Cameroon businesses hope to win big as it hosts AFCON {Business Africa}

4 months ago 3171

Cameroon hosts AFCON after the tournament was postponed twice. It is estimated that the state has invested no less than 760 million euros in the country's sports infrastructure and in the development of other facilities prior to hosting the event.

The AFCON soccer tournament is already breathing some life back into businesses in Cameroon as some locals are already switching businesses. Many hope that revenues from the tournament can revive their fortunes following losses incurred during the pandemic.

Equatorial Guinea's economic recovery

Equatorial Guinea’s economy has suffered from the effects of the COVID–19 pandemic. The drop in global demand and oil prices, coupled with the drop in household consumption and the slowdown in business activities due to measures to contain the spread of the COVID19, exacerbated the country's already serious growth problems. According to the IMF and AFDB, the country is expected to bounce back in growth by 2.2% and 2.6% respectively.

Start-up funding in Africa

The funding spotlight turned toward Africa in 2021 as start-ups broke funding records, raising close to $5 billion across the continent. That represents more than double the investment attracted in 2020.

While the $5 billion is important for Africa, on the global scale, start-ups notched $201 billion in 2021 with Latin America’s start-ups top on the list having more than 300 percent year-over-year growth. We have more in the video above.

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