The Fastest Billion
safer and better run than it has ever been. The macro framework is dramati-
cally improved, thanks to better governance—recent negative examples such as
Zimbabwe’s recent hyper-inflationary episode have only served to underline the
benefits of good governance. We focus on Equity Bank in Kenya for the good
reason that it highlights how technology and innovation are fusing in ways that
mean Africa is leap-frogging into the future.
The development of new cities, the expansion of new mines and the explora-
tion of the continent’s oil potential are all reasons why foreign direct investment
is pouring into the continent. The Internet and broadband access help to reduce
the “land-locked” constraint on exports. Governments are increasingly aware
of the benefits of improving the Ease of Doing Business, as Rwanda shows as it
emulates Singapore’s success of the 20th century.
Over-optimistic? We would prefer to have you finish this book asking why
Renaissance Capital is so cautious in its outlook on Africa. And then we’d like to
see you consider investing there yourself—just as we are.