ECA, ICC big dream for Africa

Life is all about dreams.

To achieve anything, you first of all have to dream it even if it seems unattainable at that point.

And the dream the Economic Commission for Africa (ECA) and International Chamber of Commerce (ICC) have for Africa presently is both pleasant and ambitious.

They have this great dream of developing the next generation of Africa business leaders and have set the ball in motion to achieve it by jointly launching Centres of Entrepreneurship in Africa under the theme: Creating Livelihoods for Inclusion.

With strategic locations across Africa, the ECA - ICC Centres of Entrepreneurship are expected to work with various stakeholders, including businesses, chambers of commerce, academic institutions, intergovernmental and governmental agencies to connect local entrepreneurs to global markets and enhance regulatory conditions for SMEs to thrive.

They are to develop the skills of young people who face uncertain employment prospects to mentoring local start-ups and entrepreneurs thereby developing the next generation of African business leaders.

Speaking during the virtual launch on 16 September 2021, Oliver Chinganya, Director, Africa Centre for Statistics, ECA, said, “The launch of the Centres of Entrepreneurship comes at the right time when Africa is trying to build back better from the effects of Covid-19. We believe that these centres, based in different regions of the continent, and with tailor-made solutions, can mobilize the next generation of entrepreneurship in Africa.”

He added that the centres will provide Micro, Small and Medium Enterprises (MSMEs) with the tools and pathways to expand their business and play an effective role in the goods and services supply chain. They will also provide pathways to accelerate women and youth empowerment which is necessary to accelerate Africa’s growth and recovery from the pandemic.

ECA data shows that MSMEs, often women and youth-owned, account for approximately 98 percent of all firms and 60 percent of private sector employment in African countries. They are a fundamental part of the economic fabric of African economies. The youngest and smallest SMEs contribute to 22 percent of net job creation on the continent.

John Denton AO, Secretary-General, ICC, said, “SMEs plays a major role in the economy and are contributors of employment and 40% of national income. But they are the most challenged on the continent. Their contribution could be higher if informal SMEs are included and supported to thrive in the market.”

He cited the lack of proper training on digitalization, excessive business regulations in most countries and poor infrastructure as some of the challenges faced by MSMEs and entrepreneurs in Africa.

“These are issues that need to be resolved in order for the entrepreneurs in Africa to compete with the others at the global market. And ICC is committed to take a leadership role through these Centres of Entrepreneurship to help SMEs and entrepreneurs in the region by raising awareness for potential opportunities.”