Growth in sub-Saharan Africa is projected to
accelerate in 2014 and beyond, driven by an expansion
of domestic markets as a large proportion of the
region’s population joins the lower middle class and
as infrastructure investments continue. Investors are
increasingly catching up with Africa’s growth potential,
owing in particular to its booming resource sector,
infrastructure development and growing consumer
demand (Economist Intelligence Unit, 2012). Some
observers are projecting that by 2025 annual
consumption in developing economies will rise to $30
trillion and that developing economies can be expected
to contribute over half of the 1 billion households
whose annual earnings surpass the $20,000 mark
(United Nations Development Programme, 2013). If
these projections do materialize, trade growth patterns
and dynamics will likely be affected. Meanwhile
investments in port projects in Africa are growing and
it is estimated they will reach over $10 billion in the
next 5 years; and projects are underway, including in
Ghana, Namibia, Nigeria, Kenya, South Africa and the
United Republic of Tanzania, with a view to connecting
Africa to international markets (IHS Maritime Fairplay,
2014).