After Asia, Africa is the world’s second-largest and second-most populous continent with a wide range of and abundant natural resources. Even so the continent is the least wealthy per capita throughout the world.
“According to a 2014 UK report, Africa receives about $133.7 billion each year from official aid, grants, loans to the private sector, remittances, etc. But at the same time, some $191.9 billion is extracted from the continent in the form of debt repayments, multinational company profits, illicit financial flows, brain drain, illegal logging and fishing etc. And more recent figures put the outflow much higher – at over $218 billion. In other words, Africa suffers a net loss of more than $85 billion every year. Such a net outflow suggests that far from the West aiding Africa, it is Africa that is aiding the West.” Firoze 2018 (Should the West Stop Giving Aid to Africa?)
Despite Africa’s wealth challenges, recent economic expansion and the large and young population (average population age of 19 years compares favourably with the world population average age of 30 years) make Africa an important economic market in the broader global context.
The continent is keen to catch up with the West through emerging technological developments and offers an immense opportunity for international investments and a large potential market for what Cardano has to offer.