Phillips explains that as a result of globalisation, the fact that resource and commodity prices are rising and improved governance, three significant forces are driving Africa to the fore front of international trade.

Firstly, a wave of democracy has spread across the continent. “This is very important because it creates stability for foreign investment and improved governance and therefore increased business and investor confidence. People realise that when a sound ruling structure is in place, the rules are unlikely to change.”

Phillips explains that as a result of this increased investment, economies across Africa are becoming increasingly diversified. He says ‘the beauty’ of this is that in many countries an emerging middle class is driving more spending and further stimulating local economies. The second notable force transforming Africa is deregulation. “The regulatory barriers across the continent are coming down. Governments are realising that they need to actually step away from issues that they have no business with. In some countries governments are even pursuing aggressive privatisation strategies, which signals to the international market a certain level of credibility.”

Thirdly, according to Phillips, is the rise of digitisation which is drastically improving accessibility to Africa. “Telecommunications has opened up the continent. The telecommunications industry in Africa is among the most sophisticated in the world in terms of cell phone banking and the use of mobile technology. Digitisation will enable Africa to leapfrog the first world in terms of development.” However, Phillips warns that a crucial necessity and perhaps the biggest challenge for Africa in this regard is power supply.

About the University of Stellenbosch Business School:

Since its inception in 1964, the University of Stellenbosch Business School (USB) has become a renowned player in the international business school community.

The student body, which grows each year, presently comprises over 650 MBA students, some 150 students of two further Master's degrees, 26 PhD students and several thousand other students taking part in the wide range of shorter executive courses.

The USB MBA offers a solid theoretical grounding for the practical, real-world application of management and leadership competencies in any business sector in South Africa, on the rest of the African continent as well as in the global business community.

The USB is the only business school of a South African university with two international accreditations: EQUIS from the European Foundation for Management Development and AMBA from the Association of MBAs.

Visit www.usb.ac.za for more information.