Wheeler Institute for Business and Development’s Post

STRUGGLES IN AFRICAN Introduction Africa, a continent rich in cultural diversity, natural resources, and an increasing pool of resilient youth, faces numerous challenges as it strives towards economic prosperity and social stability. Despite significant progress over recent decades, several hurdles still impede its growth. This article explores the struggles in Africa, including economic, political, social, and environmental challenges, while highlighting the strides being made and the potential for a brighter future. Economic Challenges Africa's economic landscape is diverse and complex. While some countries have experienced substantial growth, others are plagued by poverty, unemployment, and underdevelopment. Key challenges include: 1. Infrastructure Deficits: In many regions, insufficient infrastructure hampers economic activities and integration. Poor roads, inadequate electricity supply, and limited access to clean water make it difficult to attract investment and foster industrial growth. 2. Youth Unemployment: With around 60% of its population under the age of 25, Africa faces a massive challenge in creating jobs for its young people. High unemployment rates can lead to social unrest and hinder development prospects. 3.Dependence on Commodities: Many African economies are heavily reliant on a narrow range of commodities, making them vulnerable to price fluctuations in global markets. Diversifying economies is crucial for sustainable growth. Political Struggles Political instability remains a pressing issue in parts of Africa. Governance challenges such as corruption, autocratic leadership, and weak institutions often disrupt social harmony and economic prosperity. Key concerns include: 1. Corruption: Corruption continues to drain resources and undermine public trust in governments. Addressing this issue requires robust legal frameworks and increased transparency. 2. Conflict and Insecurity: Ongoing conflicts in regions like the Sahel, Central Africa, and the Horn of Africa displace millions and create humanitarian crises. Peacebuilding and conflict resolution initiatives are essential. Social Challenges African societies are undergoing rapid changes, and with these come social challenges, including: 1. Education and Healthcare: Access to quality education and healthcare is uneven across the continent. Investments in these sectors are critical for improving the overall quality of life and empowering citizens. 2. Gender Inequality: While progress has been made in advancing women's rights, gender disparities persist in education, employment, and political representation. Empowering women is vital for comprehensive development. Environmental Concerns Africa is particularly vulnerable to the impacts of climate change, despite contributing minimally to global greenhouse gas emissions. Environmental concerns include:

Early in 1995, the parliament formally approved the government's national strategy for the growth and advancement of South Africa's small business sector. The primary goal Micro, small, and medium-sized businesses, or MSME, are essential to the advancement of social justice, economic growth, and decent work. We acknowledge their significant contributions to economic growth, employment creation, and the empowerment of marginalized communities, women, and young people. On this day honoring micro, small, and medium-sized enterprises, let us recommit to strengthening our backing for these organizations, accelerating the SDGs' advancement, and leaving no one behind. "These enterprises require policies, support structures and investments that promote their growth and formalization, in turn help communities proper, uplift the most vulnerable, and pave the way for more sustainable and just livelihoods" By Mr. Antonia Guterres. #EradicatingPoverty #EconomicGrowth #SocialJustice #PhakiPersonnelManagementServices

