Country Implementation Agreement on the WBAF Master Plan for African Economies to ease access to finance for startups, scaleups, entrepreneurs, SMEs and high growth businesses signed between the Government of Ghana and the World Business Angels Investment Forum. WBAF has 4 country offices in Africa – Tanzania, Nigeria, Sudan and Ghana.
Africa is one of the most promising destinations for foreign direct investment. The continent offers the world’s highest return on FDI and it has abundant in natural resources. Although figures plunged in some instances, it swiftly surges back, evidencing the region’s economic resilience.
Since the year 2000, Africa’s GDP has grown by 5.1% per year on average, nearly three times the growth rate in the OECD area during the same period. In spite of recent country-specific challenges and headwinds from the global economy, growth is set to remain strong. Africa’s recent economic dynamism has been underpinned by sound macroeconomic policies and strong partnerships with major emerging markets. The continent has become more resilient to shocks and has benefited from a strong demand for commodities, increased investment flows, and closer links to global value chains.
Baybars Altuntas, Chairman of the WBAF says ‘’The World Business Angels Investment Forum believes that Africa needs to transform its economic structures and unleash the potential of its startups and entrepreneurs through innovation and entrepreneurship so that its population can enjoy stronger, more inclusive growth. With all this in mind, the World Business Angel Investment Forum developed a Master Plan for African Economies to unleash the real potential of the continent’s entrepreneurs, to tailor innovative financial instruments for Africa, and to lay out a roadmap for governments to convert their economies to ‘smart’ economies. We are now very pleased to announce that Ghana will be the first country to implement the WBAF Master Plan in 2019 and 2020.’’
Dr Ibrahim Mohammed Awal, Minister for Business Development of Ghana, says ‘’The time is ripe for Africa to tap into the energy of its startups and achieve more inclusive growth. The World Business Angels Investment Forum is committed to working alongside African policymakers in this effort. WBAF will share experiences and help design better policies through its Africa Master Plan, with the aim of easing access to finance for startups, scaleups, entrepreneurs and high growth businesses on the continent. With the right policies and the right strategic approach, the social and economic progress of recent years can be the prelude to long-lasting, sustained prosperity in Africa.’’
Here you can watch the agreement signing ceremony: https://youtu.be/8Xz5afX-Y8k