I am a big fan of music, art, literature and business. I have also done business in about 15 or 16 African countries so have a healthy passion for Africa. And I immensely enjoyed reading (and recommend that you buy and read for yourself) one of the relatively few books written about African business – Business in Africa: Corporate Insights by Dianna Games pictured above.
I also decided to ‘remix’ the book a bit by reconfiguring some of the key corporate insights therein into the acronym for African growth strategies and the 54 (for the 54 countries on the continent) considerations that accompany it! This was based on the comments (in quotes) in the book from business leaders at African Development Bank (AfDB), Actis, Anglo-Gold, Carlson Rezidor, Coca-Cola, DuPont, General Electric, Imperial, Liberty, M&C Saatchi, MultiChoice, MTN, Nandos, Seedco, Sacoil, United Bank for Africa, Wilderness Holdings, Global Pacific and others.
What does ‘remix’ mean?
“A remix is a piece of media which has been altered from its original state by adding, removing, and/or changing pieces of the item. A song, piece of artwork, book, video, or photograph can all be remixed. The only characteristic of a remix is that it appropriates and changes other materials to create something new. A remix in literature is an alternative version of a text. Various textual sources would be cut literally into pieces with scissors, rearranged on a page, and pasted to form new sentences, new ideas, new stories, and new ways of thinking about words. A remix in art often takes multiple perspectives upon the same theme. An artist takes an original work of art and adds their own take on the piece creating something completely different while still leaving traces of the original work. It is essentially a reworked abstraction of the original work while still holding remnants of the original piece while still letting the true meanings of the original piece shine through”- Wikipedia
1) Africa Rising
‘Africa is rising’ and ‘there is a widespread optimism about Africa’. The African giant, once sleeping and bedeviled by nightmares, is stirring’. The last couple of years have witnessed a ‘positive growth trajectory’ and ‘a sea change in Africa’s fortunes’. ‘The world now recognizes that Africa has taken a big leap economic step forward’. The narrative is increasingly about ‘a dynamic and changing Africa’ and the ‘exciting future that lies ahead’. Afrika is the new black!
2) Above Average Growth Prospects
After a ‘decade of positive economic growth’ as well as ‘some of the highest growth rates in the world’, Africa is ‘a new growth area’ with ‘every African market holding the prospect for growth’. What is also interesting is that ‘Africa’s increasing growth is about more than just resources’ and ‘Africa is a key driver for many a business’ future growth strategy’. While ‘Africa’s growth potential remains strong’, achieving ‘real annual growth at 5% for 40 years that is uninterrupted or averaged will be a tough task’.
3) Africa Is Not A Country
Yet ‘doing business in Africa is not doing business in one country but in 54 states’. ‘Africa is not a single country’ as others may appear to think. It is also not ‘a single category of countries but is made up of performers, failures, small, big, landlocked, littoral, democratic and autocratic’. Additionally, ‘patterns of growth have been highly differentiated between states; some are richer while others have failed’. Therefore ‘it is important to treat all countries in Africa as individual markets – one cannot think of the continent as one country with slight variations’.
‘The biggest opportunity in Africa for the future lies in the agriculture sector’ and which ‘story is very interesting’. For a continent of 1 billion people that is projected to double by 2050, the issue of food production will attain greater significance given that ‘agriculture is modestly commercialized’ and as ‘about a quarter of the world’s nearly 1 Billion food insecure people live in Africa’. The continent has much of the world’s vast tracts of arable land and accommodating weather, and, ‘according to the World Bank, growth in agriculture is at least twice as effective in reducing poverty as growth in other sectors.’
5) ‘Africa’ Brand
Given that Africa is largely a continent of heterogeneous but aspirational consumers, the ‘Made in Africa’ brand deserves consideration. It is important for businesses to project that ‘we are an African brand based in Africa’ while ensuring that ‘the brand is sacrosanct’ and appropriately trademarked and protected especially in environments where counterfeits may encroach on brand equity. Increasingly ‘the message to African consumers needs to expand outwards from traditional media to social networks and mobile phones’ given the young and technologically savvy demographic profile of the customer base.