As a Milken Institute’s Africa Leaders Business Council member,  I was honored to share Women's World Banking’s insights at this year's #MIGlobal Conference. I spoke on a panel entitled "The Africa Opportunity: The Potential of the World's Next Economic Powerhouse to Shape Our Global Future" alongside Isaac Barnes, CEO & Founding Partner, Unified State Group; Paul Hinks, Chairman & CEO, The Symbion Group, and Dr. Obiageli “Oby” Ezekwesili, Economic Policy Expert & Advocate – all ably moderated by the Milken Institute’s Shannon Stroud. Africa's demographic landscape presents both profound challenges and remarkable opportunities. By 2050, the continent will be home to 90 cities with over a million people, and six mega cities with populations exceeding 10 million. With a median age of just 19 today, Africa's youthful population is set to significantly shape our planet's future. During the roundtable, we delved into how Africa's potential as a major economic force is intricately tied to unlocking opportunities for its most underserved populations, particularly women. Here are some key highlights from Women's World Banking: Empowering Women in Finance: -1 in 4 women in Africa are entrepreneurs, but they receive only a fraction of the capital compared to men. In addition, at least 170 million women business owners remain in the informal sector. -Structural barriers such as lack of property ownership and restrictive collateral requirements, limited access to banking services, and unconscious biases persist in restricting women's access to financial resources. -Investing in women not only drives economic growth but also creates a ripple effect, generating employment opportunities and breaking down gender barriers in the workplace. Bridging the Funding Gap: -#WomenFounders currently receive less than 7% of all venture capital funding in Africa. -Addressing biases and promoting #GenderDiversity within funding institutions are crucial steps towards bridging the funding gap for women entrepreneurs. -Implementing inclusive policies and overhauling outmoded credit infrastructure can go a long way toward surmounting barriers that women face in accessing capital. Reporting and collecting gender disaggregated data, instituting moveable collateral registries, and expanding source of data reported in credit registries are concrete steps African regulators and financial service providers can take right now. It's imperative for policymakers, businesses, investors, and development partners to collaborate in creating an enabling environment that fosters the economic empowerment of women in Africa. By leveraging their potential as catalysts for economic growth and social change, we can collectively shape a brighter future for the continent and beyond. I look forward to being part of the Africa Leaders Business Council in advancing these critical initiatives across Africa. Together, let's seize the momentum and drive sustainable, inclusive growth for all!

The latest research from the Mastercard Foundation shows a concerning trend: While young African women could boost continental GDP by $287 billion by 2030, their current economic contribution is declining. The Mastercard Foundation Africa Growth Fund is taking action. We're developing strategies to increase women's access to capital and resources, driving inclusive growth. Explore the study and our solutions below: #AfricaGrowthFund #AfricanWomen #EconomicEmpowerment #InclusiveFinance

African governments and citizens must work together to transform the continent. Here's a balanced perspective on their roles: *African Governments:* 1. *Provide effective leadership*: Visionary, accountable, and inclusive leadership that prioritizes citizens' needs and promotes economic growth. 2. *Good governance*: Ensure transparency, accountability, and rule of law to create a conducive environment for investment and development. 3. *Invest in human capital*: Prioritize education, healthcare, and social welfare to build a skilled and healthy workforce. 4. *Foster economic development*: Encourage private sector growth, innovation, and regional trade to reduce dependence on external aid. 5. *Infrastructure development*: Invest in modern transportation, energy, and digital connectivity to facilitate economic growth and regional integration. 6. *Promote inclusive growth*: Implement policies that address poverty, inequality, and social injustice. 7. *Encourage citizen participation*: Foster a culture of transparency, accountability, and citizen engagement in decision-making processes. *Africans:* 1. *Hold governments accountable*: Demand transparency, accountability, and good governance from leaders. 2. *Take ownership of development*: Encourage entrepreneurship, innovation, and self-reliance to drive economic growth. 3. *Invest in human capital*: Prioritize education, skills development, and personal growth to build a competitive workforce. 4. *Foster a culture of innovation*: Embrace technology, creativity, and critical thinking to drive progress. 5. *Promote African unity*: Encourage regional integration, collaboration, and solidarity to address common challenges. 6. *Preserve cultural heritage*: Celebrate and preserve African cultures, traditions, and values. 7. *Engage in civic duties*: Participate in elections, community service, and advocacy to shape the continent's future. By playing their respective roles, African governments and citizens can work together to transform the continent and achieve sustainable development, economic growth, and prosperity.

