Industrial economist Foluso Phillips shared his insights into the African economy and the opportunities that are available to businesses who know how to identify them, when he spoke at the USB Africa Day event, which aimed to create awareness about the unlimited potential of the African continent.

Growing Africa - Discover the potential of the continent was the theme of the Africa Day event hosted by the University of Stellenbosch Business School, where guest speaker Foluso Phillips discussed the unseen opportunities of the African continent. Foluso Phillips is the executive chairman and founder of the business and management firm Phillips Consulting Group. A qualified industrial economist, chartered management accountant, Phillips brings with him a wealth of knowledge and expertise in corporate finance, organization restructuring, enterprise development and devising market entry strategies for companies expanding out of their country.

In his address Phillips focuses on the factors that foster economic growth and create business opportunities and those that detract from expansion.

Africa is abundant in a variety of natural resources such as forests, woodlands, arable land, coastal lands and deserts. In addition Africa has a youthful, growing labour supply according to Phillips. These are two of Africa’s greatest resources. Phillips says that there are three forces which are currently shaping the African continent, namely democracy, de-regulation, and digitisation.

Improving governments and growing political stability which leads to investor confidence, briefly describes the influence of democracy on the African continent.

According to Phillips de-regulation is on the rise as “governments are stepping out of things they have no business with’. He mentions ‘aggressive privatisation’ as a prominent economic trend.

Digitisation refers to the impact of technology, which is the final element that is changing and “shifting all the things that is happening on the African continent today.”

Phillips endorses the Competitive Index, a report derived from the World Economic Forum, which identifies the factors that countries need to improve in order to be productive, competitive and attractive.

For more insights on how to identify economic opportunities in Africa see USB video, Africa Day 11 Foluso Phillips.

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