EY, Asoko Insight, IC Publications to launch survey of Africa’s fastest growing companies

Tripartite partnership will result in the inaugural Africa Ranking on the continent’s fastest growing companies

The Africa Ranking is a collaboration between Asoko Insight (Asoko), Africa’s pre-eminent provider of corporate data, African Business magazine, the continent’s best-selling and most respected business monthly and EY, a global leader in assurance, tax, transaction and advisory services.

The report – the first of its kind – will provide an extensive ranking of the best performing, privately – held companies across Africa. Data submissions will be measured on three key indicators: financial performance, growth, and governance. The Africa Ranking is set to become the ultimate reference point for the companies actually driving the region’s growth based on audited and verifiable company data.

Omar Ben Yedder, Group Publisher and Managing Director of IC Publications, the publishers of African Business, said that this report would give investors a better understanding of the make-up of Africa’s growth companies and the sectors that are performing strongly. African Business already publishes a yearly ranking of Africa’s Top 250 listed companies.

The report, to be published in February 2017, will also provide companies with global exposure, as well as a metric against which to benchmark their performance.

Asoko’s co-Founder and Managing Director, Rob Withagen said that the Africa Ranking was both timely and relevant, given the focus from investors and corporates on ‘the missing middle’ of Africa’s private sector. “Over the past ten years, Africa’s private sector has witnessed impressive growth in trade and investment. But the predominant focus remains on the continent’s most established corporates. The Africa Ranking will be the first pan-African initiative that identifies the progress of a much wider pool of solid, African companies for the global business and investment community to engage with.”

The ranking will be open to companies that have a minimal annual turnover equivalent to USD 500,000, and all companies wishing to be considered must be for – profit organizations, with their headquarters in Africa. Successful applications are selected on their year-on-year growth performance, not financial size.

Michael Lalor, EY’s Africa Business Centre Lead Partner said that, “Despite current uncertainties, the longer term outlook for economic growth and investment in Africa remains positive. However, investment opportunities are likely to be more uneven in coming years. As a truly integrated firm across the Africa region, we believe this collaboration will go one step further in supporting our view on the Africa growth narrative. There are many companies across the continent who have contributed significantly to the respective economies, and we need to continue to highlight and share these success stories locally and globally.”

Preference will be given to companies that have seen a growth in trade with other African member states and data points will also look at growth in investment in other African member states. Each entry will be weighted so that the most important indicators have the highest impact on a company’s score.

Further details on The Africa Ranking can be found at www.theafricaranking.com.