Africa has plenty of growth potential over the next few decades, according to Africa Frontier Advisory senior manager Simon Freemantle, though he added that rapid growth will largely be driven by the continent’s five powerhouses over the next two to three decades.

Freemantle said the "big five" economies of South Africa, Nigeria, Kenya, Angola and the Democratic Republic of Congo (DRC) would be the driving force behind growth on the continent.

He added, however, that there is plenty of growth potential on the continent as a whole, given improved macroeconomic and political policies and the commodities boom, which he expects to continue for at least another 15 years.

Increased investment from other emerging markets, in particular China, India and the Middle East, would also help to stimulate growth in Africa, said Freemantle.