Mozambique the ‘sleeping giant’

Mozambique has been

identified as one of the

continent’s five “sleeping giants”

in the 2015 Barclays Africa

Trade Index.

It defines the “sleeping

giants” as countries which,

“after having gone through a

significant phase of economic

turmoil, are catching up and

registering fast growth”.

Mozambique is ranked 15th

overall in the Barclays Africa

Trade Index, which is led by

South Africa, Nigeria and

Kenya.

The country ranks 12th in

the “opportunity” index, 20th

in terms of economic openness,

and 18th in terms of intra-

African connectivity.

However, the Nacala and

Beira corridors

are cited as

examples of

how southern

African states are

leading the way in

terms of “major planned

multimodal transport

developments”.

The five “sleeping giants”

are Ethiopia, the Democratic

Republic of Congo,

Mozambique, Ghana and

Tanzania.

“Ethiopia, DR Congo,

Tanzania and Nigeria together

with Ghana and Mozambique

lead the way in terms of average

GDP growth over the past five

years,” according to the report.

With a total population of

about 270 million people and

an average annual growth of

7.3% over the last five years,

“these five countries represent a

significant business opportunity

for British exporters in the

coming years.

“By 2020, these five countries

will represent a population

of about 325 million people,

comparable to the United States

population, and with economic

growth rates that were

previously exclusive to India

and China,” writes the director

of the corporate banking

business of Barclays, John

Winter.

“Based on recent estimates,

the expenditure of households

in these countries should almost

double, reaching over a thousand

dollars per year in 2020; brands

that start to settle in now will

be well positioned for a rapid

growth in 2020,” he adds.