- The use of toxic fuels to produce light has led to over 3.5 million deaths every year due to fire and the release of harmful pollutants
- Andy Ingraham-president and chief executive of the National Association of Black Hotel Owners, Operators and Developers- says that the wealth of Africa lies majorly in the hands of African Americans
- Akon has several investments. Among them is the US$6 billion investment into Cadastral de Mbodiene Park (Akon city), along the west coast of Senegal
African American investors are jumping for opportunities in Africa that are booming with promising returns.
The investors are moving into the continent to provide capital for the dynamic and expansive economic markets in Africa.
Mobile banking in Kenya has seen an almost unrealistic upsurge. Nigerian states need innovators to drive their lucrative energy potential production. The housing construction market in Africa is exploding. All these
Andy Ingraham-president and chief executive of the National Association of Black Hotel Owners, Operators and Developers- says that the wealth of Africa lies majorly in the hands of African Americans. Andy notes that more African Americans are doing business with Africans and the Caribbean and participating in philanthropic ventures.
There are two types of businesses that African Americans attempt to boost Africa’s economy and create income.
- Businesses seeking to venture into importation and exportation
- Set-ups creating and investing in production manufacturing in Africa.
Rosa Whitaker, the first assistant United States trade representative for Africa, says that there is so much synergy between Africa and African American business because the region is growing in the areas where African American firms are competitive.
African American companies made a gross profit of about US21.8 billion in the industrial sector in 2013. There is a higher potential for the companies in Africa where consumerism and competitive states are favourable.
Akon Among the famous African American Investors
The Senegalese-American R&B singer is a multimillionaire artist and entrepreneur who is keen on seeing the growth of the African Economy. Akon has several investments. Among them is the US$6 billion investment into Cadastral de Mbodiene Park (Akon city), along the west coast of Senegal.
Akon targets to build a cryptocurrency city accommodating people of all social classes, an investment that will boost West Africa’s economic progress. The crypto city will increase employment and reduce the level of poverty.
According to the musician, the city will have its police, a localized currency, stadium, world-class hospital, studios, beachside results, among many other things. The initial construction is on 2,000 acres.
The famous artist also owns his cryptocurrency called the Akoin, powered by a marketplace of tools and services to drive the dreams of entrepreneurs, business owners and social activists. Akon intended for the crypto to solve the inflation and instability faced by the over forty currencies on the continent.
Akon has also made significant strides in solar electrification across the continent. The use of toxic fuels to produce light has led to over 3.5 million deaths every year due to fire and the release of harmful pollutants. Akon Lighting Africa started in 2014 to bring electricity across Africa and build a foundation for the development of Akon City.
Akon Lighting Africa has provided street lamps and solar kits to 14 countries.
African Americans invest in health and real estate in Uganda.
Mark Anthony Hernandez and a group of African Americans set foot in Uganda with plans to inject US$300 million (UGX1.1 trillion) with a focus to direct the funds to the health and real estate sectors in Uganda.
Hernandez, to a journalist at the Entebbe International Airport that the teams focus on investing in neurosurgery, adding that the new investment will be crucial for the future development of the economy of Uganda.
“What we are focusing on in this particular trip is health care. We have a neurosurgery investor on our team who is interested in setting up a factory for Cardiac transplants in Uganda and offering services in other ways,” said Hernandez.
Liberian blacks build a luxurious hotel in Monrovia
The BET music awards founder Robert Johnson, together with Liberian officials and other investors, have invested in building a four-star hotel in Monrovia, Nigeria, hoping to boost the tourism sector in the country and encourage other African Americans to invest in Africa’s fast-rising economy.
It is a clear road for African Americans to invest in Africa, and it looks likely that we will see more of that in the coming years.