Accompanying video for the emerging markets report “Investors In Africa Seeking Undervalued Names, Diversification” article I cited earlier. “Africa’s Improving Investment Climate” courtesy of MarketWatch.
Who’s doing business in Africa?, Trade Forum Magazine update
Not long ago I highlighted a feature in Trade Forum magazine called “Changing Brand Africa”. It turns out they’ve updated their site with a new section called “Who’s Doing Business in Africa?”. The new section complements the previous feature with six new stories:
- Creating an African Business Superpower
- Rwandan Coffee Goes from Ordinary to Star(bucks)
- CSR(Corporate social responsibility): A Must for Big Firms in Africa
- New Markets for an Ancient Heritage
- CyberTrackers of the Kalahari
- Tunisia’s Boom in ICT (Information and Communications Technology)
In all, the six sections give a well rounded view of the various opportunities to do business on the continent. A good read.
The articles below are a collection of inspirational models that reflect the new “Brand Africa.” It is the second in the series of stories about Changing “Brand Africa” to be featured on the Trade Forum site.
From an African media mogul in South Africa, we go to the founder of a home furnishings firm in Ethiopia. A coffee supplier outlines Rwanda’s rapid improvement as a coffee producer, and a Tunisian businessman shows how his country is embracing information and communications technology with a passion. We also look at trends in corporate social responsibility, a “must†for businesses, as practiced at Shell, and at how modern technology used by bushmen opens new job opportunities. – Trade Forum Magazine
More on trade/business and aid in Africa’s development
The past few weeks have seen an increase in the trade (or business) vs. aid in Africa discussion. Framed by Andrew Mwenda’s presentation at the TEDGlobal conference in Tanzania, and Bono’s subsequent rebuttal, the issue of what path should lead African development is certainly a hot topic. Here are a few articles which add to the ongoing discussion:
Please Bono, Stop Heckling and Just Listen (Financial Times)
Pro-aid campaigners argue that providing aid to accountable governments is a means of stimulating their economies. This is nonsense. Giving aid to poor countries and working exclusively through their government agencies makes accountability worse rather than better. It makes the governments more accountable to foreign donors than to their own people.
Africa’s only viable and sustainable strategy for economic growth is one based on trade and not aid. For this to happen, African countries need to aggressively support their private sectors to create environments for enterprise, wealth creation and elimination of poverty.
Investors In Africa Seeking Undervalued Names, Diversification (CNN Money)
“We’re convinced that the perceived risk in Africa is greater than the actual risk for disciplined and focused investment,” – Thomas Gibian, chief executive of Emerging Capital Partners, (which manages more than $1 billion in five private-equity funds focused on African companies)
“If you read the newspaper, you’re very worried because a lot of news is bad news,. If you take a step back and you take a look at the patterns that are in place in the world, you’ll see that there’s a long-term movement of the world toward democracy and peaceful settlement of disputes.” – Lawrence Speidell, co-manager of the Frontier Market Select Fund, L.P
Africa market size hinder private equity (The Namibian)
“…funds into Africa would have jumped in 2007, but private equity players’ enthusiasm was dampened by worries about the size of markets and companies, illiquidity and regulations in certain countries that slow down the process of buying out local firms” – Martin Kingston, Executive Deputy Chairman of Rothschild & Sons, South Africa
112 years later, African art (and controversy) at Venice Biennale
The June issue of Modern Painters magazine features a cover story on the first African Pavilion to ever open at the 112 year old Venice Biennale. The Biennale, arguably the most prestigious contemporary arts festival in the world, has been around since 1895 with little or no African representation, until now. Curated by Fernando Alvim and Simon Njami (Africa Remix), the Check List Luanda POP show at the Africa Pavilion features 30 artists’ works from the Sindika Dokolo African Collection of Contemporary Art in Luanda, Angola. The exhibition which opened on June 10 was selected by a panel of experts composed of Meskerem Assegued, Ekow Eshun, Lyle Ashton Harris, Kellie Jones, Bisi Silva and chaired by Robert Storr to represent the African continent at the 52nd International Art Exhibition.
