As a business leader with many years of experience, I’ve had the opportunity to witness firsthand the powerful impact that the private sector can have on driving Africa’s development.
Throughout my career, I’ve seen the private sector make significant contributions to the continent’s economic and social progress in a number of ways.
In my view, there are three key ways in which the private sector is driving progress to the African people: jobs creations, promoting innovation, and supporting economic growth.
These are all areas in which I’ve personally seen the private sector make a meaningful difference, and I believe that they will continue to be important drivers of Africa’s development in the years ahead.
First and foremost, the private sector is creating jobs.
According to data from the African Development Bank, the private sector accounted for an estimated 77% of total employment in Africa in 2018.
As a business owner, I know that hiring skilled workers and supporting their professional development can not only help grow my own company but also contribute to the overall economic development of the region.
For example, Kenyan startup M-KOPA has created over 7,000 jobs in the renewable energy sector through its pay-as-you-go solar power system. This is just one example of the many ways in which the private sector is creating employment opportunities in Africa.
Secondly, the private sector is promoting innovation.
Africa is home to a growing number of innovative startups and businesses that are solving local problems and creating value for customers.
According to the World Intellectual Property Organization, the number of patents filed in Africa increased by 21% between 2013 and 2017, demonstrating a growing appetite for innovation on the continent.
I’ve been in business for many years and I know that fostering a culture of innovation is key to staying competitive and driving growth.
For example, South African startup Wumdrop has developed a same-day delivery service using a fleet of electric scooters, helping to reduce congestion and pollution in cities across the continent.
This is just one example of the many ways in which the private sector is promoting innovation in Africa.
Finally, the private sector is supporting economic growth by investing in infrastructure and other development projects.
According to data from the African Development Bank, private sector investment in Africa increased by 6.5% in 2019 and is expected to continue growing in the coming years.
As a business owner and investor, I know that investing in infrastructure and other development projects can not only benefit my own company but also contribute to the overall economic growth of the regions and countries where my businesses operate.
In fact, I like the African Development Bank’s Private Sector Development Strategy because it aims to leverage private sector investment to drive economic growth and create jobs across the continent.
In addition, a recent report by the World Bank found that private sector investment in infrastructure has the potential to significantly boost economic growth in Africa, particularly in sectors such as transportation, energy, and telecommunications.
By investing in these areas, the private sector is playing a crucial role in supporting economic growth in Africa and creating new opportunities for businesses and individuals on the continent.
In conclusion, it is clear that the private sector is playing a vital role in driving Africa’s development.
From creating jobs and promoting innovation to supporting economic growth, the private sector is making a significant contribution to the continent’s future.
As a person who believes in business as a force for good, I am committed to continuing to work with governments and other stakeholders to support Africa’s development and create a more prosperous future for all.
