Huffington Post: Why the Corporate Sector is Critical to Africa

There is indeed a corporate sector in Africa and it is thriving. According to a report by McKinsey, there are 400 companies on the continent with annual revenue of $1 billion or more. Another 700 enterprises have revenues of more than $500 million. Yet these numbers only tell part of the story. For Africa to continue its progress, Africa’s large companies need to expand, and small companies need to get bigger.

Large companies constitute the main drivers of economic growth. They tend to pay higher wages and taxes, as well as foster innovation and the use of technology. They also drive productivity, tend to attract greater amounts of capital, and facilitate the creation and growth of vendors and small businesses that work with them.

You can read the Full Publication here.