Tech entrepreneurship is taking off in Ethiopia. Young app developer Nathaniel Gossaye shows his app to Elisabeth Braw in Addis Ababa. Foto: Glyn Riley
Africa 2.0 – the successful continent
Stability, entrepreneurship fuel record African growth
Donkeys graze on the grass by the street, accompanied by goat herds. Behind them: a “Facebook and Internet café”. Shacks, open pits, garbage pickers – and young entrepreneurs touting iPads. Welcome to the new Ethiopia.
Ethiopia, hitherto mostly known for its murderous droughts, is not the only African country with rapid growth. Last year Ghana was the world’s fastest-growing economy, ahead of China, according to the Africa Progress Report. Others in the world’s top 10: Congo, Ethiopia, Mozambique, Nigeria, Rwanda, the Democratic Republic of the Congo and Zimbabwe. China (No. 2) and India (No. 5) are the only non-African countries on the list. Welcome to Africa 2.0.
“Africa has one billion people, and will have two billion by 2040”, notes Mamadou Toure, a young former JP Morgan banker who now works for the International Finance Corporation. “And it’s a very young population. That’s a huge potential workforce, and an invaluable asset. And, thanks to democratization and stability, many Africans are returning from the diaspora. These young Africans are better educated, too. And all of this attracts investors as well.” Toure, who was born in Senegal and grew up in France, is one the founders of Africa 2.0, a network of emerging African leaders in politics, business and civil society.
In fact, stability has led to impressive growth in former war zones like Rwanda, whose economy grew by nearly 7% last year, powered by tourism and exports of tea and coffee. “Rwanda, Uganda and Ghana are good cases in point”, says Lina Mohohlo, Governor of the Central Bank of Botswana and a board member of the Africa Progress Panel, a group of international leaders monitoring African development. “The economic growth is underpinned by policy reforms, the gains from diversifying the economies, growing exports related to growing international demand and rising commodity prices. There’s no reason why the continent shouldn’t sustain this positive development.” In Accra, the capital of Ghana, Vodafone is building shiny new headquarters. Indeed, a whole new Airport City is rising around the ramshackle airport. At every traffic light, women with baskets on peddle fruit and baked goods.
Toure and his Africa 2.0 network know Africa’s remaining challenges – including corruption and poverty – well. “We know we can’t change 55 countries overnight”, he explains. “But many are willing, and the others will follow due to the force of success. Several years ago, young Africans were starting to move back, but Africa was still the Dark Continent, with frequent coups. Now that’s changing. Young Africans want to rebrand Africa, introduce best practices, establish a vision for our continent. And we have to make sure our growth is shared. That’s why entrepreneurship is so important.”
Since Africa’s economies are growing from a very low level, the only way is up. “Africa is the new frontier”, says Merron Pillart, an Ethiopian-American businesswoman who has returned to Addis Ababa to launch a solar power company. “And add to that the economic crisis elsewhere.” And the new businessmen that have returned from Europe and North America plan to remain in Africa for good. “In Europe there’s a glass ceiling for people like me”, reflects Toure. “And besides, what’s Europe’s hope for the future?”
Source: MetroNews (Toronto)
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