Ethiopian Business Review

Ethiopian Business Review

Ethiopian Business Review

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Top 10 Wealthiest African Cities

Saturday, 16 February 2019 00:00 Published in Statistics

In the past, Africa’s cities have been growing, invisible from the global community. However, in recent years, some African cities have started becoming more noticeable on the world stage. This is partially due to the growth of private wealth, making Africa’s cities more vibrant and filled with diverse economic activities. Estimates suggest that more people are expected to migrate to Africa’s cities in order to access economic opportunities and better living standards in the future. In fact, an additional 1.3 billion people will be added to Africa’s population by 2050, and all of Africa’s key sub-regions will have more than 50Pct of their population living in urban areas, according to the Africa Wealth Report 2018.

Heimo Leitgeb is the new general manager of the Radisson Blu in Ethiopia. Leitgeb started in the industry at the age of 15, when he completed a cooking apprenticeship. That kicked off a lifetime in the hospitality industry, and travel all over the world, from the Bahamas, Haiti and Sri Lanka, to Indonesia, Oman and China, then finally here to Ethiopia. Over that time, he climbed the ladder from cook, to food and beverage manager, and then to general manager. He was also a hotel consultant, hired by owners and banks to help revitalise old hotels and launch new ones. His most recent position was as the general manager of the Radisson Blu Forest Manor Shanghai, a flagship property for China and Asia, a 439-room hotel with event and dining outlets that make it the first of its kind in the region. This is the experience he brings to the Radisson Blu Ethiopia, where he is also hoping to put his personal management style into practice to move the hotel into the future.

Fuelled partly by exchange rate depreciations and widening fiscal deficits, average inflation across Africa stood at 7.2Pct in 2017, increasing from 5.6Pct in 2016, according to the African Trade Report published by the African Export-Import Bank  in July 2018. However, there was wide variation across countries. For instance, inflation remained high in several economic giants such as Egypt, Nigeria and Angola. On the other hand, countries like Swaziland, Mali and Cameroon exhibited the lowest inflation rates in 2017.