6) Frontier Market
‘After the emerging powers of China, India and Brazil’, ‘Africa has become the last big opportunity for global firms to grow their market share’ and ‘is one of the chosen frontier markets in this new global era’. That Africa is a relatively immature virgin market in most respects ‘provides a great frontier opportunity’ for almost everything!
7) First Hand Experience
The African ‘reality is very different from written theory’ and ‘it is crucial to understand what is happening at ground level’. ‘There is no substitute for firsthand experience’ or being at the ‘coal face of doing business in Africa’ and ‘it really helps to have a presence on the ground. No one ‘knows a market than someone who lives in it’. Before you make any investment, ‘you need to spend time in the market’ and after that, ‘monitoring the investment on an ongoing basis requires active involvement and presence in a country’. ‘It is crucial that multinationals operating in Africa truly understand the markets they are trying to reach’ and attain an in-depth ‘know-how of doing business in Africa’.
8) Risk-Return Profile
Historically, ‘Africa has been regarded as high-risk, poor, inefficient and politically unstable’. While improvements have been noted, ‘political risk is still a significant issue’. Additionally, as the continent has become more integrated in the global economy, ‘Africa faces the risk of a global slowdown’ like any other region. But they say ‘no pain, no gain’ and ‘in some of the highest risk markets you have some of the greatest returns as long as you mitigate risks’, e.g. ‘currently margins are high in other African countries – more than double what they are in SA’ and ‘returns here are the highest of any emerging market’.
9) Risk Management
It is important to ‘see Africa much more in terms of opportunities than risks. In fact the risk is not having a presence here’. But you must ‘plan properly’, ‘do deep due diligence’, and ‘always follow due process when entering or working in a new market and be patient about the extra time it may take’. ‘Extensive due diligence on industry, market, partner is vital’ as ‘there is no substitute for doing your homework’. Also, ‘look at opportunity and risk on a country by country and region by region basis as risk within country can be localized’ e.g. Nigeria and Boko Haram in the north or rebels in DRC in the east.
Some say that ‘if you’re not doing business in Africa already, you’ve probably missed the boat’. I disagree as the gold rush is just starting. Indeed ‘the risk for many businesses now is NOT being in Africa’!
10) Investor Interest
‘For many years Africa was at the bottom of the investors list of emerging market destinations’. But now ‘there is no doubt things are moving and, with the developed world in trouble, investors no longer regard Africa as being so risky’. ‘Much of global investor interest has been in resources, but the perception that Africa is purely a natural resources play is changing’ and ‘the size of the Africa opportunity is a big draw card for investors’. More ‘corporate players from all over the world are upgrading their African portfolios’ and increasingly ‘global investors pay attention to what Africa has to offer’. ‘The investment case for Africa has been touted as compelling, even irresistible’. Amidst growing global ‘competition for investment dollar’, ‘investor interest in quality African companies has been growing’ with a ‘long-term investment approach’. Interestingly, ‘there is a growing desire and aspiration by Africans to compete. Africans are now among the biggest investors in Africa’. Also ‘impact investing’ or ‘the use of for-profit investments to address social and environmental challenges’ is growing as investors view themselves ‘as a catalyst for development, rather than the sole source of opportunity’.
Much of Africa’s economic activity takes place in the informal sector. Interestingly, ‘family owned companies are a very important part of the economy in many emerging markets and they are particularly important in Africa’. It is predicted that ‘more informalisation is the likely outcome’ as economics grow.
In Africa ‘a growing consumer market is rising’ and ‘the middle of the pyramid is growing rapidly’ leading to a ‘demand for quality goods on an unprecedented scale’. ‘Rising African urban consumers will further fuel growth’ however, as ‘more than half of Africa’s population will be living in urban areas by 2030 & 60% by 2050 when population will be 2 billion. ‘Looking at a map of Africa’s cities, it is clear there are large urban centers for consumer facing companies to target’.
