A study conducted by McKinsey & Company, an American global management consulting firm that focuses on solving issues of concern to senior management, has revealed that a staggering 84% of Africans, including Ghanaians, are "exceptionally optimistic about their economic future".
According to the report, urban Africans already are spending more on apparel and food than those in Brazil, China and India on average.
Bill Russo, a co-author of the report titled: 'The rise of the African continent hinted: "By 2020, more than half of African households are projected to have discretionary income, rising from $85 million households today to almost $130 million in 2020."
He added that despite the increasing wealth, companies had failed to seize the opportunity presented by Africa, advising companies considering entering Africa to concentrate on the countries and cities with the most promising markets.
"Viewing Africa as a single market is unlikely to get results since the continent comprises 53 countries with more than 2,000 dialects and languages," said Russo.
Out of the continent's 53 countries on the continent, growth opportunity was concentrated in 10 countries: Algeria, Angola, Egypt, Ghana, Kenya, Morocco, Nigeria, South Africa, Sudan, and Tunisia.
These economies accounted for 81 percent of Africa's private consumption in 2011.
Cities like Abidjan in Ivory Coast, Khartoum in Sudan and Rabat were described as "middleweight" destinations, with a prospect of less competition and better margins.
The survey showed that African consumers were brand conscious and demanded quality products, dismissing the view that the continent was a dumping ground for second rate merchandise.
It cited the expansion of consumer goods retailers like US giant Wal-Mart to Africa as an indication of faith in the region. In 2011 Wal-Mart bought majority shares in South African group MassMart, which has presence in a number of southern African countries.