The United Kingdom's new trade strategy, published this month, set out a vision for securing the country's place in a competitive global economy. It spoke of 'seizing new opportunities," "expanding partnerships," and "diversifying trade," yet only mentioned Africa in passing. As a Tanzanian who deeply values my country's historic relationship with the UK, this felt like a missed opportunity.
Because the reality is this: Africa is home to 13 of the 20 fastest-growing economies in the world. My own country, Tanzania, is among them. Yet UK trade with Africa has declined from 16 in 1990 to just 2 today. The UK is no longer among Africa's top three trading partners, nor is it a top three trading partner of any African country. China and India are now Africa's largest trading partners. This represents a marked shift, and UK-African interests have suffered.
But it's not only the UK Government that is missing out, so too are British investors. UK foreign direct investment in Tanzania has recently turned negative, indicating a net withdrawal of capital. Tanzania is not alone, with every African country facing a decline in UK FDI over the last decade. And where the UK does invest, it is overly concentrated. South Africa alone receives 85 of all UK FDI into the continent.
Yet Tanzania's economy is expanding rapidly. We are on track to grow faster in the first six months of 2025 than the G7 economies will by the end of 2026. And the Tanzanian Shilling is among the best performing currencies in the world this year.
If British investors want to secure long-term returns, diversify supply chains, and access to high-quality yet low-cost "Made in Africa" goods, then Tanzania and Africa as a whole should be firmly back on the radar.