Wharton Africa Business Forum
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Annual Wharton Africa Business Forum. This year's conference promises
to be a fabulous experience you cannot afford to miss.
Why? Because the buzz on Africa is changing!
Africa is rising and its economic story is beginning to develop new
chapters. The renaissance is not only political, it is also economic.
Seven of the world's 20 fastest- growing economies are in Africa and,
since 2001, the continent's overall GDP growth has exceeded that of
the world.
The rhetoric of development aid, famines, wars, ethnic conflicts,
AIDS, and poverty, is gradually being replaced by a new theme of
empowerment, partnership, entrepreneurship, investment and
globalization. Africa is on the move, making tangible progress on
delivering better health, education, growth and trade. Decades of
stagnation have given way to a new era with strong economic expansion,
registering positive growth annually since 1998.
Africa is rising, and international investors have begun to take
notice. Investment banks like JPMorgan are increasing their attention
span for deals in Africa through strategic alliances with domestic
banks and expansion of satellite offices in Nigeria and South Africa.
Banks like Goldman Sachs, Merrill Lynch and Barclays all now have
offices in Johannesburg and a pan- African strategy to match. Others
like Renaissance Capital are even more bullish with up to US$1bn in
direct investment commitments and job ads released almost every week.
For many investment banks in search of the next big thing in emerging
markets, the latest port of call is quickly becoming sub-Saharan
Africa.
For the first time, domestic banks in countries like Nigeria have
begun to engage in international private placements - most of which
are oversubscribed by insatiable foreign investors. And with the
recent development of a bond yield curve out to 10 years in Nigeria
for example, the debt markets are expected to explode.
But the action in Africa has not been limited to banks. A number of
funds are also taking positions on the continent. Gone are the days
when you could count the number of private equity deals on one hand.
Today, mutual funds, private equity and hedge funds are pouring into
the continent in droves. The need is plenty, but so are the
opportunities. According to the Financial Times, over $2bn of new
money has been raised by private equity funds in London alone,
including three funds raising close to $400m in just the last three
months. Hedge funds are also following the same trend with a growing
exposure of the current $1.5bn tied to Nigeria alone. While these
funds may seem trivial in volume - they are important precedents that
show Africa has taken a turn...
Forget hearsay! Immerse yourself and come share experiences with those
that are making things happen in the world's frontier continent. Over
400 prominent dignitaries, investors, entrepreneurs, academics,
students and other professionals from all walks of life will arrive
here in Philadelphia to share that buzz with you...it's about Africa's
new renaissance, and how you can get a piece of the action at the
Wharton Africa Business Forum this year.
Don't wait! - sign up now at www.whartonglobal.com/africa/registration.html