Nigerian
president Muhammadu
Buhari signs the African
Continental Free
Trade Area (AfCFTA)
agreement ahead of the
African Union summit at
the Palais des Congres
in Niamey, Niger, on
7 July 2019. [Discussed
on page 22]
20 INTHEBLACK April 2025
He adds that foreign direct investment
(FDI) will be a major contributor to
growth this year, especially in areas such
as renewable energy, fintech, technology
and telecommunications, agricultural
processing, pharmaceuticals and logistics.
“This will offer significant opportunities
to investors, and this will also be driven
by intra-regional trade.”
There is growing pushback against FDI
influence in Africa, with domestic workers
often facing a glass ceiling because foreigners
take a larger share of senior positions.
Yet, Africa is rich with natural resources,
and competition between the US, China
and the United Arab Emirates to access
these assets and secure mining rights will
shape FDI on the continent, according
to Sisay.
