The financial services industry in Africa is in its infancy, due to the continent’s relatively recent emergence from the Cold War and its lack of experience in the global marketplace. Nevertheless, the strong record of economic growth in the last decade, combined with the increasing pace of macroeconomic reform, the cancellation of most international debt, and a range of policy and institutional changes designed to provide stronger banking sectors and more welcoming business environments, have created some unprecedented investment opportunities. Recent financial returns to investors in Africa’s 17 stock exchanges and its expanding roster of well-managed companies frequently range well into double digits, and growth prospects for the right investments are nothing short of exciting. Two South African equity funds are managing over $400 million each throughout the continent, and in the last year new Africa-oriented investment funds were established in Europe, North America, the Middle East, and Asia.
The role of GoodWorks in the financial services market as articulated by our Co-Chairman, Ambassador Andrew Young is clear…“ If we can raise $2.5 billion for a one-time track meet in Atlanta why not a few million to build a port in Africa?” GoodWorks is doing just that, forming strategic alliances with Wall Street investment firms to facilitate project finance at various stages in markets throughout Africa and the Caribbean.