The selection of the Sindika Dokolo Foundation‘s collection as a representation for Africa came with a bit of controversy surrounding the business activities of Congolese businessman and art collector Sindika Dokolo’s family and associates. Most notably a July 2006 article in the French-language newspaper La Conscience titled “The Dokolo Affair” which alleged that under the Mobutu Sese Seko regime, Sindika Dokolo’s father, Sanu, created the Bank of Kinshasa, which “channeled money to members of his own family including Sindika himself, bilking the state and normal depositors of more than $80 million dollars when it imploded in 1986”. In a reply to the Artnet Magazine’s story titled “Art and Corruption in Venice”, Dokolo stated that the goal of his art collection is to help Africans build “a strong point of view on the world that would be their own,” Despite the initial controversy, the Check List Luanda POP show has gone on to set a precedent which I hope will continue. Below is a list of the artists featured. Also listen to the “Ghostworld” a mix of music accompanying the show, produced by DJ Spooky.
Check List Luanda Pop – African Pavilion
52nd Venice Biennale International Contemporary Art Exhibition
Curators
Fernando Alvim (Angola)
Simon Njami (Cameroon)
Produced and organized by Foundation Sindika Dokolo
Listen to DJ Spooky’s “Ghostworld”
[audio:http://www.annansiclothing.com/Ghostworld.mp3]
Artists works showing
- Ghada Amer (Egypt)
- Oladélé Bamgboyé (Nigeria)
- Miquel Barcelo (Spain)
- Jean Michel Basquiat (USA)
- Mario Benjamin (Haiti)
- Bili Bidjocka (Cameroon)
- Zoulikha Bouabdellah (Algeria)
- Loulou Cherinet (Ethiopia)
- Marlène Dumas (South Africa)
- Mounir Fatmi (Marocco)
- Kendell Geers (South Africa)
- Ihosvanny (Angola)
- Alfredo Jaar (Chile)
- Paulo Kapela (Angola)
- Amal Kenawy (Egypt)
- Kiluanji Kia Henda (Angola)
- Paul D. Miller Aka DJ Spooky (USA)
- Santu Mofokeng (South Africa)
- Nastio Mosquito (Angola)
- Ndilo Mutima (Angola)
- Ingrid Mwangi (Kenya)
- Chris Ofili (UK/Nigeria)
- Olu Oguibe (Nigeria)
- Tracey Rose (South Africa)
- Ruth Sacks (South Africa)
- Yinka Shonibare, MBE, (UK/ Nigeria)
- Minnette Vári (South Africa)
- Viteix (Angola)
- Andy Warhol (USA)
- Yonamine (Angola)
Video: How to help Africa? Do business there
An insightful video of Ngozi Okonjo-Iweala’s speech at the TED conference earlier this year. (via YG)
Hip-hop’s African ancestry at Odyssey Awards
Last Saturday I attended the 5th Annual Hip-Hop Odyssey (H2O) Awards, held at BB Kings in New York City. Organized by the Hip-Hop Association, the awards ceremony recognized today’s hottest Hip-Hop filmmakers, industry professionals and pioneers. The event always features appearances and performances by Hip-Hop heavyweights. This year’s event, as usual, was packed with many of the individuals who have played a major part in shaping the hip-hop landscape including, artist/entrepreneur/hip-hop personality Fab 5 Freddy (that’s him in the picture standing in front of me as we listen to DJ Beverly Bond speak about YO! MTV Raps’ late producer Ted Demme), Ice-T (who gave an excellent acceptance speech about staying true to oneself), Dana Dane, Grand Wizard Theodore, (Dr.) Roxanne Shante, Ralph McDaniels (Video Music Box), The Cold Crush Brothers, Chubb Rock and much more.
One thing I’ve always enjoyed about the awards and the preceding H2O International Film Festival, is how the organizers (Martha Diaz, Rolando Brown etc) make a conscious effort to show the influence of African (and international) cultures on the growth of America’s hip-hop/urban culture. A few years back, besides the performance by the Nomadic Wax Global Hip-hop All-stars’ Chosan (Sierra Leone) , Eli Efi (Brazil) , and El Gambina (Korea), the festival grand prize went to Hip-Hop Colony, a film about the African hip-hop explosion – now on DVD. This year Hip-Hop Colony’s Kenyan director, Michael Wanguhu, was on hand to present an award. To further encourage the hip-hop generation to connect with Africa, this year’s awards was sponsored by and involved a presentation by popular DNA lineage identification company African Ancestry Inc. Some of you might remember that African Ancestry Inc. was the company behind VH1’s Spike Lee-directed February (Black History month) spot which promoted a stronger connection between African-Americans and the African continent through DNA swab testing. African Ancestry’s President, Gina Paige, was on hand at this year’s H2O Awards ceremony to present the evening’s host, Paul Mooney, with his personal DNA test results. Upon revealing that Paul Mooney’s lineage goes back to Guinea-Bissau (I don’t remember which specific ethnic group was cited), Gina Paige presented Mr. Mooney with a folder containing the details of the tests as well as a t-shirt with a Guinea-Bissau logo. A very nice touch.
