More than 40% (147) of Africa`s 345 companies with revenues exceeding R18.8 billion (US$1 billion) are based in South Africa, a new report by wealth tracker McKinsey Global Institute (MGI) says.

SA is the leader of the pack because it registered a 5.5% yearly average growth between 2015 and 2021 against a continental average of 4.9%.

Egypt comes in second with 43 billionaire companies, followed by Nigeria with 23 and Morocco with 20.

A distant fifth is Angola, with nine billionaire firms.

The rest of the African countries range between zero and 6.

The report revealed that 230 of those firms were founded in Africa or by Africans.

MGI estimates that by 2030, Africa`s large corporations would have a combined value of over R10 trillion.

`We estimate that large companies in Africa could increase their revenues collectively by more than $550 billion by 2030 with ambitious strategies to access new markets, strengthen productivity, increase operational efficiency, and play a role in society,` reads the report.

The report notes that the Covid-19 pandemic slowed down economic growth on the continent as `the number of large corporations overall on the continent shrank compared to other regions and countries.`

Most of the top-performing companies on the continent, according to the report, are in the fields of mining, oil and gas, retail, telecommunications, manufacturing, and financial services.

Poverty and growth

In terms of population, Africa

has the numbers. According to estimates from Our World Data, by 2030, Africa`s most populous countries would be Nigeria, the Democratic Republic of the Congo, Ethiopia, Tanzania and Egypt.

The World Bank estimates that if things such as healthcare, economies, governance, and food security don`t improve, nine in 10 extremely poor people will live in sub-Saharan Africa.

Consumption in Africa falls behind at the global level because most people on the continent live in conflict, famine and poverty.

Hence to unlock R56.4 trillion in consumer power, `this will take more than a growing population`, says the report.

There`s a need for political and leadership will at the country-to-country level for the continent to map a sustainable growth pattern.

`Successes achieved at granular levels in countries, cities, and sectors offer models to reaccelerate growth.

`Increasing digitisation, developing talent, collaborating more regionally, supporting more business champions, and building green businesses are just some of the ways Africa can increase productivity,` reads the GMI report.

The report estimates that if things were done accordingly, 250 million Africans will join the consuming class by 2030 and they will present `an opportunity for businesses to offer affordable prices at scale, target expansion in growth hot spots, and innovate in local value chains.` V.4890

Germany`s Chancellor Olaf Scholz (R) and Kenya`s President William Ruto signed the deal in Berlin Germany has agreed to open the doors to 250,000 skilled and semi-skilled Kenyan workers in a controlled and targeted labour migration deal. Kenya is struggling with increasing difficulties in providing work and sufficient income for its young professionals, while Germany is facing a shortage of skilled labour. V.5609
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BEIJING - China said it would gradually raise its statutory retirement age, as the country grapples with a looming demographic crisis and an older population. Hundreds of millions of people in China are set to enter old age in the coming decades while the birth rate dwindles dramatically. V.5610
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A surprise inspection at a Pretoria restaurant resulted in the arrest of two foreign national employees who allegedly did not have documentation to be in the country. (Alex Mitchley/News24) • The Department of Labour has conducted a `blitz` inspection at a restaurant in Menlyn. • The surprise inspection came after a complaint alleging the flouting of labour practices by a former employee that started making the rounds on social media. • One of the restaurant owners dismissed the allegations. V.5611
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The Western Cape High Court has temporarily stopped the initiation of any process to deport a foreign national who has indicated an intent to apply for asylum, until their application has been finalised. • The Western Cape High Court has temporarily halted the initiation of any process to deport a foreign national who has indicated an intent to apply for asylum, until their application has been finalised. • The interim interdict will remain in place pending the outcome of the main court application brought by the Scalabrini Centre of Cape Town. • The court is expected to hear that main challenge in February 2025. V.5612
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South Africa’s plan to attract more professionals to its skills-starved economy through the introduction of a so-called nomad visa for remote workers has been slowed by the need to amend tax regulations. The impediment comes after an initial delay when changes to the visa regime had to be temporarily withdrawn because mandatory public consultation procedures hadn’t been followed. V.5613
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Illegal land occupation has been a very big problem in Pretoria east for decades now, with the evolution of more than two informal settlements, with dwellers being illegal immigrants. Tshwane metro will look to work with Home Affairs to combat illegal land occupation, illegal immigration and theft, according to FF Plus councillor and MMC for community safety in Tshwane, Grandi Theunissen. V.5607
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The City of Tshwane’s fight against hijacking of inner-city buildings could soon take a new turn aimed at deporting illegal immigrants likely to be found guilty of invading those properties. This comes after MMC for Community Safety, Grandi Theunissen, also FF Plus councillor, indicated that the municipality and the Minister of Home Affairs, Dr Leon Schreiber, agreed to join hands in addressing the problem. V.5608
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The departments of Home Affairs and Basic Education deployed mobile units to 1 625 school nationwide to assist young people in rural areas. The Department of Home Affairs is on a drive to assist young people get their IDs. In partnership with the Department of Basic Education, mobile units have scoured the nation’s schools to provide DHA services. V.5603
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South Africa is set to simplify travel for Indian tourists by introducing a 90-day visa waiver starting in January 2025. Along with the Trusted Tour Operator Scheme, these initiatives aim to streamline the visa process and boost tourism significantly. Great news for travelers from India and China! South Africa is taking significant steps to attract more Indian tourists by introducing a 90-day visa waiver starting in January 2025. The new policy aims to simplify travel for Indian visitors and is expected to increase the number of tourists from India. V.5604
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Kuwait’s Central Agency for Remedying Illegal Residents’ Status (CARIRS) has revoked the citizenship of more than 10,000 people with dual nationality between 2011 and last month, the KUNA news agency has reported. According to the agency, the step is the result of a full decade of Kuwaiti efforts to address the dual nationality file, and comes as a culmination of a campaign that began last year to confront those who obtain Kuwaiti citizenship illegally. V.5605
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