Africa needs a new generation of homegrown women-owned consumer brands

The World Economic Forum has been taking place this week and interestingly one of the key topics for discussion was the notion that there has never been a better time to be an investor on the African continent. After all, at the moment the continent ticks so many of the economic viability and long-term growth boxes that investors are looking for. In fact seven of the ten fastest growing global economies are all to be found in Africa (Libya, Cote d’Ivoire, Ethiopia, Ghana, Tanzania and Djibouti), with another three in the top twenty (Rwanda, Kenya and Senegal). Capturing the attention of the big global consumer brands is the rise of a powerful consumer market, the rapidly-emerging middle class in Africa, which is creating unprecedented consumer demand and opportunity. With a population of around 1.2 billion people in Africa and the youngest population with 40% under the age of 14, it represents an exciting market opportunity. The question is, will it be left to the big global consumer brands to take advantage of this marketplace going forward, or will there be a new generation of proudly African companies emerging, hopefully led by women entrepreneurs, creating world-class products specifically catering for this market?