African Ancestry offers a great solution for African-Americans looking to re-connect with their African heritage. With the DNA procedure gaining popularity and support from African-American celebrities like Oprah, Whoopi Goldberg, LeVar Burton, Chris Tucker, Chris Rock, and Isaiah Washington – who also holds a seat on African Ancestry’s Board of Directors -, and media outlets from ABC’s Good Morning America to PBS championing the efforts, African Ancestry has already begun to solidify the link between African-American and African cultures.
(RED) Vanity Fair charity album by Youssou N’Dour
The recent issue of Vanity Fair, the “Africa issue”, has spawned a charity album featuring some great West African musicians. Based on Youssou N’Dour’s personal playlist, the “Tracks in the Sand” compilation album is available for sale on iTunes and includes a digital booklet with liner notes by Mark Hudson, author of The Music In My Head.
Tracklist:
- “Li Ma Weesu,” by Youssou N’Dour.
- “Senegal Fast Food,” by Amadou & Mariam.
- “Savane,” by Ali Farka Touré.
- “Jiin Ma Jiin Ma,” by Orchestra Baobab.
- “Africa Challenge,” by Toumani Diabate’s Symmetric Orchestra.
- “Saa Magni,” by Oumou Sangare.
- “Chet Boghassa,” by Tinariwen.
- “M’bifo,” by Rokia Traoré.
- “Sou,” by Cheikh Lô.
- “Iniagige,” by Salif Keita.
- “Miyaabele,” by Baaba Maal.
- “Jaman Moro,” by Afel Bocoum.
- “Sigui,” by Djelimady Tounkara.
- “Debe,” by Ali Farka Touré and Toumani Diabate.
- “Allah,” by Youssou N’Dour.
Top African-American talent plan trip to African Union Summit, Ghana
On Friday, June 15th, some of Hollywood’s most influential African-American talent got together at the Four Seasons in Beverly Hills, California for a panel discussion on promoting African-American interest in Africa. The meeting also served to organize a trip to attend the 9th Annual African Union Summit in Ghana next week. The gathering was organized by designer Ozwald Boateng, and included Jamie Foxx, Chris Tucker, Mos Def, Herbie Hancock, James Mathis, and Isaiah Washington – whose Gondobay Manga Foundation was started after he discovered that he is genetically linked to Sierra Leone’s Mende people. During the African Union Summit, held in Ghana from 25 June – 3 July 2007, 50 influential African-Americans will meet with the 53 attending African presidents to discuss the continent’s future. The African Union Summit’s ultimate goal is of full political and economic integration leading to the United States of Africa. It’s good to see African-Americans playing an active part in planning Africa’s future.
Journalists Lola Ogunnaike, Jeff Koinange making their own news
It seems I’ve missed the developing news involving two high profile African journalists surrounding CNN. The first news came in May when the New York Times’ star culture reporter Lola Ogunnaike, an excellent journalist whom I met briefly a few months ago, joined CNN’s American Morning as a pop culture and entertainment correspondent. The news came after a bit of controversy when she was suspended by the Times after appearing on ABC’s The View in October 2006. It seems the Times doesn’t like it’s journalists moon-lighting. I think this is a good move for Ms. Ogunnaike anyway, as the new position at CNN will give her more on-air time and put a face to her insightful reporting.
The second news comes on a more controversial note as CNN’s long-time Africa correspondent Jeff Koinange was fired a few weeks ago as a reprimand for using his company e-mail account to continue an affair with a woman who subsequently published many of the messages on her blog Distant ‘Lovers. This scandal is combined with issues about whether Koinange paid Nigerian rebels who helped him get a story on a February 18 groundbreaking show where Koinange reported the story about 24 Filipino sailors held hostage in Nigeria. I’m sad to see Koinange go as he was one of the most consistent African voices on CNN’s US and International shows. Whether the accusations are true of not, I’m sure Mr. Koinange, will be picked up by another show soon. Stay tuned…
Oil in Ghana?
Here’s a bit of news for all Ghanaians for good or bad.
” UK firm Tullow Oil has announced the discovery of 600 million barrels of light oil offshore from Ghana. Reserves in the Mahogany exploration well were far greater than the 250 million barrels than the firm had earlier forecast, it said.”
Full story at BBC
…and an analysis of the possible effects on Ghana.