Diverse team at OmniRetail celebrating the success of Africa’s new currencies in the financial sector.
In its third year, the Financial Times’ now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. Economic growth in Africa, overall, in 2023 was 3.2 per cent, according to the IMF — lower than in Asia, which grew at nearly 5 per cent. And, given the African continent’s fast population expansion, this underperformance is even starker in per capita terms. Rather than closing the gap with wealthier regions, on aggregate, Africa is falling further behind. Africa’s Fastest Growing Companies 2024 lists 125 companies, ordered by the highest compound annual growth in revenues (CAGR) between 2019 and 2022. Application phase Through research in company databases and other public sources, Statista identified thousands of companies in Africa as potential candidates for the FT ranking.