An African Ivy League
by Richard Attias on May 5, 2013 • Leave your comment • Tagged as: Africa, education, Harvard University, ivy league, Patrice Motsepe, tertiary education
Image credit: www.universitiesnews.com
As African economies boom and businesses are created, one of the big questions this growth raises is that of third-level education: how can Africa develop a knowledge infrastructure to rival that of the west, a sort of Harvard University in Africa? And what should African philanthropists do to foster the development of top quality educational institutions?
There are two main elements to a knowledge infrastructure across a continent or country: firstly, the actual buildings and practical resources; and second, the soft component, such as knowledge and people, the students who go abroad and then return. Both need investment, and now is the time for Africans to invest.
Africa Investing in Africa
by Richard Attias on April 29, 2013 • Leave your comment • Tagged as: Africa, BRICS, CEMAC, Ecobank, intraregional trade, Massmart, MTN Group, Shoprite Holdings, South Africa, Standard Bank
I recently wrote about foreign direct investment in Africa and the prospect of engagement among developing nations and the BRICS. But in order for sustainable development to be achieved across the continent, smart input from Africa’s own entrepreneurs and institutions must also occur. The question of intra-regional African investment is therefore a large one — and an increasingly urgent one.
A Focus on Africa’s Informal Economy
by Richard Attias on April 29, 2013 • Leave your comment • Tagged as: Africa, BRICS, Durban, informal trade, Kenya, Steve Daniels, World Bank
Trading in Johannesburg. Image credit: http://sageography.myschoolstuff.co.za/
Africa’s informal economy is one of the most innovative and inventive environments in the world. Yet it is an environment with little regulation in which workers are often exposed to hard conditions and live without a safety net. Technological advances mean that with a mobile phone, an African can start his own business: this makes for a fertile environment for breeding entrepreneurs and launching SMEs, but one that does not benefit the wider economy as much as it could. How can Africa create a balance between these opposing forces? This was one of the main topics of conversation when I attended the recent BRICS summit in Durban.
Should we say BRICS or BRICA?
by Richard Attias on March 28, 2013 • Leave your comment • Tagged as: Africa, BRICS, china, investment, South Africa
South Africa's president, Jacob Zuma. Image credit, http://www.brics5.co.za
I spent the past two days in Durban, where I attended the fifth BRICS summit. One of the most notable things about the conference was the prominent African presence there. 15 African heads of state were invited including leaders from Angola, Republic of Congo, Egypt, Guinea, Ivory Coast, Senegal, Chad, to name few.
I suggest that when we talk of the key emerging regions in the world, we should use the acronym BRICA instead of BRICS. The entire African continent is emerging, and many countries are growing at twice the rate of South Africa, where the economy grew by just 2.5 percent in 2012. In contrast, other countries like Ghana or Equatorial Guinea, or Nigeria or even the Republic of Congo, are growing at a much faster rate of 6 or even 7 percent.
The Challenge for BRICS and Africa
by Richard Attias on March 27, 2013 • Leave your comment • Tagged as: Africa, Brazil, BRICS, china, Durban, India, Russia, telecommunications
The fifth BRICS summit. Image credit, www.brics5.co.za
I am writing this from the BRICS summit in Durban, where it is clear that the huge momentum of these emerging markets – especially when it comes to their relationship with Africa – is not slowing down. Over the last few days, I have spoken with heads of business and heads of states: it’s clear that while countries like Turkey and Indonesia (including the $23.8 billion Airbus order last week) are flexing their financial muscle, there is still much more investment in Africa to come from BRICS.
The investment isn’t just coming in infrastructure and mega projects. In Africa, middle class consumers now constitute more than a third of the population and the number of households with disposable incomes is projected to grow by 50 percent within ten years. Not only is Africa rich in natural resources; its people – young and growing more affluent – are becoming a powerful economic force.
Africa and the Six ‘I’s: Independence, Investment, Infrastructure, Innovation, Incubation, Inspiration
by Richard Attias on March 13, 2013 • Leave your comment • Tagged as: Africa, Entrepeneurship, Innovation, New York Forum, New York Forum Africa, World News
Image credit: biztechafrica.com / kiwanja.net
It’s no secret that Africa has become a major success story. In 2012, six of the world’s 10 fastest-growing economies were in sub-Saharan Africa, and this trend shows no signs of slowing. In 2012, growth hit 5.3 percent and it is predicted to increase this year. Meanwhile technology is transforming the continent. With 650 million subscribers, Africa’s mobile phone market now exceeds that of the U.S. or EU — a development that is changing lives. In addition to these startling figures, there is Africa’s young population, which, according to projections, will double over the next four decades.
