1. Pate 1
Ashley Pate
INT 490
Dr. Berg
The Ties That Bind:
Foreign Direct Investment, Information Technology and Communication Development in
sub-Saharan Africa
In the past two decades, globalization has ushered in a new modern era of technological
development and change around the world. This phenomena is important because without it the
45 nations in the sub-Saharan African region (SSA) will not be able to easily develop new ideas,
tools, and products which in turn would allow these nations to compete in a globalized world
market and improve the continent’s overall economy and standard of living. In my paper, I will
focus on the relationship between modern information technology and communication (ITC)
infrastructure development in SSA and foreign direct investment (FDI). I will argue that a
codependent relationship exists between FDI and ITC development in SSA. More specifically I
will argue two points- that not only does ITC development facilitate FDI through various
economic and political change, but also FDI in turn leads to further ITC development. I am
utilizing the disciplines of economics and history to evaluate the circumstances in SSA that have
given rise to the region’s current financial investing environment and technology industry, and to
explain why investment and development of ITC infrastructure are so interconnected.
The SSA region is a relatively wide area of land that lies below the Sahara desert and
spans the west, east, and south parts of Africa. Its countries include the African Union, Benin,
Botswana, Burkina Faso, Cameroon, Congo, Ethiopia, Ghana, Guinea, Ivory Coast, Kenya,
2. Pate 2
Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Niger, Nigeria, Rwanda,
Senegal, Sierra Leone, South Africa, Swaziland, Tanzania, Togo, Uganda, and Zambia.1 FDI
trends differ significantly between North Africa and SSA. FDI projects in North Africa have
declined by almost 30% as a whole, while FDI projects in SSA remain on the rise.2 I have chosen
to focus specifically on SSA because of the success that FDI has had in the region. Although
investors have usually favored natural resource assets in SSA, there has been a substantial shift
away from the extractive resource industries as the region looks to invest in other sectors. The
top three sectors are technology, media and telecoms, accounting for over 50% of FDI projects in
20133
Technology, and thus ITC, is an important and necessary factor of globalization and
economic development in SSA, and people living in the region have become increasingly
dependent on it. Technology is involved in various sectors of a SSA society’s infrastructure and
therefore it has a very powerful influence over people’s everyday lives. Technology is ever-
changing and modernizing as demands for newer and more effective products escalates around
the world. Advancements in technology can increase rates of production while at the same time
saving time and money. This is especially important for SSA because it allows for the aid and
support of potential businesses, which in turn allows them to improve their ITC infrastructures
and attract more FDI. However, it can also be argued that there are some negative impacts of
1Fulbright University, "Sub-Saharan Africa." Countries,
http://us.fulbrightonline.org/countries/selectedregion/23
2 David Parkes. "Overview of Foreign Direct Investment in Africa." King & Wood Mallesons.
October 14, 2014. Accessed April 14, 2015.
http://www.kwm.com/en/uk/knowledge/insights/overview-of-foreign-direct-investment-in-
africa-20141014#.
3 David Parkes. "Overview of Foreign Direct Investment in Africa." King & Wood Mallesons.
October 14, 2014. http://www.kwm.com/en/uk/knowledge/insights/overview-of-foreign-direct-
investment-in-africa-20141014#.
3. Pate 3
technological development mainly that it creates dependency and laziness which in turn leads to
less innovative outcomes.4 However, steady trends of increased FDI and development in SSA
prove that this is not necessarily the case.
Infrastructure comes in various forms and it is thus necessary to decipher what kind of
infrastructure I am talking about. In technological terms, infrastructure is something that supports
the flow and processing of information. It is a collection of physical or virtual resources that
supports an overall IT environment that is comprised of server, storage, and network
components. It also has a fourth component- metaware, which is comprised of a human user,
designer, etc. The power of ITC infrastructures lies in the ability to move data form one place to
another in order to utilize it in some form. Infrastructure in a general sense allows for additional
development to occur. This example can be seen being manifested in number of technologies,
like cellular phone service and wireless internet. ITC infrastructures are at the forefront of the
globalization process because of their potential to shorten the technology gap, and thus wealth
gap between the poor and the rich. ITC infrastructures allow businesses and entrepreneurs to
further develop and improve by providing the necessary tools and conducive environment to
attract FDI to their host country.5 Without this technological infrastructure, there is a major
obstacle to success of FDI.
