COMMENT •
Sharyn Macnamara – Senior writer • sharyn @ interactmedia . co . za
FOOD FOR THOUGHT : AFRICA – A POWERHOUSE OF PEOPLE AND ENTREPRENEURIAL VIGOUR
We know that the world has turned their eyes to Africa because of its wealth in ‘ green ’ resources , which is expected to save the day when it comes to global warming . Africa is rich in critical minerals and renewable energy opportunities available in our natural sun and wind , among others . But , have we thought of the wealth that lies in the youth of our country , who are desperately seeking work ? Have we thought of the unique entrepreneurial mindset that is garnered in the challenges we as Africans face on a daily basis , that are in fact luxuries to us , but are taken for granted as prerequisites overseas ?
In July , McKinsey On Point raised some interesting trends of thought with regards to Africa – traditionally described as “ more vulnerable to disruption than other regions .” 1 The company points to two stand-out factors that prompt new thinking about the future of Africa and what it can offer the global economy . These are the power in its youth and the African entrepreneurial spirit .
The power in people McKinsey says , “ The success of the future global economy hinges on one continent : Africa . In Asia , Europe , North America , and elsewhere , fertility has been shrinking for decades . Populations are also aging quickly , outpacing the number of young workers .” Africa , on the other hand , promises to account for 420 of the 428 million prime-age workers that are expected to join the world economy by 2040 . According to the company , young Africans may provide the lift in productivity needed to counter a slowing global economy .
This is precisely why the lack of skills in Africa is a factor our governments should be working tirelessly to improve . Imagine the opportunities that could be opened up , if only governments , like ours in South Africa , could channel finances into the sorely lacking area of education , and particularly in STEM subjects , more effectively ?
Moreover , to the company ’ s second point , despite macro-economic knocks such as the COVID-19 pandemic , food inflation ( stemming from the war in Ukraine ) and the altered global interest rate landscape and higher borrowing costs – the continent stands firm and resilient .
According to an index of 100 businesses in the African continent that are growing the fastest – FT ranking : Africa ' s Fastest Growing Companies 2023 2 – companies in a wide range of sectors , including in commodities , fintech , healthcare , and renewable energy , expanded their businesses at a time of global lockdowns . “ Entrepreneurship is alive and well . In 2021 , tech start-ups garnered USD5.2-billion , triple the amount they raised in 2020 .” 3
Africa - growing and resilient We always talk of the resilience and entrepreneurial dynamism of Africans , but why are we not harnessing this strength of ours to reach greater heights ? We use this skill to counter the challenges we experience on a daily basis – challenges like water scarcity , powercuts and lack of electricity ; security issues and logistics challenges . These are things our overseas counterparts take for granted as prerequisites to daily living .
Food for thought , is it not ? This is a call , not only to investors , but to all of us in our respective positions and walks of life . We all are able to influence our immediate environments , whether we are in positions of power or not , let ’ s make a difference by spreading the word on our strengths , thinking positively , and harnessing what is at our fingertips in Africa to add value to our waning world .
I recommend reading the referenced articles listed below .
Sharyn Macnamara
References :
1 . “ Increasingly , what ’ s good for the African economy is good for the rest of the world ” – McKinsey On Point . https :// www . foreignaffairs . com / africa / global-economys-future-depends-africa ? cid = other-eml-onp-mip-mck & hl kid = 7a746880ab7a4100a56ed6cfd7e9e804 & hctky = 14283285 & hdpid = c9 1c54d2-bca1-40d9-8569-67d12af079f4
2 . FT ranking : Africa ' s Fastest Growing Companies 2023 | Financial Times https :// www . ft . com / africas-fastest-growing-companies-2023
3 . Global shocks put Africa ’ s resilient spirit to the test | Financial Times ( ft . com ) https :// www . ft . com / content / cdfd191b-4dd7-4d9e-b482- 33884aa4d7b7 ? cid = other-eml-onp-mip-mck & hlkid = 94424dec9e6c4180 92dccd897fb94849 & hctky = 14283285 & hdpid = c91c54d2-bca1-40d9-856- 9-67d12af079f4
Timon Studler | Unsplash www . africanmining . co . za African Mining Publication African Mining African Mining • September 2023 • 3