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Africa's New Middle Class Lures Investment: Witney Schneidman

Aug. 9 (Bloomberg) -- For too long, the story of Africa has been about government corruption, war and disease. The economic news was bad, too; from 1975 to 1995, the continent was mired in negative growth, indebtedness and hyperinflation.

Now that story is changing. During the past 10 years, six of the world’s fastest-growing economies have been in sub- Saharan Africa, according to the Economist magazine. Over the next five years, the Democratic Republic of the Congo, Ethiopia, Ghana, Mozambique, Nigeria, Tanzania and Zambia may grow at an average of 7.2 percent annually, the Economist says. Over this period, the average African economy will outpace its counterpart in Asia. Africa has become an important emerging market and, compared with other regions, it has a relatively high rate of return on investments.

In many countries, political reform has accompanied economic growth, allowing local entrepreneurs to thrive. By 2030, Africa’s new middle class -- more than 300 million strong, -- will spend $2.2 trillion a year, which amounts to about 3 percent of worldwide consumption, according to the African Development Bank.

China is one of the many nations that have taken notice. Its companies are doing business in each of Africa’s 54 countries. Trade between China and Africa will almost triple to $300 billion by 2015, according to Standard Bank of South Africa.

Companies from India and Brazil are likewise pursuing commercial opportunities across the continent. The European Union is aggressively negotiating agreements that will give EU businesses access to African markets as well.

As for the U.S., in June, Secretary of State Hillary Clinton led a large delegation to the 10th African Growth and Opportunity Act forum in Lusaka, Zambia, in an effort to deepen U.S. commercial relations. U.S. companies have been slow, however, to recognize Africa’s potential. The last time a U.S. commerce secretary visited the region was in 2002, when Donald Evans was there.

Election Canada proposes online voting for 2013 | MoneySin.com

In his report on the May 2 federal election, Mayrand stated Canadians have made it clear they want to making voting easier — and it doesn’t get much easier than voting on your home computer.

Canadians “live in a world replete with electronic services and increasingly anticipate a range of options that provide them with more flexibility and accommodate their busy schedules,” he said.

About 62 per cent of Canadians voted in the last federal election, a slight uptick from the 2008 election. However, that is still down significantly from the 70 per cent mark that used to be the norm before the 1990s. In 1958, 79.4 per cent of Canadians voted.

“Three factors stop electors from voting: apathy, inconvenience and administrative barriers. Apathy is a societal issue largely beyond Elections Canada’s control,” the report said.

More Canadians than ever voted at advance polls this May.

“They appear to regard advance voting days as simply additional days to vote, no different from election day,” stated the report.

The report also strongly suggested the Elections Canada Act should be revised to incorporate the impact modern communication tools such as Facebook and Twitter have on the election.

Currently, the Elections Canada Act does not grant the premature reporting of election results in one part of the country to another part. However, because of social networking that rule is no longer easily enforced.

“The growing use of social media puts in question not only the practical enforceability of the rule, but also its very intelligibility and usefulness in a world where the distinction between private communication and public transmission is quickly eroding. The time has come for Parliament to think about revoking the current rule,” the report said.

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I fear that people do not comprehend just how hazardous a development this is.

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