Hear from Fintech Entrepreneurs and investors from East Africa on how to be a part of African Continental Free Trade Area (AfCFTA), Edem Farrie reports. Eric Osiakwan, Kris Senanu, Sam Wanjohi, and Paul Barclay Okari speak with Edem Farrie on why young entrepreneurs should work across the Africa continent.
Africa is predicted to be one of the world’s largest economy’s if all well documented shortcomings are addressed without further delays. The 54 countries of Africa differ immensely geographically, politically, socially, economically, and culturally.
Facing a long history of colonization, language differences, and the present shadows of foreign influence, the governments of African countries have been working hard to find a common ground to speak a common trade language regardless of each country’s individual challenges.
Few would dispute that corruption tops the list, which causes an inability to effectively tap into each countries human resources, and thus foster an environment of entrepreneurship, and confidence from domestic and foreign investors.
Currently, the easing of Covid-19 restrictions, and the ability to travel abroad, young Ghanian entrepreneurs can be conducting business in 54 African countries including Kenya, Tanzania.
That means with a negative covid test, visa (many of the countries are visa free to Ghanaians) a passport, flight/bus fare, and accommodation, you can do business anywhere across the Continent.
For members states on the continent, this means a highly anticipated wake- up call that will put their respective economies’ on the map against other economy’s like that of the EU, China, and the United States etc,- AFCFTA.
The opportunities African Continental Free trade agreement presents to the young, hungry and budding entrepreneurs in Africa continue to hang in the balance; as so far, the pact signed by 54 African countries, ratified by 41 member states, and a wait on Eritrea to keep up is a highly anticipated agenda.
Meanwhile for Ghanaians, the call on graduates by Minister of Finance, Ken Ofori Atta to turn to entrepreneurship indicates the need to explore the options not just at home but across borders.
Edem Farrie reports on the opportunities and perspectives of the pact from the next reasonably safe growing economies in the East of Africa.
Starting from the east which opens it doors to Fintechs initiatives, Agribusinesses, tourism, and intra africa trading.
The African Continental Free trade Agreement holds the potential of connecting 1.3 billion people across the continent with an economic powerhouse of US$3.4 trillion to lift 30 million people out of extreme poverty.
Highlighting on this Eric Osiakwan, managing partner of Chanzo Capital believes the African continent offers a market for young entrepreneurs to leverage on technology to lead innovative businesses. In effect, they have made investments in some businesses in east, west and south of Africa and are working with governments within the sub-region to create a conducive environment for startups to thrive.
According to Kris Senanu , cross-border trade in the East of Africa has been made easier with the use of a common currency. However, for the survival of the pact, member countries should encourage the use of digital currencies. He also added that, an increase in travel experience for young Africans will broaden their knowledge to work with each other hence positively impacting the economies.
Emphasising on the importance of digital payment platform, Paul Barclay Okari, CEO of FinAccess says, it makes the transfer of money on the continent easier; however, to ensure consumers are confident and secure on these digital payment platforms, there is the need to continuously build the platforms to minimise the occurrence of fraud within the cyber space.
According to Sam Wanjohi CEO of Popote Pay, young entrepreneurs should master their art in order to reap the benefits of a unified economy. He also impressed on governments to look beyond their interests and focus on the pact with optimism.
As Ghanaian youth move towards entrepreneurship necessitated by a lack of jobs in the public sector, these young leaders have already began blazing the trail, a move worthy of emulation.
WHAT TO EXPECT
Eric Osiakwan, Managing Partner of Chanzo Capital, Entrepreneur, investor.
- There are opportunities here in Africa for young entrepreneurs
- Personal experience from working across 32 countries
- We are working with government to ease Tax burdens on startups
- Understanding and speaking French as well as English is important to take advantage of a 360 economy (video link: https://youtu.be/xRDr9oPKjHc )
Kris Senanu Chief Business enterprise officer, Safaricom.
- Leveraging on Common currency in the East to beat out West African Economies
- Brace yourself for digital currency in Africa: It is Now, it is the Future
- Talents wasting in the east of Africa can do better in the west; vise versa.
(video link: https://youtu.be/KiLzqmVgKEE)
Paul Barclay Okari- CEO, FinAccess
- Cyber crime is ever changing, and an ongoing challenge that is being battled with effective real time Analystics tools
- We are ready to make a massive impact in the intra African trading (AfCFTA)
(video link: https://youtu.be/EVjzg2EFzQY)
Sam Wanjohi – CEO of Popote Pay, Entrepreneur
- Be an expert in what you are good at to play a role in a unified economy.
- Humble request to African leaders to put behind personal interest and think of abundance – AfCFTA (video link: https://youtu.be/jQihzf2aatY)
Dr. Obinna Oleribe recounts personal experiences in Tanzania
- My first hand experience working in Tanzania.
- Tanzania can do better making more revenue on airport transits
(video link: https://youtu.be/qC_jODz3SXU
Abdullah the tourist Guard and Guide
- Tanzania/Zanzibar Spice Farming opportunities for Africans: ready for African investors.
- Water and light challenges can help improve various spice farms
- Cloves are cash crops and monotonous for government auctioning.
- You are welcome to work with us
- Tourism/ Working opportunities at National Parks (Safaris)
- Everyone is welcome to take a part in our activities, especially in the hospitality sector, except for tour driving in the wild with tourists.East African countries (19) – Burundi, Comoros, Djibouti,
Ethiopia, Eritrea, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Réunion, Rwanda, Seychelles, Somalia, Somaliland, Tanzania, Uganda, Zambia, and Zimbabwe.
Edem Farrie reports for GHOne News – GHOne TV