Africa 21st Century Foundation

Just as the 20th century was America’s century and the 19th century was without doubt Britain’s, the 21st century may be shaping up to be Africa’s century. The current investment fad seems to be suggesting that the 21st century is shaping up to be that of emerging markets, but the question is open as to exactly which countries among the “emerging markets” will ultimately emerge as in the two previous centuries.

Will Asia and Latin America mark the limits of their spreading prosperity? Who will take their place beside the Chinese dragon and the Indian tiger? Or, will the boom reach the perennial laggard, Africa?

According to Tom Kent, CEO of FDP Capital a Wall Street based financing institution, “A new pride of economic lions may ultimately take its place among the dragons and tigers.”
Kent continued, “The lions are no longer caged and business is transforming Africa for the better. In our optimism for the foreseeable future we have formulated an NGO, focused on social development issues as well as micro entrepreneurial applications tailored to countries in the sub-Saharan region. These two initiatives will help to stabilize target areas in addition the organization will make efforts to help enable relevant NGOs and partner with others in the field. The NGO’s leadership is currently planning a fact finding mission to sub-Saharan Africa following the Christmas and New Year holiday season. Check in with our web site for update information, www.Africa21Century.Org.”

Ten years ago The Economist dubbed Africa “the hopeless continent.” Since then its progress has been remarkably hopeful. In 2000-08 Africa’s annual output grew by 4.9% (adjusted for purchasing-power partly), twice as fast as in the 1980s and 1990s and faster than the global average of 3.8%. Foreign direct investment increased from $10 billion to $88 billion – more then India ($42 billion), and event more remarkable was catching up with China ($108 billion). The Boston Consulting Group notes that, since 1998, the revenues of Africa’s 500 largest companies (excluding banks) have grown at an average of 8.3% a year.

But legitimate questions resound… Is this growth sustainable? Is the current investment fad for Africa just another bubble? The pessimists have always had three strong arguments. One is that African politics is dysfunctional. Warring strongmen can undo the progress of decades in weeks. A second is that the African economy is unduly dependent on the resource sector and generates no “real” economy.

A third is that Africa’s growth does too little to benefit the poor. But over the past decade, all these objections have weakened.

Kent says, “I am thoroughly familiar with the best arguments of the pessimists concerning the foreseeable prospects for Africa leading the pack of emerging economies. However, we advocate the contrary for Africa, from the standpoint of the optimist’s considered judgment. Therefore, we are assembling an exceptional core group of uniquely experienced professionals of varying disciplines to lead the NGO’s sub-Saharan social stability initiative. The organization is being headed up by Rev. Beulah L. James who serves as the Chairman and CEO. Rev. James is a veteran senior pastor in the African Methodist Episcopal (AME) Church, and currently pastors a prominent New York City church. She has traveled extensively in sub-Saharan Africa in the context of her ministry. Rev. James is the first women to head the Niagara Falls Ministerial Council, and was recently sited in an article published by the Buffalo News.

Mr. Roscoe Orman, internationally renowned as the “Gordon” character on the world famous Sesame Street, has been invited to serve as a consultant for education and youth development for the NGO.

“We are formulating plans to visit the region early next year on a fact finding mission to begin to compile current data with a view toward partnering with other relevant role players in field and helping to enable them, while beginning to gather information for a more comprehensive regional plan. The mission of the NGO is to help facilitate social development by way of educational, cultural, artistic and technological approaches to entrepreneurship and people-to-people relationships. We believe that social development initiatives in these areas will assist the objectives of sustainable social development and thereby help to ease political instability going forward,”

“We are ensuring that the organization is sufficiently financed with an adequate budget, in order that the management team will have the necessary resources at their disposal to discharge their mandate.”

Kent said. “In the meantime,” he concluded, “We are currently doing a little business in Africa and we are positioning to do other interesting business projects in the foreseeable future particularly in the areas of infrastructure development, transportation and communication.

It remains to be seen who will at the end of the day lead the pack of emerging economies competing for comparative dominance and claim the unfolding 21st century. While history will provide the ultimate answer to this interesting question in the 22nd century, Kent is putting his blue chips where his mouth is and predicting, if not betting, that Africa will successfully claim the 21st century.

The mission of Africa 21st Century Foundation was inspired by the work of our Chairman Emeritus, HE Dejazmatch Amaha Zion Aberra Kassa, Affectionately called Prof. Ras Kassa by his students.