Africa and our future
There is cause to be optimistic about the growth potential of Africa.
Good morning.
- Fortune has long promoted the importance of having a global mindset. It’s at the heart of the Fortune Global Forum, which will take place this year in New York on November 11-12. Along with my fellow co-chairs Matt Heimer and Clay Chandler, I’m excited to welcome CEOs like AT&T’s John Stankey, Brian Cornell of Target, Tapestry’s Joanne Crevoiserat, Chris Hyams of Indeed and many more. We also have former U.S. Secretary of State Mike Pompeo and former Defense Secretary Leon Panetta, the IMF’s Gita Gopinath, Jing Ulrich of JPMorgan Chase, Tom Brady, and many more. Click here for the agenda and here to request an invite.
When I was at the University of Nairobi, a professor liked to brag that the Luo tribe produced so many intellectuals because they grew up eating fish from Lake Victoria. What seemed funny then now seems poignant as fish stocks have plummeted through overfishing and climate change. The loss of a key protein source can be devastating to not just to people’s health but their culture and their ability to invest in their careers and communities.
There is cause to be optimistic about the growth potential of Africa—from its demographic advantages and entrepreneurial energy to the continent’s natural resources and expanding partnerships. I attended the FII New Africa Summit yesterday in Riyadh, which reflects Saudi Arabia’s ties to the region. Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan said he expects the kingdom’s private-sector investments in Africa to reach $25 billion in the next 10 years.
The question is how to realize that potential in countries that are also vulnerable to climate change, geopolitical risk and food insecurity. It’s great to see expats like Joseph Rehmann, the cofounder and CEO of Kenya’s Victory Farms, succeeding with a sustainable farming model. But I get more excited by social entrepreneurs like Yvette Ishimwe, founder of Iriba Water Group and ENAGUA Group, who talks about empowering Africans to develop their own solutions.
From resource development to the culture boom, there’s money to be made in Africa. Look at leaders like Nigeria’s Tony Elumelu, chair of the United Bank for Africa foundation. He has funded Ishimwe and more than 20,000 other entrepreneurs on a continent where the average age is 19. Many are developing leapfrog technologies that we will eventually buy from them.
Opportunity takes a different form when you’re employed by a company. There, what matters is how your employer contributes to your success and positively shapes your career. One measure is the American Opportunity Index, which rates companies by the economic mobility they create for their people. It is backed by former Starbucks CEO Howard Schultz’s foundation, along with Harvard Business School and the Burning Glass Institute.
Schultz told me this weekend that he believes Starbucks’s success was “best when it was shared.” He was early to offer healthcare to workers who typically had to do without, but also faced criticism for resisting their efforts to unionize. While Starbucks is in the top 100, it gets so-so scores for culture and pay. New CEO Brian Niccol has work to do but holding the company up for scrutiny is one way to reinforce trust.
More news below.
Diane Brady
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