Could 2008 be the year that companies finally start looking towards Africa as a desirable location for offshoring?

Well, if the latest findings of a World Bank study are anything to go by it’s not beyond the realms of possibility. According to the report’s findings, the continent has enjoyed an economic growth rate of 5.4 percent over the past decade – a figure that comfortably matches that seen elsewhere in the world.

But it isn’t just these figures that are making some of Africa’s economic capitals seem a far more appealing place to do business. The last ten years have seen massive improvements in the infrastructure in many of the continents most under-developed countries.

In April, for example, Kenya, Madagascar and Burundi secured funding of over $150m from the World Bank to roll-out a series of high speed internet networks.

The then World Bank president, Paul Wolfowitz, commented at the time: “Improving broadband connectivity will add tremendous public value for Africa. Low-cost, high-quality communications is essential for economic competitiveness."

Although the impact of broadband technology will hardly be felt by the vast majority of ordinary Africans – the World Bank study suggests that just 90 people out of every 1000 have access to a telephone – the effect on businesses cannot be overstated.

The World Banks chief economist for Africa, John Page, has said he believes the new figures offer optimism for the future. Although whether the findings are enough to lure businesses away from Asia and encourage significant investment in a region that is still often seen as volatile and unpredictable, only time will tell.