My latest article as a member of the Forbes Finance Council is out: “How Banks can address the beliefs that keep African Women from Investing”. Many studies on women’s investment beliefs and perceptions are rooted in Western cultures and developed economies with limited emphasis on Africa and other developing economies where women’s beliefs about investing are shaped by cultural, social and economic realities. Because women represent a significant part of the untapped market potential in Africa, it is important to understand their unique challenges and beliefs they have with investing for long-term wealth accumulation. Read the full article here: https://lnkd.in/dXdwW7tG Kindly share your thoughts in the comment section. #odirioginni #africanwomen #investing #career #financialinclusion

The challenges facing women entrepreneurs in South Africa underscore the urgency of gender-sensitive financial solutions. From the persistent digital financial inclusion gap to the disproportionate impact of the COVID-19 pandemic on women-owned SMEs, it’s clear that more tailored support is needed. AFAWA addresses challenges like these by collaborating with financial institutions to create gender-smart investing strategies and building the capacity of women entrepreneurs. AFAWA’s Guarantee for Growth program also helps de-risk lending for financial institutions, making it easier for women-led businesses to access the capital they need. This isn’t just about closing gaps; it’s about empowering women to drive sustainable economic growth across the continent. African Development Bank Group The Banking Association South Africa #AFAWAFinanceSeries #AFAWA #WomenEntrepreneurs #GenderFinance #Access2Finance #GenderLensInvesting #SouthAfrica

Investing in women is investing in the future of Africa. Tariro Nyimo, CDFP, Bertha Scholar, Head of Stakeholder Engagement and Strategic Fundraising at Digital Frontiers, sheds light on the critical need for financial inclusion for women across Africa's 54 economies. Nyimo highlights the systemic bias favoring formally employed men and emphasises the importance of tailored financial services that meet women's needs. From accessible banking channels to targeted products, the focus is on building trust and ensuring financial security for women. To bridge the gap, Nyimo suggests actions like affordable mobile money services, STEM education support, and country-specific offerings. It's time to prioritise the active financial inclusion of women to drive economic and social transformation in Africa. How can we start the change?: https://lnkd.in/daq_gaS5 #FinancialInclusion #GenderEquality #EconomicEmpowerment #AfricaDevelopment #DigitalFrontiers #Strategy #Future #WomeninSTEM

This is great. 👏 The African Development Bank's $100 million investment in #Nigeria's Youth Entrepreneurship Investment Bank (YEIB) is a game-changer for youth and women-led SMEs. This initiative aims to create over 1.8 million jobs and foster a more inclusive and sustainable economy. Empowering youth and women entrepreneurs is key to addressing #Africa's unemployment crisis, and the #genderfinancing gap, respectively. Read on: https://lnkd.in/gfHuiYjp

EMPOWERING AFRICAN WOMEN: THE KEY TO FINANCIAL INDEPENDENCE 💡 Did you know? Women are expected to control $93 trillion in global wealth by 2025! But in Africa, the gender gap in financial literacy still holds many back. Let’s change that. Join us as we pave the way for a new generation of financially empowered women in Nigeria and across Africa. Register Now: https://lnkd.in/dfCjXkpb 📈 Why Financial Empowerment Matters: - Boost Confidence: Equip yourself with the skills to take charge of your financial future. - Reduce Vulnerability: Become resilient to economic challenges and break free from financial dependency. - Drive Economic Growth: Women’s financial inclusion in Sub-Saharan Africa could boost GDP by 12%. - Invest in the Future: Empowered women create stronger, healthier, and more educated communities. 🎓 Join Our Masterclass: Financial Literacy 2.0: Strategies for Achieving Financial Independence 📅 Date: 7th September 2024 ⏰ Time: 10:00 AM 📍 Venue: Online (Link will be provided) 🔗 Register Now and be part of a movement that’s shaping the future of Africa! https://lnkd.in/dfCjXkpb Opportunities for Youth Inclusive Nigerian Youths 🚀 Let’s empower the women of tomorrow—today! #EmpowerWomen #FinancialFreedom #WomenInLeadership #AfricaRising #WomenEmpowerment #FutureIsFemale #Nigeria