By James Anyanzwa
Emerging markets including Africa will be critical in driving the recovery and future growth of world economies, Barclays PLC Chief executive has said.
Mr Bob Diamond noted that Africa’s potential is increasingly significant but strong growth will largely depend on the continent’s commitment to controlling inflation, improving governance, and political stability.
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Diamond said global economic outlook is certainly presenting opportunities for Sub-Saharan Africa as international community seeks to invest on the continent.
Speaking to business leaders and students at Strathmore Business School in Nairobi, Diamond said rapid-growth markets will, however, need the investment, technical know-how and long term commitment that international companies are providing to maximise their potential and boost local economies.
"Various regions around the world face a variety of challenges, but what is clear to us as Barclays is that emerging markets, especially Africa, are going to be critical in driving recovery and global growth in the future," he said.
From the US to China, new capital is flowing into Africa because people have changed the way they view the continent," he said.
Diamond said uncertain global outlook would present opportunities and challenges to Africa.
"Certainly, we see opportunities stemming from a re-direction and focus on Africa as a major investment destination because there are a host of opportunities especially in Sub-Saharan Africa," he said.