Financial investment in general is a key player in the economy of SSA, and contributes to
it in many ways including, but not limited to- enlargement of installed capital and production
capacity, modernization of production processes (which improve cost effectiveness), reduction of
4Thiam Ng, Has Foreign Direct Investment Led to Higher Productivity in Sub-Saharan
Africa? UN Industrial Development Organization (2007), p. 13
5 Cory Jannsen. "What Is IT Infrastructure? - Definition from Techopedia." Techopedias,
http://www.techopedia.com/definition/29199/it-infrastructure, (Accessed April 15, 2015)
4. Pate 4
amount of labor needed and thus catalyzing higher productivity, allowing for production of new
and improved products, and also incorporation of international innovative technologies that raise
standards and thus lessen the wealth gap between LDCs and developed nations.6 Investment, as
the dictionary defines it, is something that is purchased with money that is expected to produce
income or profit.7 In this paper, I will be focusing on the a type of financial investment known as
FDI, because it has been shown to have a close relationship with ITC development.
FDI is the net inflows and outflows of financial investment to obtain a long-standing
management interest in a business that is operating in an economy different from that of the
investor. FDI includes the sum of equity capital, reinvestment of earnings, other long-term
capital, and short-term capital. It has been very successful in helping countries around the world
to build up local start-ups and enterprises that have brought millions of dollars back into their
local economies.8 Some people believe that investment is necessary in order to improve an
economy and stabilize growth.9 FDI is the main channel through which business firms serve
customers in foreign markets. While a lot of FDI occurs between industrial countries, developing
countries are becoming increasingly important host countries for FDI. Approximately 33% of the
global stock of FDI today is in developing countries, a lot of which come from SSA.10
6 Valentino Piana, "Investment: A Key Concept in Economics,” Economics Web Institute,
January 1, 2001, http://www.economicswebinstitute.org/glossary/invest.htm
7 “Investment Definition | Investopedia." Investopedia. November 23, 2003. Accessed April 17,
2015. http://www.investopedia.com/terms/i/investment.asp
8 "Infrastructure in Sub-Saharan Africa," The World Bank, January 1, 2013,
http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/AFRICAEXT/0,,contentMDK:2
1951811~pagePK:146736~piPK:146830~theSitePK:258644,00.html, (Accessed April15,2015)
9 Economic Development in Africa Report 2014, Africa Report 2014: Catalyzing Investment for
Transformative Growth in Africa (New York: United Nations, 2014): 13
10 Economic Developm]ent in Africa Report 2014, Africa Report 2014: Catalyzing Investment
for Transformative Growth in Africa (New York: United Nations, 2014): 3
5. Pate 5
FDI is an operation of transnational corporations (TNCs). TNCs are private firms that
compete in transnational, regional, and global markets. These corporations usually invest in
production, research, distribution, and marketing facilities across borders. TNCs have interest in
moving across borders because they are influenced by the competitive transnational markets, as
well as technological and policy change. Because TNCs are responsible for FDI flows, they are
of great importance to the international economy, and developing countries in particular. 11
TNC interest remains set on a select few of African nations. In 2014, six African countries, with
one-third of the continent's population, received the same amount of FDI as the other 48
countries put together. Out of these six countries, the top two with the most FDI were Nigeria
and South Africa. This brings to light an important factor that though Africa as a whole has been
out running the rest of the world in terms of growth, there is so much variance between regions
and nations within Africa itself that it is hard to tell the full effects of certain development and
policies. However, an overall growth has been experienced in SSA that is higher than the rest of
the continent. As a result of this, more ITC infrastructures can be seen in the region. Part of the
reason that FDI and ITC development have such a close relationship is the realization of the
phenomena known as international technology transfer (ITT).
TNCs often facilitate ITT. ITT is any process where a group in one country gains access
to technical information of a foreign group and successfully absorbs it into its production
process. The importance of ITT for economic development is widely recognized and it has been
argued that barriers to infrastructure development in technological sectors, and thus technology
adoption, help explain the income gap between developed and developing countries. These
11 David Balaam and Bradford Dillman.”Intro to International Political Economy.” Pearson
Education Inc., 2011, Ed, p. 442.
