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Rainbow of Hope for Africa’s Future: Foreign Direct Investment in Africa
by Saidy V. Andrade
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Africa is the birthplace of humanity. In a sense, the continent’s history is a macrocosm of all history, bearing the weight humankind’s most unforgiveable sins, from slavery to colonialism to environmental malevolence.
But today, at the dawn of a new millennium, Africa’s most important narrative is not of history. It is of the future. That story - told here with clarity and scope - is one of hope, dynamism, and a relentless march towards progress.
Factors that were once considered detriments to Africa’s progress are now its greatest strength. The legacy of colonial domination that once saw strife in its wake today translates into pan-African resilience and resolve. A footprint of neglect by industrial powers that left the continent wanting for much-needed investment for so many years now means that most of Africa’s resources are still in the ground, left to be harnessed in more responsible - and more indigenous - ways. A lack of infrastructure during the telephonic boom of yesteryear hamstrung African’s inclusion in global commerce; today it is a deft advantage, as Africans embrace wireless and smart technology unencumbered by legacy electronics and protectionist incumbent providers.
We live in a world where the traditional global powers are stuttering under the weight of social discontent, political partisanship, declining demographics, and a creeping skepticism of economic engagements and integration. Africa as a whole stands in refreshing contrast. Its young population is more open and exposed to the world than at any point in history. Regional economic unions are in their heyday, from the East African Community (EAC) to the Southern African Development Corridor (SADC) to the Economic Community of West African States (ECOWAS). And entrepreneurs, like this book’s author, stand united in promoting a vision of hope.
The challenges, it must be acknowledged, are mammoth. At least half the continent does not have electricity. Financial inclusion is lower than anywhere on the planet. And many of Africa’s political structures still embody the plutocratic corruption and instability that have scared away potential investors for decades. But Africa’s new generation seems to implicitly understand the Norman Vincent Peale dictum: “Every problem has in it the seeds of its own solution."
A desperate need for electrification - combined with abundant sun and water - is driving a renewable-energy breakaway, potentially positioning Africa as a vanguard of the world’s most important epochal shift. Massive numbers of unbanked people spurred the development of mobile money, a technology pioneered in East Africa that is not only changing the financial landscape of the continent but also being adopted globally. And countries like Botswana and Cape Verde, (the latter being the author’s mother country) are emerging as increasingly visible and influential models of peaceful, transparent democracies.
As Peale said, if you don’t have problems, you don’t get any seeds.
The following is a comprehensive look at Africa’s many seeds, told by an African who himself is a headspring of the optimism and ambition he narrates. These pages hold a first-hand account of lessons learned, a look at the influence of the current geopolitical complexities, a roadmap for the way forward, and a source of actionable information for those considering investing or doing business on the continent.
It is a story for the future, of countries on the rise, and of the latest—and potentially last—frontier of global business. It is as important for the global economy as it is for the everyday citizens who populate this emerging continent called Africa. I hope that many read it.
by Leland Rice
Editor in Chief
The Business Year
www.thebusinessyear.com
Rainbow of Hope for Africa’s Future: Foreign Direct Investment in Africa Saidy V. Andrade
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