Africa businesses struggle to recover from Covid pandemic

List of top 125 shows companies that have performed well in difficult times

The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. Economic growth in Africa, overall, in 2023 was 3.2 per cent, according to the IMF — lower than in Asia, which grew at nearly 5 per cent. Given the African continent’s fast population expansion, this underperformance is even starker in per capita terms.

African Renaissance Partners is betting that as the venture capital industry — not much more than a decade old in Africa — matures, start-up successes will spread beyond the big hubs of Egypt, Nigeria, Kenya and South Africa. It invests seed capital in companies in Ethiopia, Rwanda, Tanzania and Uganda. Amin predicts that, in five years, the FT ranking will include many more companies from these and other “non-hub” countries.

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