6. Pate 6
barriers include regulatory and institutional constraints that entrepreneurs must overcome, and
low levels of human capital.12
Over the past twenty years, the relationship between FDI flows and ITT has been
increasingly recognizable. There is a mistaken belief among some people that FDI is a
homogenous resource. A homogenous resource is one that interacts only with a resource of the
same nature. In the case of FDI flows, homogeneity is thought to exist because FDI only, or
mostly, occurs between North to North societies. However, this belief of FDI as homogeneous is
wrong, and much of the recent findings on FDI flows actually suggests the exact opposite. In
reality, FDI flows are much more complicated and should not be accepted as homogenous
entities. It is also important to note that there are various other factors that affect FDI flows
besides geographic location.13
There have been some arguments that FDI is maybe not as necessary and important as
others believe. Martin Wolfe suggests exercising caution before putting too much faith into the
potential of FDI inflows as a catalyst for technological development.14 Though, it is still hard to
ignore the numerous potential benefits of FDI. These numerous benefits are that it shifts
production, stimulates growth, and thus lowers costs, facilitates integration into international
markets, leads to high investment, creates positive productivity spillovers, and it also is
successful in weeding out the less efficient domestic business firms. FDI has been understood as
12Thiam Ng, (2007), p. 4
13 Nagesh Kumar, Globalization, Foreign Direct Investment and Technology Transfers: Impacts
on and Prospects for Developing Countries, (London ; New York: Routledge, 1998)
14 Nagesh Kumar, Globalization, Foreign Direct Investment and Technology Transfers: Impacts
on and Prospects for Developing Countries, (London ; New York: Routledge, 1998)
7. Pate 7
having an important role to play in the development process of many countries because it
increases the capital stock and labor force and will thus contribute to higher economic growth.
FDI can bring the host country a multitude of benefits such as new technology and access to
foreign markets.
Expectations of these extra benefits are part of the reasons that governments in
developing countries provide special incentives to attract FDI into the countries. These
incentives can take the shape of setting up foreign investment promotion agencies, opening
sectors to FDI, lowering government participation in equity holding, reducing controls on capital
outflows, creating one-stop investment centers, privatization of state-owned enterprises, and also
offering tax and fiscal incentives to foreign firms that invest in the country.15 For example, in
2000 the government of Mauritius sold 40% of Mauritius Telecom to France Telecom for around
260 million dollars. Another example is of Ghana, where the country has reduced sectors that
were formerly closed to FDI. Many of the incentives of countries in SSA are part of broader
policy reforms in order to attract FDI and thus spark economic development.
Historically, investment has always been a main determinant to long-standing economic
growth in Africa. Over the past twenty years, Africa has experienced an increase in the
productivity of capital, which have thus created low investment rates relative to the average for
developing countries and also relative to what is considered necessary to achieve development
goals. In recent years, Africa has undergone a quiet revolution in ITC. Between 1995 and 2005,
private investors and operators invested some $25bn in ICT in the region resulting in a rapid
expansion of networks. As a result, by 2006, approximately 17% of the population of Sub-
15 Thiam Ng, (2007), p. 13
8. Pate 8
Saharan Africa, or some 110 million people, had a mobile phone subscription, up from less than
1% in the 1990s.16 Public investment rates in Africa have also declined relative to the 1980s and
are currently below optimal levels. This is why external financing continues to play an important
role in financial investment in Africa even though its contribution has declined significantly over
the past two decades.17
About a decade ago, countries in Africa were subject to a broad boom in investment in
new and emerging markets globally. Now, record breaking amounts of money are being invested
in businesses in Africa. Africa has attracted business investment because of increased consumer
demand and liberalization of industries. A lot of the early investment in Africa has gone to
businesses with fixed assets, like mobile-phone masts. However, other business like retailers,
packagers, restaurants and payment systems are now also wanted.18 Since gaining independence
in the 1960s from colonial rule, SSA countries, along with the rest of the continent, have been on
a long and hard road to economic prosperity. 19 Africa’s insufficient resource mobilization and
capital formation, and the continent’s sloppy trade relations, are all parts of Africa’s global
economic force that are causing it to dwindle. During the years between the 1970s and the 2000s,
income growth did not succeed in keeping up with the population growth in sub Saharan Africa.
