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Africa rising and the new economy

One of the key highlights of US President Barack Obama’s visit to Kenya last week, was the spotlight it placed on the importance of entrepreneurship, whilst co-hosting the Global Entrepreneurship Summit (GES). The occasion drew some of the world’s most high profile investors and budding entrepreneurs from the continent.This is a clear recognition of the investment opportunities the continent presents. The key challenge is whether we can harness the increased spotlight on Africa to create truly meaningful opportunities that promote inclusive and sustainable growth.

Many of you have probably heard (a few weeks ago) that the IMF acknowledged that “trickle down” economics doesn’t work after all. This is an indictment of the current economic system that focuses on hoarding assets over sharing; individual wealth over community well-being; and competition instead of collaboration.

The majority of the world needs a new economy, one that challenges this notion of growth at all cost, and advances an approach that places the well-being of people and the planet at the centre of economic development. This approach also redefines the determinants of success, allows for the creation of alternatives, and decentralizes the economy. In a decentralized economy businesses are created to address the specific needs of a community rather than the one size fits all models. It also creates opportunities for entrepreneurship, fosters co-creation and the sharing of resources for the common good.

Africa has its own unique challenges and therefore the notion of the “new economy” presents an excellent opportunity to address some of the systemic challenges the continent faces.

AfriCGE will be launching the New Economy Accelerator (NEA) on Thursday 6 August 2015 at the Centre for the Book, 62 Queen Victoria St, Cape Town at 17h30. Places are limited, so RSVP (nikiwe@africancentre.org/AfC)  here and secure your spot to this new and exciting launch event promoting inclusive business practice in South Africa.