Yet despite the growth of ‘Africa’s middle class’, it ‘is exceptionally small’ by global standards. Having said that, you must not ‘under estimate people’s aspirations’ or ‘assume that the African consumers want cheap products’. As the ‘African consumer’ moves up the scale, ‘the growth of the middle class represents a viable market for global businesses to tap into’.
‘The competition for consumer spend is keen and growing’. ‘The cost of African assets is rising as competition increases’ too. ‘China is a major price competitor’ and ‘it is difficult to compete with firms from China, India and Brazil’. Businesses face ‘high levels of competition’ not only from own country institutions but also from international and local host country competition. The ‘real opportunity in Africa is through collaborative efforts’ and ‘to succeed in Africa, companies must explore new models of collaboration’ as well as compete i.e. co-opetition.
Understanding local culture is critical for success. In order to ‘get the culture of the business right’, ‘you need to pay attention to the cultural differences between North, East, West and Southern Africa’. ‘There are also local differences that need to be taken into account’.
15) China (and BRICS)
With the ‘rise of strong emerging market economies (EMs)’ has come a ‘growing interest in the continent from EMs’. In fact, the economic bloc BRICS (Brazil, Russia, India, China, and SA) is now Africa’s largest trade partner, over and above the China factor. ‘More partnerships with EM investors’ will increasingly become the order of the day.
16) Capital (and Cash)
You ‘need financial capacity to succeed in Africa’. However, ‘getting funding for assets in Africa is a challenge’. Also ‘in many countries cash is still king’ and ‘payment systems are a challenge’, e.g. ‘in SA up to 70% of business is conducted by way of debit orders, but in the rest of the continent, people pay cash upfront’. Most capital markets are shallow and illiquid despite the need for ‘strong capital management structures to achieve capital retention’. Fortunately, ‘the growing awareness of opportunity in Africa is also helping to unlock funding for long-term lending’ and, ‘if cash is king in Africa, mobile money is heir apparent’ (3).
Kai Krause, a computer graphics guru caused a stir with the map below titled ‘The True Size of Africa’ which shows the outlines of other countries crammed into the outline of the African continent, to show the sheer size of Africa, and how it is much bigger than depicted on most maps (5).
Nigeria has become ‘the largest economy on the continent’ overtaking SA in 2014. ‘Nigeria is a priority market’ as ‘the next fastest growing market’. Additionally, ‘Nigeria has become world-class in terms of the capacity and talent it is building’. Even if ’West Africa is an area of interest, potential demand in the Nigerian market alone is more than in all other markets together’ e.g. ‘Nigeria was a game changer for MTN in its international expansion, presented a massive opportunity and shifted MTN’s scale of doing everything by 2 or 3 times. It is said that ’if you can succeed in business in Nigeria, you can succeed anywhere in Africa’!
19) Geographic Diversification
Prospects and challenges tend to vary across the different countries and ‘growth in African countries continues to be diversified’.
20) Gateway to Africa
‘The gateway concept is a constantly evolving thing as regions develop’. Many countries are positioning themselves for inward investment, and it is unclear whether South Africa is still the right and only landing-place for companies coming to Africa. For instance, ‘Ghana has positioned itself as the gateway to West Africa’ (4). The same could be said for Kenya in East Africa. But ‘the continent is just too large for there to be only one gateway’.
21) Relationships and Trusted Networks
‘Humility is a big factor in operating in Africa’ and it is important to ‘build strong relationships with Africans in the market in which you operate’, and to ‘work with a local company in a mutually beneficial relationship before an equity based partnership’. ‘Strategic partnerships have become essential’ and the focus should be ‘on building relationships across the board’. In Africa, possibly more than in any region, building the right local partnerships and trusted networks is critical because each country has its unique ways of executing transactions’.
