- About 25 companies made the list of the fastest growing companies in Africa in a report compiled by the Financial Times
- The report said Nigeria came second after South Africa, which has the highest number of companies on the list
- A Nigerian e-commerce platform, Omniretail, topped the list of 125 companies ranked in this year’s report
The Financial Times has published a new ranking of the fastest growing companies in Africa. Many African economies are struggling to recover from the COVID-19 pandemic.
According to the report, the International Monetary Fund said Africa’s economy grew by 3.2 percent in 2023, lower than in Asia, where the economy grew by almost 5 percent.
Source: UGC
Nigeria is behind South Africa
In its expanded report on companies in Africa, the FT said Nigeria was ranked second fastest growing companies on the continent, after South Africa, which paraded the highest number of companies on the list.
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The Financial Times report said Kenya ranked third despite struggling with high public debt and high inflation.
The report reveals the kind of businesses that, despite tough times, have managed to grow by disrupting markets.
According to the FT report, Morocco, a newcomer, made 12 companies on the list of 125, up from three in the last edition.
Mauritian companies also ranked highly, with nine winners compared to four in 2022.
South Africa ranked highly with 42 companies, followed by Nigeria with 25 companies, while Kenya tied for third place at 12th with Morocco.
The Nigerian company is riding high
A Nigerian company, Omniretail, the B2B e-commerce platform, came out on top as in previous years.
The company reportedly helps small retailers, stall owners and market traders digitize their businesses.
An annual survey shows that venture capital investment on the continent recorded a 46% decline from 2022 to $3.5 billion from 547 deals.
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As of November 2023, venture capital firms have raised over $650 million in African funding.
Guaranty Trust Bank reacts to the suspension
Reacting to its suspension, Guaranty Trust Bank said it will work with the Bank of Ghana to address trade-related issues raised by the regulator.
The bank also said it is working with relevant government agencies and has contacted customers who submitted faulty documents to address the issue.
Guaranty Trust Bank has concluded that it will strengthen its anti-money laundering policies and enforcement to prevent future incidents.
Source: Legit.ng