Growth in Africa needs to be Inclusive and Sustainable
JOHANNESBURG (25 March 2014) — Building on KPMG’s robust relationship with the World Economic Forum and particularly mindful of the key business priorities emerging from this, John M. Scott (Deputy Chairman of KPMG International) is visiting Nairobi this week to progress the active engagement of business investment and growth in Africa.
Change – including regulatory, energy and disruptive technologies – are driving businesses to transform. This is the only sensible response in the new global economic environment, with an emphasis on transformative innovation. This immediately makes Africa that much more important – a market with huge potential allowing feasible expansion opportunities for international business. Africa’s proven innovations create further interest in the continent, citing examples such as mobile banking.
A very important topic coming out of Davos earlier this year is all about ‘Inclusive Growth’ – in other words, economic growth in africa that benefits many, thereby providing sustainable employment and training opportunities, and fair wages. Doing business with purpose is gaining rapid traction in the corporate world, guiding big business to pointedly consider not only how they make their wealth but what they do with this. All of this talks to the realisation that the interdependency of the global economy is only going to increase and barriers to trade need to be removed.
“At KPMG, we believe we have an important role to play in inspiring confidence in the capital markets and businesses, and empowering change across the continent,” says Scott. “Global economic confidence is on the rise and Africa is well positioned to take advantage of this.”
Africa’s position as one of the world’s fastest growing regions is set to remain for the foreseeable future. “KPMG doesn’t categorise Africa as a single emerging market,” says Scott, “as doing so would fail to appreciate the diversity of African economies across all 54 countries. Our presence and deep history, spanning over a hundred years, in Africa is integral to KPMG’s comprehensive High Growth Markets strategy. It gives us a much deeper and richer perspective and insight into driving growth.”
Ultimately, Africa is important to KPMG because it’s important to our clients – both internationally and those based in Africa. It’s not unusual in emerging markets for professional services firms such as KPMG to be among the first global businesses to establish a presence, taking pride in this and recruiting and training talented professionals to help in the development of local economies.
“KPMG’s involvement goes beyond business, often working with governments, central banks and regulators to help develop rules and regulations for markets,” says Scott. “In an increasingly connected world, being a catalyst for ethical business helps promote competition, create jobs and provide world-class development opportunities.”
Scott’s current visit to Africa reaffirms KPMG’s commitment to doing business diligently, confidently and responsibly across the continent.
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 155 countries and have more than 155 000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG member firm is a distinct and separate entity and describes itself as such.
About KPMG in Africa
- KPMG serves 54 countries across Africa with member firms in 33 countries.
- KPMG members firms in Africa achieved combined growth of 13.1% in 2013, and 25% in Q1 2014.
- KPMG launched its Global Africa Practice in 2012 which is dedicated to helping international business enter Africa and African businesses capitalise upon global opportunities.
- In 2012 KPMG announced a five year US$100 million African investment plan.