22) Opportunity Set
While Africa is a land of ‘new opportunities’, these ‘vary widely across Africa’s 54 countries’. Market ‘penetration in Africa for most is low which presents a large opportunity’. It may make ‘more sense to aim for even 5% of a much bigger untapped market than to have 100% of a small market’. Going forward, ‘Africa will present a $2.6 trillion business opportunity by 2020 across 4 sectors – consumer facing industries, infrastructure, agriculture and resources’. But ‘the window of opportunity in Africa is not going to be open forever and, as it narrows, entry barriers are going to get tougher’. When it comes to Africa, is your glass half empty or half full?
23) No “One Size Fits All”
You ‘need to view and respect each market as a unique environment because they are all different’. You ‘can’t adopt a one size fits all approach’ and ‘you should not assume that one size fits all. To succeed you really have to understand that culture, region and local issues play a significant role. Things that work in SA don’t work in Zimbabwe and what works in Zimbabwe won’t necessarily work in Mozambique’ for instance. You ‘have to look for country-specific issues otherwise you could fail in a market by replicating business practices from elsewhere’ that are misplaced.
24) Operating Environment
There are many ‘challenges of operating in Africa’ and ‘in past decades, this environment made it difficult for investment and entrepreneurship to survive’, e.g. ‘severe shortage of commercial and residential space’ in which ‘retailers with an appetite for African markets are finding the suitable property stock a constraint to their expansion plans’. While ‘the operating environment in Africa is definitely improving’, ‘it is sometimes difficult to see what you are dealing with because of the structure of the market’. ‘The African business environment is a far more complex one which requires multiple solutions that cater for the very diverse countries in which we operate’.
25) Women & Youth
‘Africa can also benefit from what is termed the demographic dividend’ as ‘Africa’s high population growth is a key driver of growth and new investment’. ‘Woman will have a key role to play in coming decades’ and ‘the youthful profile of the African demographic and rapid urbanization are powerful catalysts for African business growth’. Also ‘the economic empowerment of African women, as well as the economic future of the continent lies squarely in entrepreneurship’. Is it time for an African entrepreneurial spring?
‘Being a pioneer in Africa has its challenges in terms of human resources. ‘Labor can be your biggest asset but also your biggest problem’ and ‘getting the right human resources is one of the challenges of putting down roots in new markets’. ‘They ‘may lack managerial expertise for these markets. ‘Finding good management can be a major challenge’. ‘High unemployment levels are exaggerated by a lack of local skills and antipathy to foreign skills’. ‘It is not easy to bring expatriate talent into African countries anymore and governments are implementing quotas using work permits and visas’. In addition, ‘many young Africans took their talents to international markets’.
‘Skilled Africans are returning to take up opportunities with both international and African companies’. There is ‘extraordinary potential in terms of both human capacity and resources’ and companies are now ‘luring African Diaspora skills back from other regions’. ‘In the hunt for talent, global companies are focusing in the main Diaspora markets to fulfill their own talent requirements and localization needs. ‘Young Africans business leaders are returning to the continent and doing things differently’.
27) Homegrown Companies
‘The growth of African multinationals is also changing the way the continent is viewed’ as ‘new pan African companies are improving neighboring economies with capital infusions and the development of products and services specifically designed for the African marketplace’. ‘Many of the big African company brands have traditionally all come out of SA but that is also changing as African companies spread their wings out of their traditional local markets’. ‘The number of homegrown companies and multinationals is growing as companies in South Africa, Nigeria, Kenya and other places increasingly take a regional view’. ‘These entrepreneurs without borders ‘are mostly in a few sectors – financial services, agriculture and consumer goods’. ‘Emerging multinationals are coming out of other African countries too all helping to build Africa’s business brand e.g. MTN purchase of Investcom.