Though the annual growth rate in real per capita income was about 0.7 per cent during the 1970s,
16 "Infrastructure in Africa." International Finance Corporation. Accessed April 15, 2015.
http://www.ifc.org/wps/wcm/connect/REGION__EXT_Content/Regions/Sub-Saharan
Africa/Investments/Infrastructure/.
17 Economic Development in Africa Report 2014, Africa Report 2014: Catalyzing Investment for
Transformative Growth in Africa (New York: United Nations, 2014): 13.
18 "A Sub-Saharan Scramble." The Economist. January 24, 2015. Accessed April 15, 2015.
http://www.economist.com/news/business/21640327-private-equity-investors-are-getting-hot-
africa-businesses-there-need-all-capital
19 Jomo Sundaram. "Globalization Ad Development in Sub Saharan Africa." The United
Nations. 1, 2011. http://www.un.org/esa/desa/papers/2011/wp102_2011.pdf. (Accessed April 15,
2015)
9. Pate 9
these rates turned negative during the 1980s and 1990s, falling 1 per cent and 0.5 per cent. Since
2000, sub Saharan African countries have posted improved growth rates. Even more
surprisingly, most countries in the region have seemed to recover fairly well from the global
economic crisis. Even so, average real per capita income is still barely higher than in 1970 and
SSA fell behind all other regions on most development indicators.20 A major component of this
growth and human development failure has been the radical change in Africa’s development
policies from the 1980s. Liberalization and privatization measures aimed at integrating into
global markets and attracting private investment have replaced admittedly problematic state
interventions and public ownership.21
This major policy shift is dated back to the 1981 World Bank report titled “Accelerated
Development in Sub-Saharan Africa: An Agenda for Action”, also known as the Berg report.
This report recommended adopting a more outward-oriented programmer of raw materials
exports, eliminating subsidies. The international debt crises of the early 1980s allowed for the
Bretton Woods institutions (BWIs) to broaden this agenda and impose it on reluctant
governments through policy conditionalities. The Washington Consensus is usually seen as
leading the global trend towards greater economic liberalization since the 1980s. It is obvious
that the improvements in the international economy in the 1970s and the early 1980s have had
major impacts in SSA economies. 22.
20 Jomo Sundaram. "Globalization Ad Development in Sub Saharan Africa." The United
Nations. 1, 2011. http://www.un.org/esa/desa/papers/2011/wp102_2011.pdf. (Accessed April 15,
2015)
21 Jomo Sundaram. "Globalization Ad Development in Sub Saharan Africa." The United
Nations. 1, 2011. http://www.un.org/esa/desa/papers/2011/wp102_2011.pdf.
22 Jomo Sundaram. "Globalization Ad Development in Sub Saharan Africa." The United
Nations. 1, 2011. http://www.un.org/esa/desa/papers/2011/wp102_2011.pdf.
10. Pate 10
These impacts can be seen through the analyzation of global stock of FDI in sub-Saharan
Africa, which has grown abundantly over the past decade or so. Data from UNCTAD in 2006
shows that the stock of FDI in SSA has grown from US$35 billion in 1990 to US$187 billion in
2005.23 Most of the stock of FDI in sub-Saharan Africa is in South Africa. Still, even excluding
South Africa, the FDI stock in sub-Saharan Africa has increased from US$26 billion to US$118
billion over the same amount of time. The flows of FDI to sub-Saharan Africa have similarly
increased from US$1.7 billion to more than US$20 billion between 1990 and 2005. As a result of
the impressive increase in FDI flows, the SSA share of FDI inflows into developing economies
has climbed from 4.7% in 1990 to 6.3% in 2005. 24
Nigeria and Kenya are considered major investment centers in SSA, respectively,
attracting high numbers of FDI projects compared to others.25 However, it is important to note
that the value of FDI lies in its ability to promote the development in the recipient country. FDI
has been seen as having an important role to play in the development process of many
countries.26 With the increase of FDI flows comes more improvements in the technological
infrastructures of sub-Saharan Africa. The IMF estimates GDP growth of around 5.5 percent for
both 2014 and 2015. Since 2010, their GDP growth has been more than the rest of the world.27
23 Frank Bartels. "Foreign Direct Invest in Sub-Saharan Africa: Determinants and Location
Decisions." United Nations Industrial Development Organization. August 1, 2008.
http://www.unido.org//fileadmin/user_media/Publications/Research_and_statistics/Branch_publi
cations/Research_and_Policy/Files/Working_Papers/2008/WP082008 Foreign Direct Investment
in Sub-Saharan Africa - Determinants and Location Decisions.pdf, 1-2.
