Whose Success in Africa?

January 14, 2014 rachel_eaton

Jonathan Berman

“It is Africa’s ambition and no-one else’s that leads Africa. Africa is not a place that success is landing on; it is a place creating success for itself and others.”

I was glad the team at Gong plucked this phrase from my book Success in Africa as the banner for their upcoming event in London. For in London, as in my native New York and my current home, Washington, I find many understand that Africa is succeeding. Few understand why. Almost none acknowledge it’s mostly because of Africans.

In March of last year, a general election campaign was underway in Kenya. Western leaders urged the people of Kenya to refrain from violence. It seemed reasonable, as Kenya experienced horrific violence in its 2007 elections. But no one knew that better than Kenyans. They didn’t need foreign heads of state to tell them about it.

At their best, successful managers of global capital and global businesses do much better in this regard. Their practices allow them to transfer skills, networks and corporate cultures that work in the African context, and are welcomed there by capable partners and stakeholders. I asked some of the CEOs who lead those global companies to participate in Success in Africa, and they shared their perspectives alongside mine.

Of course, no one knows better how to succeed in Africa than Africans. That may seem an obvious point, but consider how often, in any medium, you hear management wisdom from an African? I have worked with corporate leaders in the US, Europe, Asia and Africa. In my view, some of the most visionary and accomplished business men and women anywhere are the ones leading the current transformation of Africa. Emerging continents have been the wellspring of transformative business leaders before. Rockefeller. Carnegie. Tata. From the US in the 19^th century to Africa today, frontier markets have given rise to business leaders uniquely capable of managing uncertainty, generating disruption, and leading breathtaking growth.

Those are skills in demand not just in Africa, but the world over.

Insight

Homestrings wins at Africa Diaspora Awards 2013

May 3, 2013 rachel_eaton

Sarah Caddy

Pride of heritage was the flavour of the evening at the Africa Diaspora awards, held in London’s West End on 2 May 2013.

The continent had much to celebrate, with awards presented to the brightest and best from the worlds of Business, Academia, Entrepreneurship, Media and Community. Her Excellency Ms Thandi Modise, Premier of North – West Province, Republic of South Africa, set the tone for the evening with a moving speech on the role played by the African Diaspora in securing the continent’s successful future. “The spirit of internationalism has sustained humanity” she proclaimed, vocally grateful for the benefits that a global perspective can have not only for the individual Diasporans, but also for the separate countries within the continent. Her vision was for a continent that works with its neighbours and international allegiances to build an ever more promising future.

A prime example of her vision in practice is Eric Vincent Guichard, who secured the Entrepreneur of the Year award for his online initiative, Homestrings – an investment platform that facilitates Diaspora investments into their own communities. It was an award we thoroughly toasted, as well deserved of our client!

Insight

The Africa Summit: Examining the world’s new economic engine

February 6, 2013 rachel_eaton

Isabelle Alenus-Crosby

On Wednesday 5 February 2013, Economist Events successfully convened an audience of 180 delegates, comprising leading figures from business, banking, government, media and consultancies, for their inaugural Africa Summit, at the Royal Garden Hotel in London.

Gong provided media and communications support for the event and hosted a breakfast meeting, Chaired by The Economist’s Business Editor, Robert Guest. The theme of Opportunity Africa: What’s Your Next Move? galvanised discussion among a handpicked group of companies keen to do more business on the Continent.

The Summit kicked off with a ministerial welcome by Mark Simmonds, Parliamentary Under Secretary of State of the Foreign and Commonwealth Office, President Johnson Sirleaf of Liberia followed up on her recent meeting with Prime Minister David Cameron and shared her belief that Africa is on schedule to reach the 2015 UN Millennium Development Goals thanks to unfaltering growth across the continent.

President Sirleaf stressed that in 2015 the UN Millennium Development Goals should immediately be followed by sustainability goals in each of Africa’s 54 countries, to ensure that the continent emerges fully on a global scale. She added that each African nation needs a stronger industrial basis first and foremost. Power, in the form of sustainable sources of energy, is needed to run factories, and the necessary infrastructure is required to transport the goods.

Mo Ibrahim, Chairman of the Mo Ibrahim Foundation, agreed that greener energies would be required to achieve sustainability goals. He added that Africa also needs Economic Integration. “Trade between African nations will ensure vibrant economies across the continent and only then will we be able to talk about ‘Africa’ as a whole.” He continued to say that whatever is needed to achieve this integration should be top of each government’s agenda.

Dr Ibrahim ended his speech by stating, “AID is the aspirin that helps ease the pain in some African countries. It adds up to 30 billion USD per year. TRADE is the health-giving vitamin that makes the continent strong and accounts for half a trillion USD per year.”

The ex-President of the World Bank for the Africa Region, Ms Obiageli Ezekwesili, said in her speech: “We need a strategy for encouraging sustainable long-term investment into the continent. The answer is simple; the answer is Rule of Law. With political governance improving all the time, many of Africa’s biggest problems will disappear in time. Young entrepreneurs are the future of Africa. We must give them the opportunity to help Africa reach its full potential. Good governance encourages entrepreneurship and transparency and accountability are therefore key.”

Renaissance Capital’s Global Chief Economist, Charles Robertson, said that the banking sector still has “room to boom” as it is inevitable that the African middle class, which is growing fast, will start borrowing. He added: “Africa needs more stock exchanges. To demonstrate the potential: The Nigerian economy is predicted to be bigger than Germany’s by 2037.”

Olam’s Managing Director, Ranveer Chauhan, said that his company could not survive without technology in Africa today. He sees technological innovation as being prevalent across the continent, and cited it as one of the main drivers of growth in agricultural best practice.

Herman Chinery-Hesse, Chairman at Softtribe, dwelt on the importance of Twitter, Facebook and the Internet to Africa. He said, “These know no borders and encourage innovative thinking among the young through discussions and easy access to information.”

During question time, Dr Abu-Leil Cooper from Barings Asset Management concluded that from an investor’s point-of-view, “investing with Africans is as important as investing in Africa.”

More information on the Africa Summit, including a long list of speakers, can be viewed here. The Economist Events continues its African programme with the Nigeria Summit 2013, to be held in Lagos on March 19^th-20^th.

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Whose Success in Africa?

Homestrings wins at Africa Diaspora Awards 2013

The Africa Summit: Examining the world’s new economic engine

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