28) Supply Chain
Supply sources can be tricky and ‘one of the factors contributing to success is working very closely through the supply and value chains’. ‘The continent’s strategic importance within the global supply chain is on the increase’ and ‘inevitably logistics have been a problem’ and continue to be so. Even intra-African flights are still problematic, and one still frequently has to leave the continent first in order to connect back to other parts of the continent!
In order to secure a license to operate so to speak, ‘look for solutions locally by collaborating with customers, governments, NGOs, universities and other stakeholders in the market’. Your business must be ‘acceptable to stakeholders’ broadly.
30) (New) Scramble for Africa
Is there a ‘new scramble for Africa’?
31) South Africa
The ‘SA link is important’. ‘SA is a country that accounts for about 30% of the continent’s GDP and is not one you want to ignore’. It ‘remains a key market’ as it ‘has the most mature and sophisticated private sector’, its ‘companies are recognizing that they have no choice but to widen their African business beyond SA’ and ‘are able to fund our African operations mostly from SA in the beginning’.
32) Ten Economies Constitute 80% of Africa’s GDP
The ‘top ten economies of Sub-Saharan Africa (SSA) by GDP, constitute 80% of Africa’s overall GDP’. The 80:20 principle clearly applies and it is important to both ‘prioritize the 3 biggest and most influential markets in each of the sub regions (SA for Southern Africa, Kenya for East Africa, and Nigeria for West Africa)’ as well as look at the other smaller, under served but growing economies.
33) Regulatory Environment
In Africa, ‘keeping dialogue open with the regulator and other key stakeholders is very important’ as you often ‘have had to deal with regulatory issues, cultural differences, skills acquisition challenges, weak business support, poor market information and so on’.
Though the pace of change is slow, ‘reforming business climates’ on the continent provide a better opportunity set than ever before.
35) Regional Trade
‘Intra-regional activities’ in Africa are a problem especially given that ‘intra African trade is 11-12% vs. Europe’s 60%’! ‘Local companies survive behind high tariff walls’ and even ‘visas can be a tricky issue’. But ‘companies are becoming more regionally focused, seeking new markets’ and ‘a new vision is required for regional integration (beyond tariffs)’.
Africa’s ‘growth rates have traditionally tracked commodity prices’ as a result of most countries having ‘mono product’ and ‘undiversified resource rich economies’ with ‘unlocked natural capital’.
37) Rules of Engagement
Firstly, ‘there is no rule book for Africa’. You ‘have to be prepared to accept the rules and cultures of these countries’.
38) Act Local
One of the ‘cornerstones of success is working with local partners in all markets’ and realizing that ‘while the brand is global, the company is local in every country’. You ‘have to put down proper roots in a country, develop local partners’ and ‘allow yourself an opportunity to learn from people in each market’. ‘Think locally, as you are not dealing with homogenous societies within regions or even within countries. Always ‘have country strategies that underpin regional strategies’, ‘beware of ethnic breakdown of countries’, ‘understand the cultural nuances of local management and ensure fit’ while ‘understanding and respecting local protocols’. ‘Choosing the right local partner is key in Africa’.
New ‘technology has played a positive role’ and ‘mobile phones are driving economic growth by enabling business activity at a new level’. By 2015, ‘Africa will have the highest mobile subscription rate in the world, unleashing a range of opportunities in trade, banking, information flows, consumer messaging’ etc. The ‘rapid penetration of technology into Africa has implications for the way business operates’. There are ‘also big opportunities for leapfrogging in the African business environment e.g. rapid and unprecedented adoption of mobile banking and in other new technologies and media’.
African ‘entrepreneurs have a new-found confidence’ e.g. ‘in Nigeria you have the largest group of local indigenous entrepreneurs outside SA’ and ‘people from the rest of Africa have a lot to teach about entrepreneurship’. I see entrepreneurial people everywhere. It ‘always struck me how naturally entrepreneurial people can be. However what they often need is a bit of training and guidance to take their ideas to the next level’. ‘Among these 1 Billion people are many thousands of potential entrepreneurs who can positively transform the economic landscape’ even though the ‘obstacles faced by African entrepreneurs are more onerous than those faced by their counterparts in most other parts of the world’. It may be useful to create ‘partnerships with local entrepreneurs who were able to bring to the table the much-needed local knowledge and understanding of these markets’ and ‘are key to getting products into remote areas’.