24 Frank Bartels. "Foreign Direct Invest in Sub-Saharan Africa: Determinants and Location
Decisions." United Nations Industrial Development Organization.
http://www.unido.org//fileadmin/user_media/Publications/Research_and_statistics/Branch_publi
cations/Research_and_Policy/Files/Working_Papers/2008/WP082008 Foreign Direct Investment
in Sub-Saharan Africa - Determinants and Location Decisions.pdf, 1-2.
25 Thiam Ng, (2007), p.4
26 Thiam Ng, (2007), p.4
27 Thiam Ng, (2007) , P.4
11. Pate 11
FDI flows to developing economies have reached a new high in 2014 amounting to $778
billion, which accounts for 54 per cent of global inflows, although the growth rate has slowed to
7 per cent, compared with an average growth rate over the past 10 years of 17 per cent. FDI
inflows to the African continent as a whole have been improving, yet the rate of increase has
been slowing in recent years.28 In SSA specifically, most FDI (about ¾ worth) has gone to the
region’s nations that have an abundance of resources and extractive industries. Given the
resource-richness of the nations in SSA, there has been increased interest by investors to lend
and spend in the region.29 For example, the SSA counties of Namibia and Botswana have a
plethora of natural resource which has led to high amount of FDI in the countries.30
However, this only applies to a select few countries. In most SSA countries, the
relationship between resource extractive industries, the employment market, and the nation
financial structure is dubious and questionable at best. This is why emphasis on the development
of the ITC industry and resulting infrastructures is so important to facilitating FDI in the SSA.
Because of this, most FDI inflows to SSA are not hugely beneficial. Other markets besides
resource extraction, like the technological development, could be more useful in improving
nations in sub Saharan Africa, because technological advancement is closely associated with the
progression of integration of knowledge and skills from different economies around the world.31
28Economic Development in Africa Report 2014: Report 2014: Catalyzing Investment for
Transformative Growth in Africa, ( New York: United Nations 2014): xiv
29 Amadou Sy. Shifts in Financing Sustainable Development: How should Africa adapt in 2014?
Foresight Africa
30 Anupam Basu. "Foreign Direct Investment in Africa- Some Case Studies." International
Monetary Fund. March 1, 2002. http://www.imf.org/external/pubs/ft/wp/2002/wp0261.pdf
31Amadou Sy. Shifts in Financing Sustainable Development: How should Africa adapt in 2014?
Foresight Africa
12. Pate 12
ITC development in infrastructure and thus technological transfer facilitates FDI flows to
a number of various sectors in a society. In SSA, the sectors most affected by FDI inflows are
natural resources and infrastructure. Growth in SSA due to FDI can be contributed mostly to the
extractive natural resource process in countries with high amounts of natural resources like oil.32
However, in order to keep FDI in SSA booming, there needs to be more emphasis put on
improving ITC infrastructures, instead of investing mostly in the sector of natural resources,
which does not have the same kind of positive relationship with FDI as ITC development does.
In most African countries, particularly the lower-income countries, infrastructure is a major
constraint on doing business, and is found to depress firm productivity by around 40 percent. For
most countries, the negative impact of deficient infrastructure is at least as large as that
associated with corruption, crime, financial market and red tape constraints. Deficiencies in
broader transport infrastructure and infrastructure for ITC are less prevalent, but nonetheless
substantial in some cases.33
There is a significant relationship found between development of ITC infrastructures and
increased FDI, which results in overall economic development. The ITC infrastructures lead to
further FDI and economic growth in numerous ways that include producing tools, as well as a
conducive financial environment, that result in higher demand for the goods and services used in
their production. ITC infrastructures also lowers the cost of doing business while increasing the
output for individual firms in individual sectors of the economy. This increased efficiency
32 Hardy Graupner. "Sub-Saharan Africa on Solid Growth Course, Survey Claims." DW,
http://www.dw.de/sub-saharan-africa-on-solid-growth-course-survey-claims/a-
17549181http://usafricagateway.biz/nairobi-kenya-is-africas-tech-hub
33 Hardy Graupner. "Sub-Saharan Africa on Solid Growth Course, Survey Claims." DW,
http://www.dw.de/sub-saharan-africa-on-solid-growth-course-survey-claims/a-
17549181http://usafricagateway.biz/nairobi-kenya-is-africas-tech-hub
13. Pate 13
provides for an attractive environment for possible investors, who will in turn invest in
infrastructures that include the developing of newer technologies. Makhtar Diop, the World
Bank’s Vice President for Africa, has said “poor physical infrastructure will continue to limit the
region’s growth potential….significantly more infrastructure spending is needed in most
countries of the (SSA) region.”34 Infrastructure has played a significant role in SSAs recent
economic turnaround, and will need to play an even greater role if the region’s development
targets are to be reached.