These findings are a source of enormous excitement but they also require thoughtful consideration. I suggest that in looking to Africa’s future, six principles should govern decision-making in business and policy: independence, investment, incubation, innovation, infrastructure and inspiration — the six ‘I’s.
The Promise of Africa’s Women
by Richard Attias on March 13, 2013 • Leave your comment • Tagged as: Africa, entrepreneurship, Girls Education, International Women's Day, Liberia, Malawi, Nigeria, President Obasanjo
Mpondo woman in South Africa. Image credit: Wikipedia
At the launch of Nigerian President Olusegun Obasanjo’s foundation last month, I had the privilege of moderating a panel with the Presidents of Nigeria, Ghana, Liberia and Benin in front of 1,000 business and political leaders. The former Nigerian head of state and his peers spoke eloquently about the need to educate girls. President Obasanjo stated: “If we educate a girl, we educate a family.” As a result, he has named the education of women and girls as one of his five key initiatives for his new foundation.
But beyond the basic issue of education — which will help families, villages and countries pull themselves out of poverty — women remain the untapped economic superpower. As Africa becomes more and more prosperous, we must ask what role African women will play in this growth.
It is already evident that they are a dynamic and driving force. When it comes to entrepreneurship, women have proved themselves to be highly creative; so effective that a recent New York Times article suggested that “women entrepreneurs drive growth in Africa.”
The global economy in 2013: Is stability within reach?
by NYF Team on January 14, 2013 • Leave your comment • Tagged as: 2013, eurocrisis, Global Economy, stability
The NYC headquarters of Lehman Brothers. Image: Wikipedia/David Shankbone
January is a time not only for New Year’s resolutions but also for predictions – projections of hopes and anxieties about the year ahead. This January, media outlets have been active in offering readings of the crystal ball, and the Economist magazine posed a key question to readers in a debate online: will the world economy be in better shape in 2013 than in 2012?
This question is one on which much will hinge – the years since 2008 have seen plenty of turmoil. According to some experts, however, it appears that the signs are pointing up, and Christine Lagarde, the MD of the IMF, was cautiously optimistic about the global economy’s prospects.
Lagarde suggested that the transformations we have seen – in Europe, Asia, Latin America, Sub-Saharan Africa and elsewhere – would ultimately yield positive results. But she outlined the challenges lying ahead: leaders will need to move beyond the Eurocrisis, establish a stronger global financial system, and facilitate more inclusive routes toward growth. “Achieving these milestones presupposes greater global cooperation,” she explained. “A world that is bound closely together must be a world that works closely together if it is to prosper together.”
Why we need to focus on Africa
by NYF Team on December 4, 2012 • Leave your comment • Tagged as: Africa, developing world, growth, middle class, retail
Drakensburg mountains, South Africa. Image: Wikipedia
One of the most exciting phenomena of the past few years has been the swift and steady rise of the African continent. The region has experienced continuous growth, just as Europe and the US have faltered.
Africa’s rise creates new challenges for businesses, which must quickly educate themselves about its complex markets. This was something that Frank Braeken, executive VP of Unilever Africa, acknowledged in a recent interview. “We are still very much in learning mode about what the differences are within Africa,” he said.
Many outside investors have assumed that Africa’s potential derives mainly from the commodities boom and is primarily relevant, therefore, to oil and mining corporations. But that is far from true. Opportunities exist across retailing, telecommunications, banking, infrastructure and agriculture. Addressing the fact that African consumers have been neglected, Braeken noted: “I like to say that the African consumer has been underestimated, underserved and underserviced.”
Tackling one of the biggest threats to our children: Suicide
by Richard Attias on March 16, 2012 • One comment • Tagged as: Columbia Suicide Severity Rating Scale, Dr. Kelly Posner, education, suicide, teenagers
Image credit: www.writing-wrongs.org
While I usually speak about economic issue or geopolitic or global issues, today I would like to discuss an issue that’s about care for our kids, about the next generation and about a specific danger they are facing: suicide.
When we think of the threats that our children face out in the world, we may worry about stranger-danger, or tired car-drivers who aren’t focussed on the road, or a host of other possible things that could affect their safety. But in fact suicide is one of the greatest causes of death amongst young people — the third leading cause of death for young people between the ages of 15 and 24. This figure is pretty shocking. But the good news is that it suicide preventable.
