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Regional Report Into Africa Africa is ascending. For decades considered a business backwater, now it is right at the top of the commercial and investment world's agenda. Greater political stability in many countries and rising global demand for Africa's rich natural resources have been key factors in driving up GDP and living standards during the last decade. The continent's debt burden is falling, and foreign direct investment climbing, a significant proportion of which is now coming from China and India. A joint global forecast by The Economist and the International Monetary Fund in 2011 predicted that seven out of the top 10 fastest growing countries in the world between then and 2015 would be African. Africa is vast and complex, and should certainly not be viewed as a single market. It comprises huge ethnic, cultural, and linguistic diversity amongst its one billion people. Within its 56 separate nations, many individuals identify themselves most closely with An ascendant continent offers regional and multinational opportunities. By Catherine Tooher their home country. But common trends and themes exist across the region. For example, large urban populations in many African countries now include growing numbers of consumers whose disposable incomes are creating new markets for goods and services. Mobile connectivity is spreading rapidly and helping to oil the wheels of growth throughout much of the continent, as innovative money transfer and payment models overcome the challenges of a market where most consumers do not have a bank account. The so-called African Renaissance is opening up exciting opportunities for regional and multinational businesses operating in the region. Guy Ellis, founder and director of CourageousHR, which specialises in training and development for HR professionals and works with African organisations, observes: "Africa is a massive opportunity, and it's growing very fast." [34] HRO TODAY GLOBAL | SPRING 2012