New wave of optimism is sweeping Africa

It also provided experts with a platform to deliberate on a range of themes from opportunities of Africa as the emerging digital continent, to the possibilities presented from access to the world's youngest talent pool.

According to Professor Oliver Saasa, managing consultant and CEO of Premier Consult Ltd, there is a new wave of optimism sweeping the continent. Africa's overall gross domestic product (GDP) has indicated a steadily increase from 5.5% between 2005 and 2008. In 2009, the GDP increased by an additional 2.4%, continuing to a 4.7% upturn in 2010 and reaching 5.2% in 2014.

Rising investment

Close evaluation of the African continent reveals that this performance is boosted and sustained by rising investment in infrastructure and natural resources, and solid household spending. Non-resource-rich countries also experienced steady growth in 2013. Evidently, Africa is indeed blossoming.

Last year noted a continued rise of capital flows to numerous southern African countries, reaching an approximated 5.3% of regional GDP, soundly above the developing-country average of 3.9%. South Africa was adversely affected by heavy strikes in the mining sector and the recession in the euro area. With greater international demand and supportive macro-economic policies a gradual recovery is expected for 2014. As a result of resilient macroeconomic policies, several African countries are presently among the world's fastest growing countries.

Victor Sekese, CEO of SizweNtsabulaGobodo, was among the number of top-level delegates that were present at the convention. SizweNtsabulaGobodo is presently the fifth largest accounting and advisory firm in Southern Africa. Sekese boomed statements of hope for Africa and remarked on Africa's transition and how it has transcended from its label 'Africa: Hopeless Continent' to 'Africa Rising'.

Important risks

Africa's overall GDP growth rate is expected to remain stronger, however, a number of important risks remain. Risks such as political uncertainty, locally volatile food prices and commodity services
still negatively affect the continent. "There is a great absence of procedures and parameters in African markets," said Nenad Pacek, president of Global Success Advisors. "African countries need to change their policies in order to allow foreign investors to feel at home in Africa."

Generally, South Africa is considered a secure investment option by many foreign investors due to its relative lower risk factors than many other African countries.

"The accounting profession is well positioned to contribute to sustained economic development in Africa. This can be achieved by collaboration of international bodies to collectively promote gross economic success," Karen Smal, acting head of ACCA South Africa, said.

Africa maturing is the standpoint; collectiveness and collaboration will surely see Africa through exponential growth. Moreover, digitalisation will expose businesses to new profitable markets with less expenditure and more out-reach.