Africa’s reality ‘shows the importance of having entrepreneurial people on board who can make a plan’, are ‘adventurous’ and pursue ‘green field undertakings’. You ‘need entrepreneurs and managers adequately equipped to deal with the road ahead’, and ‘to adapt quickly to situations, you must be entrepreneurial’.
41) Equity (Public & Private)
Increasingly, large ‘amounts of private equity are chasing acquisitions’ and ‘new money is continually being raised for Africa deployment’. This is interesting since ‘a lot of African businesses are private companies that find it difficult to access long-term capital’. Most ‘growing African businesses observe that their major obstacles are issues such as management skills, corporate governance, international connections and environmental and social practices’ so the ‘thoughtful capital’ that accompanies ‘PE is playing an important role in building quality companies by assisting African businesses to develop to the next level and position themselves for greater competition and international linkages’. Even ‘AfDB is increasing participation in private equity and the indigenous private sector’. African capital markets are mostly shallow and illiquid with limited debt and equity instruments in most economies outside of SA. While ‘stock markets might provide equity capital but the majority of African companies are privately owned and are not ready or willing to go public’.
42) Entry & Exit Strategies
African success is all about being ‘opportunistic and having ‘the right entry strategy’. In ‘deciding which markets to enter you must look at a combination of macroeconomic factors such as population growth, infrastructure, risk profile, regulatory environment, skills, liquidity, business environment, availability of partners the company can work with’. Growth can be ‘pursued through acquisitions’, ‘agreements with local agents’, ‘franchises’, ‘JVs with local partners’ or some other combination. You may find that ‘there are African countries that do not suit business objectives due to the little opportunity or significant risk or competition’ and it may be best to ‘explore a broader Africa strategy’, starting with your immediate region and then ‘move further afield to other markets’. Either way ‘ the selection of target countries in the expansion program’ can be based on ‘the size of the opportunity’, ‘the growth potential within the sector’, ‘the inherent risk to investible capital’, and ‘then to determine how each candidate country matches up against each principle’.
43) East African Community
The mode for international activity is ‘moving toward large trading blocs like EAC’, ECOWAZ, SADC, COMESA etc. Kenya is one of the fastest growing markets and its ascendance within the EAC has contributed to the significant successes enjoyed therein.
44) Global Thinking
Multinationals ‘need to tailor global technology and materials to meet local needs and environments’ in the process of ‘incorporating the global experience with local innovation’.
45) (Corporate) Governance
It is important to ‘put in place a strong governance and control structure’ as well as ‘find partners with good corporate governance principles’.
46) Government Policy
A ‘government’s primary responsibility is to enable citizens and the private sector to perform optimally’ as the ‘private sector is a driver of change in Africa’. However, the ‘private sector remains small and vulnerable to political whim’ and ‘the heavy hand of government’ tends to suppress ‘economic activity and entrepreneurialism’.
There is an ‘ever present threat of populist political reactions and policies’. ‘Political risk is very high’ and ‘government bureaucracy is a further stumbling block’. It ‘is important to become familiar with what the government’s programmes are in any country in which you operate’ and ‘to be wary of doing large deals close to election time’. Political ‘volatility continues to be a risk despite improvements across the continent’ but ‘with improving governance, Africa is becoming more attractive’.
A ‘major challenge is infrastructure’ and ‘some of the highest growth markets on the continent have the weakest infrastructure e.g. DRC and Angola’. However, the ‘infrastructure challenge is not just about money for roads, bridges, harbors, railways, power plants. Thankfully ‘investment in infrastructure’ is planned continent-wide and e.g. ‘AfDB invests 70% into infrastructure’.