34 "Sierra Leone Included In Africa's 5.2% Growth Projection." Sierra Leone News Hunters.
April 4, 2014. http://www.sierraleonenewshunters.com/article/sierra-leone-included-africa’s-52-
growth-projection?page=2.
14. Pate 14
Works Cited
Balaam, David and Bradford Dillman.”Intro to International Political Economy.” Pearson
Education Inc., 2011, Ed 5.
Bartels, Frank. "Foreign Direct Invest in Sub-Saharan Africa: Determinants and Location
Decisions." United Nations Industrial Development Organization. August 1, 2008. Accessed
April 10, 2015.
http://www.unido.org//fileadmin/user_media/Publications/Research_and_statistics/Branch_p
ublications/Research_and_Policy/Files/Working_Papers/2008/WP082008 Foreign Direct
Investment in Sub-Saharan Africa - Determinants and Location Decisions.pdf
Basu, Anupam. "Foreign Direct Investment in Africa- Some Case Studies." International
Monetary Fund. March 1, 2002. Accessed April 14, 2015.
http://www.imf.org/external/pubs/ft/wp/2002/wp0261.pdf.
Economic Development in Africa Report 2014: Report 2014: Catalyzing Investment for
Transformative Growth in Africa. New York: United Nations, 2014.
Fulbright University. "Sub-Saharan Africa." Countries. Accessed April 1, 2015.
http://us.fulbrightonline.org/countries/selectedregion/23.
Graupner, Hardy. "Sub-Saharan Africa on Solid Growth Course, Survey Claims." DW,
July 4, 2014. http://www.dw.de/sub-saharan-africa-on-solid-growth-course-survey-claims/a-
17549181http://usafricagateway.biz/nairobi-kenya-is-africas-tech-hub
15. Pate 15
Jannsen, Cory. "What Is IT Infrastructure? - Definition from Techopedia." Techopedias.
Accessed April 15, 2015. http://www.techopedia.com/definition/29199/it-infrastructure
Kumar, Nagesh. Globalization, Foreign Direct Investment and Technology Transfers:
Impacts on and Prospects for Developing Countries. London; New York: Routledge, 1998
Ng, Thiam. “Has Foreign Direct Investment Led to Higher Productivity in Sub-Saharan
Africa?” UN Industrial Development Organization, 2007
Parkes, David. "Overview of Foreign Direct Investment in Africa." King & Wood
Mallesons. October 14, 2014. Accessed April 14, 2015.
http://www.kwm.com/en/uk/knowledge/insights/overview-of-foreign-direct-investment-in-
africa-20141014#.
Piana, Valentino. "Investment: A Key Concept in Economics." Investment: A Key
Concept in Economics. January 1, 2001. Accessed March 31, 2015.
http://www.economicswebinstitute.org/glossary/invest.htm.
Sy, Amadou. Shifts in Financing Sustainable Development: How should Africa adapt in
2014? Foresight Africa
Sundaram, Jomo. "Globalization Ad Development in Sub Saharan Africa." The United
Nations. February 1, 2011. Accessed April 15, 2015.
http://www.un.org/esa/desa/papers/2011/wp102_2011.pdf.
"Investment Definition | Investopedia." Investopedia. November 23, 2003. Accessed
April 17, 2015. http://www.investopedia.com/terms/i/investment.asp.
16. Pate 16
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http://www.sierraleonenewshunters.com/article/sierra-leone-included-africa’s-52-growth-
projection?page=2.
"A Sub-Saharan Scramble." The Economist. January 24, 2015. Accessed April 15, 2015.
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hot-africa-businesses-there-need-all-capital
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professionals-network/adam-smith-international-partner-zone/1
