The media focus on natural disasters, conflict and hunger and the language of intergovernmental debate – of debt, aid, poverty and conflict – dominate the way Africa is discussed externally, reinforcing perceptions of a continent of problems.  Africa often appears to be seen as one large risky country, with little understanding of its diversity.

But despite the presence of some obvious problem countries, Africa deserves increasingly to be seen as a continent of opportunity. Africa’s business leaders, and most investors in Africa, feel this growing sense of confidence.

According to the World Bank, in 2006 2/3 of African countries made at least one reform, and Tanzania and Ghana rank among the top 10 reformers.  While Africa in the last two years was the slowest reforming region in the world, this year it is the third fastest, after Eastern Europe and the OECD high-income countries.  South Africa and Mauritius are among the world’s top 30 places in terms of ease of doing business.  In Côte d’Ivoire registering property took 397 days in 2005. Reforms eliminated a requirement to obtain the urban minister’s consent to transfer property. Now it takes 32 days. Burkina Faso cut the procedures for starting a business from 12 to 8 and the time from 45 days to 34. Madagascar reduced the minimum capital for start-ups from 10 million francs to 2 million. Tanzania introduced electronic data interchange and risk-based inspections at customs. The time to clear imports fell by 12 days. Gambia, Nigeria and Tanzania reduced delays in the courts.

Growth figures have also been encouraging.  According to the Africa Economic Outlook 2007, Africa grew by 5.5 per cent in 2006 – well above the long-term trend and for the fourth consecutive year.  In 2007 the report estimates that average real GDP growth rate for the continent will be 5.9 per cent.

Business has a crucial educator role within the business community as well as more broadly to challenge misconceptions about business investment in Africa through stories that convey the diversity and opportunities of the continent.