Innovation is ‘crucial to staying ahead of the game’ in Africa as there is ‘massive potential for innovative services to reach new and under served markets’. This means that ‘corporate leaders and executives need to become agile and innovative’ and utilize ‘fresh thinking in the fight for market share’.
49) (Market) Information
To ‘succeed in Africa is to understand its markets’. A major challenge has been, and still is, trying to estimate the size of markets in order to build capacity accordingly as, ‘market information has been difficult to find’. It is thus critical that your growth and ‘expansion plans are ‘informed by statistics on African growth’.
While there are some African ‘states with strong institutions’, most still have relatively weak ones. Issues such as ‘standardization, governance, risk management and control must be institutionalized and continuously monitored if you want to succeed in Africa’. And ‘institutions need people who can manage and lead them effectively’.
The issue of ‘indigenization is not unique’. It is just called different names in SA, Nigeria, Zimbabwe, Botswana, Gabon, Zambia and other countries. Governments are trying to ensure that people who have a long term vested interest in exploiting a local resource and in improving its value have a foothold in the sector in their own countries’. Thus it is important to ‘take note of indigenization and competition policy’ as there is ‘growing pressure for local people to benefit from foreign investments’ and to ensure that ‘the whole value chain should create opportunities for Africans. There are also ‘increasing pressures for local hire’. Despite the negativity, ‘local ownership also creates a strong sense of proprietorship at the operational level and encourages innovation and entrepreneurialism as well as indigenous investment in the industry’.
52) Economic Openness
‘Trade in Africa is set to grow significantly in response to increasing economic openness and the promulgation of favorable policies’ by many governments.
53) Ease of Doing Business
Despite a legacy of difficulty, there has been a general ‘improvement in ease of doing business’ and a change ‘in terms of attitudes, practices and engagement’. Importantly, ‘many governments have improved the operating environment for private investors’. ‘Doing business in Africa has definitely become a lot easier now’ although there is much room for improvement.
54) Sustainable & Inclusive Growth
Despite the impressive statistics, Africa has experienced largely ‘jobless growth’. ‘The challenge Africa faces is the need for growth to be more inclusive especially in creating jobs’. ‘The vast majority of Africans lack formal sector employment’ and ‘the focus has shifted to the growth imperative and the need to reduce inequality by creating jobs especially among the youth’. ‘Inclusive sustainable growth is the kind of growth Africa really needs’!
Also, another ‘sustainability platform is critical in Africa because it’s going to become more important’ going forward’ with business models having ‘to build sustainable conservation economies and balance financial, social and environmental equity’.
Ultimately, you need to read the book to get a full picture. For those with an African growth mandate, do make sure that you at least considered these 54 insights. If Africa is your safari, then its growth opportunity is the prey. Happy hunting!
1. Carmody, P. 2011. The New Scramble for Africa. Polity Press.
2. Games, D. 2013. Business in Africa: Corporate Insights. Penguin.
3. Karombo, T. 2014. Mobile Money – Heir Apparent to Cash the King. Ventures Africa 11. Ventures Publishing International.
4. Okonjo, C. 2014. A Word from the Publisher. Ventures Africa 11. Ventures Publishing International.
5. The Economist. 2010. The True Size of Africa. November.
Alvin I Chikamba CA (SA) MBL (UNISA) is the founder and Chief Executive Officer of The OutVest Group (Pty) Ltd and of Entrepreneurial Confluence Strategists (Pty) Ltd, an entrepreneur focused business whose purpose is to grow organizations and create jobs through its proprietary entrepreneurial growth strategy. He is passionate about his new saying that ‘Afrika Is The New Black’, offers Africa growth strategy solutions, and can be reached at email@example.com or follow him on LinkedIn, his blog entrepreneurialconfluence.wordpress.com and Twitter @strategoi