Say's Law: says who?

In the midst of the worst global recession for seventy years mobile phone operators continue to post impressive subscriber growth numbers. MTN, the largest mobile operator by subscription in Africa, has enjoyed an upward tick in Average Revenue Per User (ARPU) in Nigeria and Ghana.

According to the ITU, teledensity remains low in most emerging markets but markedly so in sub-saharan Africa. New accounts appear to drive further demand through word of mouth (WOM) and simply because mobile phones are a coveted status symbol.

This is a clear testimony of supply creating demand, says Say.

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