This week, we get experts’ views on how to think about investing in Africa. Plus, mobility’s next big inflection point, and reading picks from Axel Karlsson, a senior partner in Hong Kong. And scroll down to read about McKinsey’s new look. |
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With more than 50 countries, 2,000 languages, and
countless growing markets, Africa can hardly be summed up as a single entity. But one thing can be said about the birthplace of humanity: it’s young. The average age is 19.5; in Europe, for example, it’s closer to 46. |
McKinsey has spoken with numerous Africa experts who
encourage companies to invest in the continent’s people and harness technology to take on its biggest challenges. Fred Swaniker, the cofounder of the African Leadership Academy, notes that Africa offers a dynamic, rapidly urbanizing population
eager to work and learn. Opportunities abound—from increasing financial inclusion to
realizing Africa’s agricultural potential. |
As Georges Desvaux, McKinsey senior partner and coauthor with Acha Leke of
Africa’s Business Revolution explains, Africa “is actually
leapfrogging in many places with technology and that opens up a lot more opportunities that people may not have seen at this stage.” |
But one theme that came up over and over again: think local. “You’ve got to have local people,” Jay Ireland, former president and CEO of GE Africa,
told McKinsey recently. “You’ve got to have the local understanding, you have to be on the ground, you have to be living there every day, from a standpoint of understanding the nuances of your customer base, of the government, on how people react.” |
Among Africans themselves, hopes are high for economic development. Half of respondents in a
recent McKinsey global survey said they expect most African households to join the consumer class within the next two decades. If more companies take steps to nurture local talent, Africa could be home to many more large, successful enterprises that earn healthy returns for their shareholders and make a difference in millions of people’s lives. |
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WHAT WE’RE READING |
Axel Karlsson |
Axel Karlsson is a senior partner who leads our Technology, Media, and Telecommunications Practice in the Asia–Pacific region. |
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The Nightmare Scenario by Gunnar Duvstig delves into how a new influenza virus with the potential to kill billions of people is discovered in a remote region in Indonesia. Despite being fiction, the book’s research and accuracy of details are remarkable. This nightmare scenario actually could happen. (Fun fact: the book was written by my colleague in the Tokyo office,
Gustav Grundin, who writes under a pseudonym.) |
One of the biggest tragedies to take place in my native Sweden was the assassination of Prime Minister Olof Palme in 1986. The murder has been under investigation for 33 years at a cost of more than $60 million, yet no conclusion has been reached. But last year, the journalist Thomas Pettersson, in his book,
Den osannolika mördaren, which isn’t available in English but would translate as “The unlikely murderer,” hypothesized that the first witness at the crime scene was quite possibly the murderer. The person was never investigated by the police, who viewed him as an unreliable witness who kept changing his story. |
Finally, when I went to school, one of my favorite hobbies was playing the trombone. (I also met my wife while playing in a jazz band at university.) I recommend Christian Lindberg, whom I consider to be the best trombonist that ever was. He is also a solo trombonist—a rare creature on Earth. Try
Classical Trombone Concertos by Christian Lindberg; you can hear Lindberg’s technical abilities, as well as his tone, approach perfection. You can download it on Spotify. Enjoy! |
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BACKTALK |
Have feedback or other ideas? We’d love to hear from you. |
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