Move beyond misconceptions about Africa, western investors urged

President Paul Kagame has called on international investors to transcend negative stereotypes about Africa and make informed decisions to invest on the continent. He was speaking yesterday on the second day of the ongoing Milken Institute Global Conference in Los Angeles, United States. Kagame was part of the panel that discussed increasing access to global capital alongside Mark Cutis, the chief investment officer of Abu Dhabi Investment Council; Jay Ireland, President and CEO of General Electric Africa; Seth Merrin, Founder and CEO of Liquidnet Holdings; and Ashish Thakkar, founder of Mara Group and Mara Foundation. The Head of State invited western businesses to take advantage of the opportunities Africa offers. Citing Rwanda’s resurgent economy in recent years and ongoing efforts to link African markets, Kagame said, “Rwanda’s story is an African story. The growth rates across Africa have been consistently high. We are working together, developing infrastructure together, integrating our capital markets. Integration is key to serve as many people as we can.” He urged global business leaders to seek to understand Africa based on accurate facts. “Africa is not short of bad stories that travel faster than good stories but people need to understand, know Africa the way it is and make informed decisions about their investments.” The panelists spoke of existing challenges and opportunities that would ensure increased access to capital in Africa, including friendly business laws and the fight against corruption. On the common view that Africa is corrupt, Ireland questioned the misperception and challenged investors to take responsibility. “There is corruption everywhere in the world. Corruption is always a two way street, with an asker and a giver. Companies must take a stand.” Thakkar pointed to the gap between the perception of Africa and the reality on the ground. “The perception versus reality is truly different. The continent is truly transforming. The proof of that is Rwanda under President Kagame’s leadership. What happened 20 years ago and where we are today is unbelievable and this is a reflection of what is happening across the continent.” The panelists urged participants to invest in localised knowledge rather than the outdated model of operating offices from western capitals.

National

Move beyond misconceptions about Africa, western investors urged